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Tag: The Carlyle Group

These six Va. billionaires made Forbes’ 2024 richest Americans list

Six Virginia billionaires are among the 400 richest Americans, according to Forbes’ annual ranking, which the media company released Tuesday.

To make the Forbes 400 list, U.S. citizens had to have a minimum net worth of $3.3 billion — an increase of $400 million over 2023’s list.

Collectively, the members of this elite club are worth a whopping record $5.4 trillion, a nearly $1 trillion increase over 2023. A dozen individuals who made the list are worth more than $100 billion.

The top-ranking Virginian on this year’s list is heiress Jacqueline Mars, one of the family owners behind Virginia’s largest privately owned company, McLean-based candy and pet care empire Mars, which was started by her grandfather, Frank C. Mars. With a net worth of $47.6 billion, Jacqueline Mars, who lives in The Plains in Fauquier County, ranked No. 19 on the Forbes list. She owns an estimated third of the family business, where she worked for nearly two decades and served on its board until 2016.

Her niece, Pamela Mars, who lives in Alexandria, ranked as the 77th richest American, with a net worth of $11.9 billion. Pamela Mars started working at the family business in 1986 and currently serves as the family’s ambassador to the Mars pet care division.

Drop down to No. 283 on the Forbes list and you’ll find the third-ranking Virginian: Winifred J. Marquart of Virginia Beach, with a net worth of $4.7 billion. The great-great-granddaughter of S.C. Johnson & Son founder Samuel Curtis Johnson Sr., Marquart is president of the Johnson Family Foundation, which funds programs that help the environment, promote equality and support education and youth.

The fourth wealthiest Virginian on the Forbes rankings is Carlyle Group co-founder Daniel D’Aniello, who came in at No. 319 with a net worth of $4.3 billion. Since stepping down as chairman of Carlyle in 2018, D’Aniello, who lives in Vienna, retains the title of chairman emeritus of the global private equity firm where Virginia Gov. Glenn Youngkin was CEO. A Vietnam War veteran, D’Aniello worked at Trans World Airlines, Pepsi and Marriott before co-launching Carlyle in 1987.

Bitcoin billionaire Michael Saylor, whom Forbes lists as living in the town of Vienna in Fairfax County but has said in court filings that he lives in Florida, ranked at No. 338 on the list, with a net worth of $3.9 billion. Saylor is founder and chairman of Tysons-based tech company MicroStrategy, which is widely reported to be the world’s largest corporate bitcoin holder.

Carlyle Group co-founder and former co-CEO William Conway Jr., who lives in McLean, is the 347th richest American and the sixth richest Virginian, with a net worth of $3.8 billion, according to Forbes. Conway was also a past chief financial officer of MCI Communications, the now-defuct telecom company.

Nationally, Tesla CEO Elon Musk topped the list of the 400 wealthiest Americans for the third straight year, with a net worth of $244 billion. Amazon founder Jeff Bezos ranked No. 2, with $197 billion. And after not making the cut in 2023, former President Donald Trump ranked at No. 319 this year, with a net worth of $4.3 billion.

“The Forbes 400 is richer than ever, and it’s harder than ever to be one of the 400 richest people in America,” Chase Peterson-Withorn, senior editor at Forbes, stated in an announcement.

Accenture Federal taps next CEO, as Goodman steps down

Starting Sept. 1, Ron Ash will take the wheel as CEO at Arlington County’s Accenture Federal Services, the federal contractor offering IT services announced Tuesday. He will also become chair of AFS’ board of managers. 

Ash will succeed John Goodman, who is stepping down as CEO and chair at the end of August and will retire March 31, 2025, according to the company. Since 2022, Ash has served as chief operating officer at AFS, a subsidiary of Fortune Global 500 professional services company Accenture.  

Described in the news release as having “an exceptional track record of using the latest technologies and innovation to help clients solve complex challenges,” Ash, in his new role, will work to “advance the company’s ability to help the [U.S.] federal government embrace new technologies, such as generative AI.”  

“Ron Ash is the right leader for Accenture Federal Services in this time of reinvention with data, technology and AI,” Julie Sweet, chair and CEO of Accenture, said in a statement. “He brings both broad and deep experience across the government and commercial worlds, technology, and strategy, and a strong, proven commitment to creating value for clients, people and communities.” 

After graduating from Ohio University in 1996, Ash joined Accenture, where he went on to work in supply chain transformation. In 2002, Ash moved to AFS, filling a variety of roles including leading the Public Safety Portfolio, where he worked with homeland security, law enforcement and first-response agencies. 

