The Carlyle Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Carlyle Group has acquired 44 companies. It has also invested in 13 others.

The Carlyle Group’s most common sectors for investment aresoftware (8%) and financial services (7%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (30%) and secondary buyout (18%). In total, The Carlyle Group has invested in 40 US states and 39 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Medline Industries for $34.0B.

In the last 3 years, The Carlyle Group has exited 72 companies. The Firm’s most common exit type is trade sale (42%). The Carlyle Group’s largest (disclosed) exit occurred in 2005 when it sold United Defense Industries for $4.2B.

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M&A Summary

  • M&A Total Activity1217
    • M&A Buy Activity740
    • M&A Sell Activity477
  • Total Sectors Invested 61
  • Total Countries Invested 39
  • M&A Buy/Sell Connections 399
  • M&A Advisors 120

The Carlyle Group

Carlyle Investment Management L.L.C.

1001 Pennsylvania Avenue, NW,
Washington, District of Columbia 20004
United States
(202) 729-5626
www.carlyle.com
inquiries@carlyle.com

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


Investment Criteria

Sectors of Interest: Aerospace, Agriculture, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Defense, Digital Media, Distribution, E-Commerce, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Forest Products, Franchising, Furniture, Gaming, Healthcare Services, Information Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Acquisition Financing, PIPE, Secondary Buyout, Stake Purchase, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific, Australia/New Zealand, Central Asia/India, Latin/South America, Middle East

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 2,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (16.0/yr) # 660 25 28 13 11 3 740
vol $254.6B $2.0B $38.1B $6.5B $5.3B $306.5B
Sell (19.8/yr) # 380 27 30 22 12 8 479
vol $102.9B $1.0B $2.7B $1.7B $2.6B $3.0B $113.9B
  1219

Most Recent M&A

Company Date Value Type
Kyoden Co. Ltd. 2024-11-05 - Buyout (LBO, MBO, MBI)
Nagano, Japan · www.kyoden.co.jp
Worldpac, Inc. 2024-11-04 1.5B USD Divestiture
Newark, California · www.worldpac.com
Standard Aero Holdings, Inc. 2024-09-23 - IPO
Scottsdale, Arizona · www.standardaero.com
Vantive 2024-08-13 3.8B USD Divestiture
Deerfield, Illinois
Cogentrix Energy Power Management LLC 2024-08-05 3.0B USD Secondary Sale
Charlotte, North Carolina · www.cogentrix.com
DEE Development Engineers Ltd. 2024-06-26 - IPO
Faridabad, India · www.deepiping.com
Counter Brands LLC 2024-04-22 - Sold to Management
Santa Monica, California · www.beautycounter.com
SER Solutions International GmbH 2024-03-21 - Secondary Sale
Bonn, Germany · www.sergroup.com
KB Financial Group, Inc. 2024-02-15 - Stake Sale
Seoul, South Korea · www.kbfg.com
Officine Maccaferri SpA 2024-02-12 - Secondary Sale
Bologna, Italy · www.maccaferri.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ENVEA 2020-06-29 Droplet Measurement Technologies, Inc. 2024-11-08 1
Poissy, France · www.envea.global Longmont, Colorado · www.dropletmeasurement.com
NEVERHACK 2023-07-03 Innovery S.p.A. 2024-09-27 1
Guyancourt, France · www.neverhack.com Roma, Italy · www.innovery.net
Duravant, Inc. 2017-06-16 T-Tek Material Handling LLC 2024-08-23 16
Downers Grove, Illinois · www.duravant.com Montgomery, Alabama · www.t-tek.com
CorroHealth, Inc. 2020-09-30 Navient - Healthcare Services Business 2024-08-13 8
Plano, Texas · www.corrohealth.com Hendersonville, Tennessee
Medline Industries, Inc. 2021-06-05 Ecolab - Global Surgical Solutions Business 2024-08-01 3
Northfield, Illinois · www.medline.com St. Paul, Minnesota
Curia Global, Inc. 2017-06-06 Whitehouse Analytical Laboratories 2024-03-14 3
Albany, New York · www.curiaglobal.com Lebanon, New Jersey · www.whitehouselabs.com
Farmfront Group 2023-10-31 Ocmis Irrigazione SpA 2023-10-31 4
Milan, Italy · www.farmfront.com Castelvetro di Modena, Italy · www.ocmis-irrigazione.it
Resonetics LLC 2018-02-01 Tru Tech Systems, Inc. 2023-09-01 1
Nashua, New Hampshire · www.resonetics.com Mt. Clemens, Michigan · www.trutechsystems.com
Duravant, Inc. 2017-06-16 PPM Technologies LLC 2023-07-24 15
Downers Grove, Illinois · www.duravant.com Newberg, Oregon · www.ppmtech.com
Unchained Labs, Inc. 2021-04-26 Blacktrace Holdings Ltd. 2023-07-17 2
Pleasanton, California · www.unchainedlabs.com Royston, United Kingdom · www.blacktrace.com

