Tuesday, September 6, 2011

Carlyle Group files for IPO

Posted By on Tue, Sep 6, 2011 at 12:35 PM

The private equity giant that wants to buy Mountain Water Company filed for an initial public offering today, a move the New York Times calls "a long-awaited development that will finally shed light on the investment firm’s business."

The Wall Street Journal reports the IPO is scheduled for 2012, not this year.

Details of the company's business are already coming out. From the WSJ:

At a recent "due-diligence" briefing at the firm's New York offices for Wall Street analysts whose firms will underwrite the deal, the Carlyle executives said their firm has a greater global footprint than their rivals have, citing what they described as the largest private-equity presence in China.
...
Carlyle said its economic net income for the six months ended June 30 was $770.2 million, compared with a little more than $1 billion in the prior-year period, according to a filing with the Securities and Exchange Commission. The firm's assets under management totaled approximately $153 billion at June 30, including assets managed by AlpInvest Partners, a fund of funds group that Carlyle acquired earlier this year. The firm's private equity unit manages $55 billion in assets or approximately 36% of its total assets, according to the filing.

Total revenues across three of Carlyle's four business units were about $1.8 billion as of June 30.

Carlyle announced Dec. 22 its plan to buy Mountain Water Co.'s parent company, Park Water Co., which is based in California. The sale must be approved in California, as well as by the Montana Public Service Commission. The PSC set a Sept. 26 public hearing in Missoula to take public comment on the issue.

Meanwhile, the Missoula City Council is also considering a resolution on the purchase. Mayor John Engen has said he wants the city to purchase Mountain Water, but doesn't believe Park City is willing to consider an offer.

Missoula is the only major Montana city that doesn't own its water system. Missoulians pay on average some of the highest water rates in the state—for metered water users, $46.11 per month. That contrasts with Billings, where the average water user pays $22.42 per month, and Helena, where bills typically run $31.

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