AFS described Ash as “integral” to shaping inclusion and diversity priorities. He is an executive sponsor of the Hispanic American Employee Resource Group.

CEO since 2017, Goodman doubled the size of AFS’ workforce to 15,500 employees. During his tenure, AFS increased investments in emerging technology, advanced research and development and human-centric design. 

In May, AFS completed its acquisition of Falls Church’s Cognosante, which provides IT support to federal, state and local government agencies with public health missions. In 2021, Goodman oversaw AFS’ acquisition of McLean’s Novetta, an advanced analytics company that had been a subsidiary of The Carlyle Group, a Washington, D.C.-based private equity firm. 

“His leadership and commitment set new standards for how to serve clients, grow the business, embrace new technologies and ways of working, and bring everyone along on the journey,” Sweet said of Goodman. 

Accenture reported $64.1 billion in revenue for fiscal 2023.

CNSI to merge with Tenn. health services company

McLean-based health information technology provider CNSI and Nashville, Tennessee-based health care management tech company Kepro have agreed to merge, the two firms announced Wednesday.

The combined company will provide government-sponsored health care agencies and payers with clinical services, provider management, health claims, processing and health analytics services. The merger is expected to close in December. Axios reported Wednesday the combined company makes close to $500 million in revenue.

CNSI CEO Todd Stottlemyer will lead the new company. Kepro President and CEO Dr. Susan Weaver will be president. Both will sit on the new board of directors.

“The combination of CNSI and Kepro aligns with the strategic objectives of both companies to deploy technology-enabled products, solutions and services that help our clients achieve their mission and better serve their priority populations,” Stottlemyer said in a statement.

Affiliated funds of Washington, D.C.-based private equity firm The Carlyle Group own CNSI, and funds affiliated with Apax Partners LLP own Kepro. Apax Funds will be exiting its investment through the merger.

“The combination brings CNSI’s leading health technology capabilities together with Kepro’s clinical expertise and unique service offerings, allowing the company to better serve its clients and improve care quality and health outcomes,” Dayne Baird, a CNSI board member and managing director at Carlyle, said in a statement.

The new company will maintain both the McLean and Nashville locations. It will rebrand in early 2023, according to a news release.

CNSI has 1,200 employees. Kepro has 1,700 employees across 17 offices, and a network of 4,500 doctors and 450 clinicians who serve on its advisory and review panels.

ManTech names new CEO, board after Carlyle buy

Now under the ownership of The Carlyle Group Inc., Herndon-based ManTech International Corp. has a new CEO and a new board of directors, the company announced Monday.

Kevin Phillips will retire as CEO and president of the tech contractor and transition to chairman of the board of directors, and Chief Operating Officer Matt Tait has been promoted to CEO.

In September, ManTech’s stockholders approved the sale to Washington, D.C.-based private equity firm Carlyle for $4.2 billion. Under the terms of the transaction, ManTech stockholders were to receive $96 per share in cash. ManTech and Carlyle announced the deal in May. ManTech’s new board includes four Carlyle executives, and Tait, who joined ManTech in 2018, will join the board.

Phillips has served on the board since 2020 and joined the firm in 2002 after it acquired his former company, CTX Corp. He  served as ManTech’s president and CEO since 2018 and became chair in 2020 under a plan to transition leadership of the company co-founded in 1968 by George Pedersen. ManTech reported $2.5 billion in revenue in fiscal 2021.

“It has been a privilege to lead ManTech, and I am humbled by the dedication, innovation and collaboration that have made ManTech a company that people admire and trust,” Phillips said in a statement. “Matt has been an integral member of our leadership team and my partner over the last four years in developing and executing our strategic plans. As ManTech begins its next chapter in partnership with Carlyle, I am confident that Matt brings the executive skills and experience to continue advancing our business with an ever-present commitment to excellence. I look forward to working closely with Matt and actively supporting ManTech’s ongoing success in my new role as chairman.”

As COO, Tait expanded and repositioned the company’s intelligence, federal civilian and Department of Defense businesses, according to the company. Before joining ManTech, he spent 20 years with Accenture and a decade in the Navy.

“I am honored to assume the CEO role and am energized by the opportunities to advance our leadership position and deliver even stronger outcomes for our customers,” Tait said in a statement. “Since joining ManTech in 2018, I have worked alongside some of the best and most innovative talent in the industry and I am excited to be at the forefront of what comes next for our team. I am grateful for the support of Kevin and Carlyle and for their entrusting me to lead ManTech. I look forward to working closely with them as we seamlessly execute this leadership succession.”