M&A by Sector

Sector Current # Value All-time # Value
Software 13 (9%) - 56 (8%) 3.9B (1%)
Financial Services 8 (6%) 1.9B (2%) 48 (6%) 6.5B (2%)
Information Technology 12 (8%) 8.0B (10%) 38 (5%) 15.8B (5%)
Business Services 8 (6%) 3.1B (4%) 34 (5%) 10.1B (3%)
Healthcare Services 7 (5%) - 28 (4%) 8.6B (3%)
Manufacturing 4 (3%) 2.0B (3%) 25 (3%) 5.8B (2%)
Communications 1 (1%) - 25 (3%) 4.1B (1%)
Internet Software and Services 5 (3%) - 25 (3%) 889M (< 1%)
Energy Services and Equipment 1 (1%) - 24 (3%) -
Consumer Products 5 (3%) 98M (< 1%) 22 (3%) 4.5B (1%)
Machinery 5 (3%) - 20 (3%) 5.7B (2%)
Life Science 10 (7%) - 19 (3%) 5.4B (2%)
Transportation 2 (1%) - 18 (2%) 1.6B (1%)
Medical Products 4 (3%) 37.8B (49%) 17 (2%) 46.1B (15%)
Aerospace 2 (1%) 1.0B (1%) 17 (2%) 6.0B (2%)
Oil/Gas Exploration 2 (1%) - 17 (2%) 1.1B (< 1%)
Insurance 5 (3%) 8.5B (11%) 15 (2%) 11.7B (4%)
Automotive - - 15 (2%) 6.7B (2%)
Marketing 4 (3%) - 14 (2%) 10.8B (4%)
Technology Hardware 1 (1%) - 14 (2%) 3.4B (1%)
Education 2 (1%) - 14 (2%) 1.0B (< 1%)
Media - - 14 (2%) 749M (< 1%)
Chemicals 3 (2%) 11.4B (15%) 13 (2%) 23.8B (8%)
Apparel/Textiles 5 (3%) - 12 (2%) 170K (< 1%)
Restaurants 2 (1%) - 11 (1%) 2.5B (1%)
Leisure 2 (1%) - 11 (1%) 2.2B (1%)
Electronics 1 (1%) - 11 (1%) 165M (< 1%)
Food - - 11 (1%) 2M (< 1%)
Consumer Services 1 (1%) - 10 (1%) 16.6B (5%)
Building Materials 1 (1%) - 10 (1%) 1.4B (< 1%)
Semiconductors 1 (1%) - 9 (1%) 17.6B (6%)
Electrical Equipment 2 (1%) 658M (1%) 9 (1%) 688M (< 1%)
Information Services 3 (2%) 505M (1%) 8 (1%) 13.9B (5%)
Publishing - - 8 (1%) 5.7B (2%)
Retail 1 (1%) 352M (< 1%) 8 (1%) 2.0B (1%)
Distribution 2 (1%) 1.5B (2%) 7 (1%) 10.0B (3%)
Packaging 2 (1%) - 7 (1%) 3.2B (1%)
Safety/Security 1 (1%) - 7 (1%) 2.1B (1%)
Renewable Energy - - 7 (1%) 150M (< 1%)
Environmental 1 (1%) - 6 (1%) 1.7B (1%)
Test/Measurement Equipment 3 (2%) 435M (1%) 6 (1%) 1.3B (< 1%)
Marine - - 6 (1%) -
Metals/Mining - - 5 (1%) 1.3B (< 1%)
Utilities - - 5 (1%) 1.2B (< 1%)
Beverages 4 (3%) 712M (1%) 5 (1%) 995M (< 1%)
Defense - - 4 (1%) -
Infrastructure 1 (1%) - 4 (1%) -
Digital Media 1 (1%) - 3 (< 1%) 3.3B (1%)
Real Estate 1 (1%) - 3 (< 1%) 40M (< 1%)
Agriculture 1 (1%) - 3 (< 1%) -
Forest Products 1 (1%) - 3 (< 1%) -
Staffing - - 2 (< 1%) 269M (< 1%)
Engineering 1 (1%) - 2 (< 1%) 10M (< 1%)
Construction - - 2 (< 1%) -
Gaming - - 1 (< 1%) 30.7B (10%)
Airlines - - 1 (< 1%) -
Diversified - - 1 (< 1%) -
E-Commerce 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Furniture 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Total 145 $77.9B 744 $303.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 50 (34%) 57.5B (74%) 349 (47%) 243.9B (80%)
  California 10 (7%) 9.9B (13%) 55 (7%) 13.6B (4%)
  Texas 3 (2%) - 51 (7%) 28.4B (9%)
  New York 5 (3%) - 24 (3%) 17.8B (6%)
  Virginia 2 (1%) - 24 (3%) 6.7B (2%)
  Illinois 6 (4%) 37.8B (49%) 22 (3%) 43.2B (14%)
  Massachusetts 3 (2%) - 14 (2%) 2.4B (1%)
  Florida 2 (1%) - 14 (2%) 21.2B (7%)
  Pennsylvania 1 (1%) - 13 (2%) 13.0B (4%)
  North Carolina 1 (1%) - 13 (2%) 9.1B (3%)
  New Jersey 3 (2%) 3.0B (4%) 12 (2%) 8.4B (3%)
  Georgia 1 (1%) - 12 (2%) 8.7B (3%)
  Maryland - - 10 (1%) 1.6B (1%)
  Connecticut 1 (1%) 98M (< 1%) 7 (1%) 3.5B (1%)
  Washington - - 7 (1%) 4.9B (2%)
  Colorado - - 6 (1%) 4.0B (1%)
  Arizona - - 6 (1%) 1.4B (< 1%)
  Michigan - - 6 (1%) 345M (< 1%)
