Reply #7: There's a reason why conspiracy theories get endungeoned.

[billyoc]

Lehman Brothers Co-Investment Partners to Co-Invest Alongside The Carlyle Group Through Its Acquisition of 36% of Firth Rixson, a Carlyle Portfolio Company

London – Global private equity firm The Carlyle Group today announces that Lehman Brothers Co-Investment Partners has agreed to co-invest alongside Carlyle in its existing portfolio company, Firth Rixson, through an acquisition of a 36% interest in the company. Carlyle will remain the lead investor in the company. Financial details were not disclosed.

Firth Rixson is a provider of highly-engineered forged, cast and other specialty metal products for the aerospace and general industrial markets. The company manufactures rolled, seamless rings which are used in aircraft engine, airframe and power generation applications. Firth Rixson is also a specialist supplier of forgings, castings and superalloys to the heavy truck, off-highway, mining, medical and other general industrial markets. Firth Rixson has its European headquarters in Sheffield, UK, and its U.S. headquarters in Hartford, Connecticut. The company operates fifteen facilities located across the UK, US, Europe and Asia and employs approximately 2,000 people.

The Carlyle Group acquired Firth Rixson in February 2003 through a UK public-to-private transaction. At the same time, the company was merged with Forged Metals, an existing Carlyle portfolio company based in California which also supplies seamless rings to the aerospace market. Since February 2003, Firth Rixson has consolidated its leadership position in the seamless ring sector through the acquisitions of TRT in November 2003 and Schlosser Forge Company in October 2004. In October 2005 the company became the first western ring roller in China through the opening of a modern production facility in Suzhou Industrial Park, near Shanghai.

The transaction represents a new investment by Lehman Brothers Co-Investment Partners, which is a dedicated co-investment fund and part of Lehman Brothers, the global investment bank. The Carlyle Group is an existing investor in Firth Rixson through its U.S. and European buyout funds, Carlyle Partners III and Carlyle Europe Partners. Carlyle’s U.S. and European investment teams have worked together on the investment since 2003.