ManTech provides technology solutions for U.S. defense, intelligence and federal civilian agencies. In 2021, the Fortune 1000 company reported $2.55 billion in revenue.

 

Conways make $13M donation to VCU nursing school

McLean philanthropists Joanne and William E. Conway Jr. have given $13 million to Virginia Commonwealth University’s School of Nursing, the university announced Monday. The gift is the largest in the school’s history and will provide more than 1,000 undergraduate and doctoral students with scholarships over the next five years.

Bill Conway is co-founder, interim CEO and non-executive co-chairman of The Carlyle Group, the Washington, D.C., private equity firm that was once co-led by Gov. Glenn Youngkin before he left to pursue public office. Bill and Joanne Conway committed $14 million earlier this month to the University of Virginia’s School of Nursing, where it will provide at least 175 need- and eligibility-based scholarships for nursing students.

The VCU gift is through the Conways’ Bedford Falls Foundation, and the couple has donated $18.5 million to its nursing school since 2019. VCU expects to expand nursing enrollment — currently at 930 — by 15% each year with the donation. More than 70% of VCU undergrad nursing students qualify for need-based scholarships, and the gift will allow the school to increase the number of scholarships by 37% over the next five years.

“Nurses are essential,” Bill Conway said in a statement. “Joanne and I believe that, by reducing the financial burden for nursing students at VCU School of Nursing, the school will be better equipped to expand its programs to address the critical nursing shortage. When nurses face a lower debt burden, they can more easily achieve their personal and professional goals.”

Although the pandemic severely reduced the number of practicing nurses in hospitals who sought jobs in private health care or left the industry entirely, the shortage already was bearing down on the field, with many nurses and nursing faculty set to retire this decade.

“This gift will fundamentally transform the VCU School of Nursing program, allowing us to offer much-needed financial support to our students who are the future of the nursing profession,” Jean Giddens, professor and dean of the VCU School of Nursing, said in a statement. “The Conways’ generosity will have an enormous impact on building a diverse pipeline of early-career nurses and future researchers and gives VCU the important responsibility of educating and delivering that workforce. I am deeply grateful for their commitment to our students.”

U.Va. School of Nursing receives $14M donation

The Carlyle Group co-founder, interim CEO and non-executive co-chairman William E. “Bill” Conway Jr. and his wife, Joanne, have committed $14 million to the University of Virginia’s School of Nursing, the university announced Friday.

Adding to previous donations, the Conways’ gifts now total $49 million.

“Our goal of supporting the School of Nursing is twofold,” Bill Conway said in a statement. “To enable greater access to a quality education and address the critical nursing shortage.”

The latest gift will provide at least 175 need- and eligibility-based scholarships to cover tuition, school fees, room and board and books. The gift will fund scholarships across undergraduate and graduate programs, with a focus on clinical nurse leader master’s students who have transitioned to nursing from other careers and on doctoral students who plan to become future nursing professors and nurse scientists.

The average age of a nursing professor is between 51 and 63, according to a U.Va. news release, and a wave of faculty retirements is expected over the next decade.

“Bill’s and Joanne’s extraordinary generosity comes at a critical moment, as our country faces an unprecedented nursing shortage,” U.Va. President Jim Ryan said in a statement. “Their latest gift will enable more students to pursue nursing degrees at U.Va., removing barriers and offering important support for students.”

The Conways’ previous contributions have allowed the school to educate more nurses and expanded access to the School of Nursing’s RN-to-B.S.N. program. Their $5 million commitment in 2013 funded need-based scholarships for students in the clinical nurse leader program, doubling it from 48 to 96 students. In 2017, the Conways committed another $5 million over five years to provide more than 110 nursing scholarships to non-nurses entering the clinical nurse leader program.

In 2018, the couple committed another $5 million to provide tuition assistance for an additional 50 to 60 nursing students across undergraduate, master’s degree and doctorate degree programs through 2023.

In 2020, they committed $20 million for scholarships supporting the enrollment of more than 1,000 nursing students over 10 years.

Washington, D.C.-based private investment firm Carlyle employs more than 1,900 people in 26 offices across five continents. It manages $376 billion in assets. Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group before retiring in 2020 to mount his campaign for governor.