  South Carolina 2 (1%) - 4 (1%) -
  Ohio - - 4 (1%) 7.8B (3%)
  Indiana - - 4 (1%) 6.5B (2%)
  Wisconsin - - 4 (1%) 1.2B (< 1%)
  Tennessee 2 (1%) 6.7B (9%) 3 (< 1%) 7.5B (2%)
  Oklahoma 1 (1%) - 3 (< 1%) -
  Kentucky 1 (1%) - 3 (< 1%) -
  Kansas 1 (1%) - 3 (< 1%) -
  Alabama 1 (1%) - 3 (< 1%) -
  Minnesota - - 3 (< 1%) -
  Utah 1 (1%) - 2 (< 1%) -
  Missouri 1 (1%) - 2 (< 1%) -
  Nevada - - 2 (< 1%) 30.7B (10%)
  Oregon - - 2 (< 1%) 80M (< 1%)
  Louisiana - - 2 (< 1%) -
  New Hampshire 1 (1%) - 1 (< 1%) -
  Iowa 1 (1%) - 1 (< 1%) -
  Hawaii - - 1 (< 1%) 1.6B (1%)
  New Mexico - - 1 (< 1%) 150M (< 1%)
  Vermont - - 1 (< 1%) -
  Nebraska - - 1 (< 1%) -
  Idaho - - 1 (< 1%) -
  District of Columbia - - 1 (< 1%) -
China 10 (7%) 1.9B (2%) 64 (9%) 6.4B (2%)
United Kingdom 10 (7%) - 53 (7%) 9.3B (3%)
India 7 (5%) - 34 (5%) 2M (< 1%)
Japan 8 (6%) 505M (1%) 29 (4%) 1.9B (1%)
France 5 (3%) - 26 (3%) 2.7B (1%)
Germany 8 (6%) 2.7B (3%) 25 (3%) 4.2B (1%)
South Korea 2 (1%) - 17 (2%) 1.9B (1%)
Italy 5 (3%) - 16 (2%) 249M (< 1%)
Spain 5 (3%) - 13 (2%) 3.3B (1%)
Netherlands 4 (3%) 11.4B (15%) 13 (2%) 15.9B (5%)
Brazil 4 (3%) 352M (< 1%) 12 (2%) 1.6B (1%)
Ireland 2 (1%) - 10 (1%) 176M (< 1%)
Switzerland 3 (2%) - 8 (1%) -
Canada 2 (1%) - 8 (1%) 180M (< 1%)
  Ontario 1 (1%) - 4 (1%) -
  Manitoba 1 (1%) - 1 (< 1%) -
  British Columbia - - 1 (< 1%) 180M (< 1%)
  Quebec - - 1 (< 1%) -
  Alberta - - 1 (< 1%) -
Australia 1 (1%) 712M (1%) 7 (1%) 4.8B (2%)
Belgium 2 (1%) 1.0B (1%) 5 (1%) 1.0B (< 1%)
Luxembourg - - 5 (1%) 3.8B (1%)
Taiwan - - 5 (1%) -
Bermuda 3 (2%) 1.8B (2%) 4 (1%) 1.8B (1%)
Peru 3 (2%) - 4 (1%) -
South Africa 1 (1%) 56M (< 1%) 4 (1%) 56M (< 1%)
Turkey 1 (1%) - 4 (1%) -
Sweden - - 4 (1%) 1.4B (< 1%)
Czech Republic 3 (2%) - 3 (< 1%) -
Singapore 1 (1%) - 3 (< 1%) 930M (< 1%)
Mexico - - 3 (< 1%) -
Austria 1 (1%) - 2 (< 1%) -
Nigeria 1 (1%) - 2 (< 1%) -
Saudi Arabia 1 (1%) - 2 (< 1%) -
Israel - - 2 (< 1%) -
Chile 1 (1%) - 1 (< 1%) -
Uganda 1 (1%) - 1 (< 1%) -
Greece - - 1 (< 1%) 844M (< 1%)
Jordan - - 1 (< 1%) -
Mozambique - - 1 (< 1%) -
Portugal - - 1 (< 1%) -
Romania - - 1 (< 1%) -
Tanzania - - 1 (< 1%) -
Domestic 50 (34%) 57.5B (74%) 349 (47%) 243.9B (80%)
Cross-border 95 (66%) 20.4B (26%) 395 (53%) 62.5B (20%)
Total 145 $77.9B 744 $306.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 38 (26%) 34.4B (44%) 220 (30%) 63.7B (22%)
Secondary Buyout 36 (25%) 11.9B (15%) 130 (17%) 24.9B (8%)
Growth Capital 19 (13%) - 113 (15%) 2M (< 1%)
Stake Purchase 24 (17%) - 73 (10%) 470M (< 1%)
Divestiture 12 (8%) 30.4B (39%) 72 (10%) 111.3B (38%)
Venture 1 (1%) - 58 (8%) 114M (< 1%)
Going Private 6 (4%) 1.3B (2%) 35 (5%) 90.1B (31%)
Recapitalization 2 (1%) - 10 (1%) 2.1B (1%)
PIPE - - 10 (1%) 800M (< 1%)
Special Situations/Distressed - - 8 (1%) 10M (< 1%)
Joint Venture 3 (2%) - 6 (1%) 1.0B (< 1%)
Consolidation 3 (2%) - 5 (1%) -
Acquisition Financing - - 2 (< 1%) -
Add-on Acquisition 1 (1%) - 2 (< 1%) -
Total 145 $77.9B 744 $294.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 117 (24%) 30.1B (30%)
Trade Sale - Public Company 110 (23%) 55.5B (56%)
Trade Sale 93 (19%) 10.8B (11%)
IPO 75 (16%) -
Stake Sale 23 (5%) 2.1B (2%)
Bankruptcy 22 (5%) -
Merger 13 (3%) 792M (1%)
Sold to Management 10 (2%) 40M (< 1%)
Recapitalization 7 (1%) -
Shut Down 3 (1%) -
Sold to Existing Investors 2 (< 1%) -
SPAC 2 (< 1%) -
Unknown 2 (< 1%) -
Total 479 $99.4B

