From info culled on the website of Grossman's other corporate gig: DynCorp Intl
http://www.dyn-intl.com/
"DynCorp International is a professional services and project-management company serving governments, corporations, and international organizations worldwide. Headquartered in Irving, Texas, the company has more than 14,000 employees in some 35 countries. It had revenues of nearly $2 billion in the fiscal year ending March 31, 2006."
Latest press release: Aug 16, 2006
DynCorp International and its Partners in Partnership for Temporary Housing (PaTH) Awarded a Contract by FEMA
IRVING, Texas – August 16, 2006
"DynCorp International LLC and its partners in Partnership for Temporary Housing (PaTH) have been awarded a contract by FEMA to provide temporary housing for future disaster victims. The two-year contract has a potential value of $250 million.
PaTH is a limited liability corporation formed by DynCorp International, Dewberry of Fairfax, Va., and Parsons Corporation of Pasadena, Calif. PaTH will provide responsive, cost-effective temporary housing services to disaster victims on behalf of the Department of Homeland Security’s Federal Emergency Management Agency. PaTH is one of six awardees for the housing work.
PaTH will establish an organizational structure in Falls Church, Va., that will provide support with clear lines of reporting and approval and maximum integration with FEMA headquarters in Washington, DC.
The contract calls for the awardees to provide personnel and equipment throughout FEMA's 10 regions to aid victims of both man-made and natural disasters.
PaTH and the five other contract awardees also must provide subcontracting opportunities to qualified local small businesses, and will be accountable to FEMA for supervising the subcontractors.
DI is currently providing temporary housing structures in Louisiana’s St. Bernard Parish, which was devastated by Hurricane Katrina."
Interesting, in 2005 they are privately acquired:
"On February 11, 2005, DynCorp International was sold by Computer Sciences Corporation (“CSC”) to an entity controlled by The Veritas Capital Fund II, L.P. and its affiliates (“Veritas”). The Company refers to this sale as the “2005 Acquisition.” The financial information presented below for the quarter ended December 31, 2004 falls into the period of CSC ownership, and is referred to as the “immediate predecessor period.” The Company refers to financial statements from and after the 2005 Acquisition as the “successor period.” The presentation of financial results during the “immediate predecessor period” are presented on a historical basis and do not include the significant impact that the 2005 Acquisition has had on the Company."
Less than a year later they go public. Someone made some money here, I'd wager.
"DynCorp International Prices Initial Public Offering of Class A Common Shares
IRVING, TEXAS –- May 3, 2006 – DynCorp International Inc. announced today the initial public offering of 25.0 million of its Class A common shares at a price of $15.00 per share. Shares of DynCorp International’s Class A common stock will be traded on the New York Stock Exchange under the symbol "DCP." In addition, DynCorp International has granted the underwriters a 30-day over-allotment option to purchase an additional 3,750,000 shares.
The offering was made through an underwriting syndicate led by Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co., who acted as joint book-running managers. Bear, Stearns & Co. Inc. acted as co-lead manager. CIBC World Markets Corp., Jefferies Quarterdeck (a division of Jefferies & Company, Inc.), UBS Securities LLC and Wachovia Capital Markets LLC acted as co-managers"
DynCorp stock's closing price as of 8/30
DCP (Common Stock)
Exchange NYSE (US Dollar)
Price $10.37
Change (%) 0.17 (1.67%)
Volume 394,000
Today's Open $10.22
Previous Close $10.20
Intraday High $10.50
Intraday Low $10.16
52 Week High $15.35
52 Week Low $8.87
I'd say Mr. Grossman has done quite well by himself since leaving the State Department.
The company that acquired DynCorp and took them public:
http://www.veritascapital.com/overview/index.html
Veritas Capital is a private equity investment firm headquartered in New York. Founded in 1992, Veritas invests in a broad range of companies through buyouts, growth capital investments, and leveraged recapitalizations. Through our investment funds, we manage equity capital committed from leading financial institutions, pension funds, and high net worth individuals.
This is where the money part comes in:
"Veritas' primary objective is to partner with experienced management teams to develop leading companies in their respective markets. In addition to providing long-term capital, we work closely with our management partners in creating and executing a well-defined strategic plan that exploits a company's core competencies as well as attractive industry dynamics."
C'mon - you knew Dickey Armitage was in here someplace didn't you?
http://www.veritascapital.com/overview/adv_council.html
As a long-term investor in the defense, aerospace, and government services sectors, Veritas has established a Defense & Aerospace Advisory Council consisting primarily of former high-ranking government and military officials. The Council provides Veritas with insight into industry trends from both a business and policy perspective. In addition, the Council’s members assist Veritas in the evaluation of new investment opportunities. The members of the Council also serve on the boards of portfolio companies, source potential investment opportunities, and assist in recruiting management for portfolio companies.
The members of our Defense & Aerospace Advisory Council and their respective primary career affiliations are shown below:
Honorable Richard L. Armitage
Deputy Secretary of State (2001 – 2005)
General Richard E. Hawley
United States Air Force (Ret.)
Commander, Air Combat Command
Commander, Allied Air Forces Central Europe
Commander, U.S. Air Forces Europe
General Barry R. McCaffrey
United States Army (Ret.)
Commander-in-Chief, U.S. Southern Command
Director, Office of National Drug Control Policy
Admiral Joseph W. Prueher
United States Navy (Ret.)
Commander-in-Chief, U.S. Pacific Command
Ambassador to the People's Republic of China
Admiral Leighton W. ("Snuffy") Smith
United States Navy (Ret.)
Commander-in-Chief, Allied Forces Southern Europe
Commander-in-Chief, U.S. Naval Forces Europe
William G. Tobin
Korn/Ferry International
Chairman, Aerospace Sector
General Anthony C. Zinni
United States Marine Corps (Ret.)
Commander-in-Chief, U.S. Central Command
bttt