Boeing partners with Va. Tech on veterans’ center

When Virginia Tech’s $1 billion Innovation Campus opens in Alexandria in 2024, it will include a hub to connect veterans and their families with career resources and employment opportunities. It will also carry the name of one of the commonwealth’s largest defense contractors, The Boeing Co.

The Boeing Center for Veteran Transition and Military Families, announced Monday at the company’s Arlington headquarters, is a partnership between the world’s third-largest defense contractor, the state and Virginia Tech. Support for the center comes from a record $50 million donation Boeing made to Virginia Tech in 2021 to support diversity at the graduate campus. Virginia Gov. Glenn Youngkin and U.S. Sens. Tim Kaine and Mark Warner all attended Monday’s announcement.

Boeing in May announced the move of its global headquarters from Chicago to its existing 4.7-acre campus in Arlington’s Crystal City. For a brief time, it will be Northern Virginia’s largest defense contractor; Raytheon Technologies Corp., the world’s second-largest aerospace and defense contractor, announced in early June that it will shift its corporate headquarters from Massachusetts to Arlington’s Rosslyn neighborhood in the third quarter, where its Raytheon Intelligence & Space business is located.

Boeing CEO Dave Calhoun, a Virginia Tech alumnus, acknowledged the clustering of scientific research occurring in Northern Virginia at Monday’s announcement, referring to it as an “innovation corridor,” as he announced the new center.

“The fact that it is close by and within driving distance of the policymaking capital of the world with respect to technology, I think someday that’s going to matter a lot,” Calhoun said, referring to the Innovation Campus.

About 20% of Boeing’s defense business “is built on the back of veterans,” Calhoun added.

Moreover, Virginia is home to a large population of active and former military members, Youngkin said, including about 725,000 veterans as well as 150,000 active duty, National Guard members and reservists. The center will work with the state’s veterans and defense affairs secretariat, and the Virginia Department of Veterans Services will help staff the facility, the governor’s office said.

“I’m biased, I want them to stay in Virginia,” said Youngkin, who was a founding member of Virginia Tech’s Innovation Campus advisory board before running for governor. Calhoun remains on the board.

Academic Building 1 of Virginia Tech’s Innovation Campus is projected to open in August 2024. Rendering courtesy Virginia Tech
Academic Building 1 of Virginia Tech’s Innovation Campus is projected to open in August 2024. Rendering courtesy Virginia Tech

Details about the veterans’ center, including its size, are still being worked out, Virginia Tech President Tim Sands said Monday, and he did not give specifics about how much of Boeing’s $50 million donation would be dedicated to it. Transitioning veterans looking to gain technology skills will be part of of Tech’s initial focus for the center, Sands said, adding that they will have access to certificate and master’s programs.

In September 2021, Virginia Tech held a groundbreaking ceremony for the campus’s $302 million Academic Building 1, which is expected to open in August 2024. The campus will anchor a 65-acre innovation district in Alexandria and is a major player in the state’s Tech Talent Investment Program. Created as part of Virginia’s successful bid to attract Amazon.com Inc.’s $2.5 billion-plus HQ2 East Coast headquarters under development in National Landing, the Tech Talent Investment Program aims to produce 31,000 in-demand computer science and computer engineering graduates during the next two decades, through a cooperative program with 11 Virginia universities.

“We’re looking forward to veterans not only being part of the student cohorts, but actually bringing their connections, their experience into the classroom,” Sands said. The center will also provide the university with opportunities for researching the needs of military families as they transition to civilian life.

Boeing’s May announcement also included news that the contractor would establish a research and technology hub in the region. Boeing spokesperson Connor Greenwood said Monday that details were being worked out. “It’s a concept that we are working on.”

Beyond the veterans’ center, Boeing will play a significant role at the Innovation Campus, Sands said, calling it one of “their major footprints.”

“The part of it that I can share is that Boeing is deeply engaged in the research and the student programs at the Innovation Campus … Boeing will have a significant presence in the Innovation Campus, especially around project-based learning,” Sands said. “So we’re bringing authentic projects from our partners, including Boeing, into the learning environment, and they will be deeply engaged in that.”

 

Carlyle Group to acquire ManTech for $4.2B

Herndon-based ManTech International Corp. has entered into a definitive agreement to be acquired by The Carlyle Group for approximately $4.2 billion, the tech contractor announced Monday.

In the all-cash transaction, ManTech shareholders will receive $96 per share in cash, a 32% premium to ManTech’s closing share price of $72.82 on Feb. 2, which was the last trading day before news articles of a potential agreement broke. The cash per share is also a 17% premium to the closing stock price of $81.97 on May 13.