Top M&A Advisors

Financial Deals
BofA Securities
 19
Credit Suisse Investment Banking
 19
Barclays Investment Bank
 14
Legal Deals
Latham & Watkins
 74
Debevoise & Plimpton
 16
Kirkland & Ellis
 11

Deal Values

buy # Total
> $1B 58 $275.7B
$100M to $1B 62 $30.0B
< $100M 17 $716M
TOTAL $306.5B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 39 $85.2B
$100M to $1B 71 $27.3B
< $100M 25 $1.4B
TOTAL $113.9B
Largest United Defense Industries, Inc.
$4.2B (2005-06-27)

M&A Connections

Deals
Acquired from
Investor(s)
19%
138 (19%)
Strategic(s)
10%
72 (10%)
Exited to
Investor(s)
25%
119 (25%)
Strategic(s)
44%
209 (44%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

435.0B USD

Established

1987

Specialist/Generalist

Generalist

Leadership

David Rubenstein

Co-Founder & Co-Executive Chairman

William Conway, Jr.

Co-Founder & Co-Executive Chairman

Daniel D'Aniello

Co-Founder & Non-Executive Chairman Emeritus

Peter Clare

CIO & Corporate Private Equity, Chairman of Americas Private Equity

Kewsong Lee

Co-CEO

FAQ

When was The Carlyle Group founded?

The Carlyle Group was founded in 1987.

What type of investor is The Carlyle Group?

The Carlyle Group is a private equity firm.

Where is The Carlyle Group headquartered?

The Carlyle Group is headquartered in Washington, District of Columbia.

How much capital does The Carlyle Group have under management?

The Carlyle Group has 435.0B USD under management.

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