It is famous for its association with George W. Bush, who was a member of its board of directors between 1990 and 1994, and even served on its audit committee.
He quit the Board to run for the position of Texas governor, months before the firm declared bankruptcy.
The investment was funded primarily by a massive issuance of junk bond financing, as was the trend at that time.
With the global economy spiralling into recession during the early 1990s, the airline business faltered, and with it did Caterair.
Caterair was sold by Carlyle to the Canadian private equity firm, Onex Corporation, in September 1995 which merged it with its other acquisition LSG/Sky Chef.