“We have always admired ManTech’s unwavering commitment to support national security customers and their critical missions through differentiated capabilities and technology solutions,” Dayne Baird, managing director on Carlyle’s Aerospace and Government Services team, said in a statement. “ManTech’s talented employees and leadership team have built a remarkable company with strong market positions across the federal government.”

The ManTech Board of Directors unanimously approved the transaction, which is expected to close in the second half of 2022. Stockholders with shares representing 49.2% of the current outstanding voting power of the ManTech common stock have entered into an agreement to vote their shares in favor of the transaction.

ManTech Chairman, CEO and President Kevin M. Phillips said in a statement, “Following a comprehensive review of strategic alternatives, our board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium. We look forward to leveraging Carlyle’s deep knowledge and experience investing in and growing companies, as we deliver stronger outcomes for our customers and increased opportunities for our employees.”

Founded in 1968, ManTech provides technology solutions for U.S. defense, intelligence and federal civilian agencies. In 2021, the Fortune 1000 company reported $2.55 billion in revenue. In December 2021, ManTech announced it had completed its $350 million acquisition of Gryphon Technologies.

As of March 31, Carlyle managed $325 billion of assets. The investment firm employs almost 1,900 people in 26 offices across five continents. Gov. Glenn Youngkin formerly served as co-CEO of The Carlyle Group before retiring in 2020 to mount his campaign for governor.

Arlington national security tech firm hires CIA vet

Arlington-based Two Six Technologies has hired Elizabeth “Beth” Kimber, who formerly oversaw the Central Intelligence Agency’s network of spies, as vice president of intelligence community strategy, the national security tech firm announced this week.

Kimber spent 37 years in the CIA and was the first woman to serve as the agency’s deputy director for operations. In that role, she oversaw worldwide human intelligence operations and networks, as well as foreign intelligence collection and covert missions.

“I’m excited to announce the addition of Beth Kimber to our leadership team,” CEO Joe Logue said in a statement. “Beth’s expertise and exceptional knowledge of mission needs will help Two Six accelerate our delivery of technological superiority to our nation, allies, and partners through rapid, impact focused innovation.”

Kimber spent 18 years at the CIA in field operations, including chief of station and as representative to the director of National Intelligence. She also served as acting deputy director, was the first assistant director for Europe and Eurasia and deputy director of the National Clandestine Service. She has a bachelor’s degree in history and French from Hamilton College in New York and is a graduate of Harvard Business School’s Advanced Management Program.

“Two Six Technologies is a unique company focused on addressing some of the most critical and challenging threats to U.S. national security,” Kimber said. “I am thrilled to join the team to help deliver the innovative technologies urgently needed by our defense, intelligence and operational customers.”

Two Six Technologies provides technology solutions serving national security customers and employs more than 500 people with a technical presence in more than 40 countries. The company was started in 2021 by investment firm The Carlyle Group. Virginia Gov. Glenn Youngkin served as co-CEO of Carlyle until retiring in 2020.

The Carlyle Group to acquire CNSI

Washington, D.C.-based private equity firm The Carlyle Group announced Thursday that affiliated funds under its management have agreed to acquire McLean-based health information technology provider CNSI.

Financial terms of the transaction, which is expected to close in December, were not disclosed. Greenwich, Connecticut-based firm Alvarez & Marsal Capital Partners currently owns CNSI.

“We believe CNSI is well-positioned for continued success driven by its technical leadership and proven track record of innovation and execution,” Carlyle Managing Director Dayne Baird said in a statement. “CNSI operates at the unique intersection of technology, health care and government services, and we see significant growth opportunities ahead as the company leverages its unique capabilities and continues to develop market-leading solutions.”

Founded in 1994 as Client Network Services Inc., CNSI provides mission-critical systems that are aimed to better process medical claims, billing and health benefits for Medicaid, Medicare and related programs.

Todd Stottlemyer, CNSI’s CEO since 2018, will continue to lead the company. He previously partnered with Carlyle as a senior executive at BDM International Inc.

“We are delighted about this opportunity to partner with Carlyle as we continue to execute exquisitely for our clients, strengthen our market leading products and solutions, and drive innovation that improves health outcomes and lowers costs,” Stottlemyer said in a statement.

The Carlyle Group manages $293 billion of assets across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. It has more than 1,800 employees in 26 offices across five continents. Carlyle reported $1.6 million in revenue for the third quarter of 2021, bringing its year-to-date total to $6.78 million.