The Carlyle Group returned to its defense oriented roots and will buy ManTech, a defense and government agency contractor. The politically connected private equity underwriter (PEU) will once again pick Uncle Sam's wallet.
Carlyle Managing Director Dayne Baird commented on the deal. His background includes:
Mr. Baird has been actively involved with Carlyle’s investments in ARINC Incorporated, Booz Allen Hamilton, Landmark Aviation, and Wesco Aircraft Holdings.
Baird worked in the Mergers and Acquisitions and Global Industrial groups of Lehman Brothers, where he focused on transactions in the industrial, aerospace and defense sectors.
The first two companies Dayne led had a rough 2013. ARINC was found guilty of procurement violations by the World Bank.
That summer Booz Allen Hamilton employee Edward Snowden informed the world the extent of government spying on citizens.
The Carlyle Group purchased BAH in 2008. Forbes cited Carlyle's $2 billion profit on Booz in 2013. The PEU exited the company completely in 2016 in a final profitgasm.
The Justice Department began an investigation into Booz Allen's cost accounting in 2017. They found nothing criminal in May 2021 but civil DOJ and SEC investigations into the company are still pending.
I expect Carlyle's ownership of ManTech will be similar to ARINC and Booz Allen Hamilton, lots of profits and questionable ethics.
Update 9-14-22: Carlyle closed on ManTech.
