The Carlyle Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Carlyle Group has acquired 49 companies. It has also invested in 20 others.

The Carlyle Group’s most common sectors for investment aresoftware (9%) and financial services (7%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (30%) and secondary buyout (17%). In total, The Carlyle Group has invested in 40 US states and 38 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 (44%). 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 Activity1078
    • M&A Buy Activity669
    • M&A Sell Activity409
  • Total Sectors Invested 59
  • Total Countries Invested 38
  • M&A Buy/Sell Connections 393
  • M&A Advisors 107

The Carlyle Group

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, Scandinavia, Asia/Pacific, Australia/New Zealand, Central Asia/India, Latin/South America, Middle East

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 300 5,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (19.2/yr) # 573 27 19 17 17 16 669
vol $230.1B $2.0B $22.5B $205M $2.0B $34.4B $291.2B
Sell (19.6/yr) # 313 26 13 23 19 17 411
vol $91.4B $7.1B $2.1B $1.7B $980M $2.6B $105.9B
  1080

Most Recent M&A

Company Date Value Type
PK Global 2021-11-22 1.6B USD Add-on Acquisition
Beaverton, Oregon · www.pkglobal.com
A Twosome Place Co., Ltd. 2021-11-19 - Secondary Buyout
Seoul, South Korea · www.twosome.co.kr
AutoForm Engineering GmbH 2021-11-17 - Secondary Buyout
Pfäffikon, Switzerland · www.autoform.com
IMIA Group Holdings LLC 2021-11-11 - Secondary Buyout
Daphne, Alabama · www.imiallc.com
Sciens Building Solutions 2021-11-10 - Secondary Buyout
Pleasanton, California · www.sciensbuildingsolutions.com
CSS AG 2021-11-03 - Buyout (LBO, MBO, MBI)
Künzell, Germany · www.css.de
T2 Systems, Inc. 2021-11-02 356M USD Add-on Acquisition
Indianapolis, Indiana · www.t2systems.com
Saama Technologies, Inc. 2021-10-20 - Secondary Buyout
Campbell, California · www.saama.com
The Bountiful Co. - Sports & Active Nutrition Division 2021-10-04 - Secondary Buyout
Bohemia, New York
European Camping Group 2021-09-06 - Secondary Buyout
Aix-en-Provence, France · www.europeancampinggroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Curia, Inc. 2017-06-06 LakePharma, Inc. 2021-07-14 2
Albany, New York · www.curiaglobal.com San Carlos, California · www.lakepharma.com
Curia, Inc. 2017-06-06 Integrity Bio, Inc. 2021-07-13 1
Albany, New York · www.curiaglobal.com Camarillo, California · www.integritybio.com
ION Investment Group Ltd. 2016-05-31 Dash Financial Technologies LLC 2021-02-08 10
Dublin, Ireland · www.iongroup.com New York, New York · www.dashfinancial.com
Net Health 2017-12-18 PointRight, Inc. 2021-01-12 4
Pittsburgh, Pennsylvania · www.nethealth.com Cambridge, Massachusetts · www.pointright.com
The Hilb Group LLC 2019-10-30 William H. Connolly & Co. 2020-12-17 41
Richmond, Virginia · www.hilbgroup.com Montclair, New Jersey · www.whconnolly.com
Sedgwick Claims Management Services, Inc. 2018-09-12 Stericycle Expert Solutions 2020-12-02 10
Memphis, Tennessee · www.sedgwick.com Indianapolis, Indiana · www.stericycleexpertsolutions.com
Duravant, Inc. 2017-06-16 Cloud Packaging Solutions 2020-11-16 9
Downers Grove, Illinois · www.duravant.com Des Plaines, Illinois · www.cloudeg.com
The Hilb Group LLC 2019-10-30 Ganim Group, Inc. 2020-09-22 40
Richmond, Virginia · www.hilbgroup.com Shelton, Connecticut
SolAero Technologies Corp. 2014-09-17 Alliance Spacesystems LLC 2020-09-02 1
Albuquerque, New Mexico · www.solaerotech.com Los Alamitos, California · www.alliancespacesystems.com
The Hilb Group LLC 2019-10-30 CBIZ, Inc. - Book of Business 2020-04-21 39
Richmond, Virginia · www.hilbgroup.com Cleveland, Ohio

M&A by Sector

Sector Current # Value All-time # Value
Software 13 (7%) 8.0B (10%) 54 (8%) 12.6B (4%)
Financial Services 8 (5%) 1.9B (2%) 44 (7%) 6.5B (2%)
Information Technology 8 (5%) 6.7B (9%) 31 (5%) 10.3B (4%)
Business Services 6 (3%) 56M (< 1%) 27 (4%) 5.4B (2%)
Healthcare Services 8 (5%) - 25 (4%) 8.6B (3%)
Communications 2 (1%) - 25 (4%) 4.1B (1%)
Energy Services and Equipment 10 (6%) 205M (< 1%) 25 (4%) 205M (< 1%)
Manufacturing 5 (3%) 2.0B (3%) 23 (3%) 6.7B (2%)
Consumer Products 6 (3%) 98M (< 1%) 21 (3%) 4.5B (2%)
Internet Software and Services 4 (2%) - 21 (3%) 180M (< 1%)
Machinery 4 (2%) - 18 (3%) 5.7B (2%)
Aerospace 6 (3%) 3.7B (5%) 17 (3%) 6.0B (2%)
Transportation 7 (4%) - 17 (3%) 1.6B (1%)
Oil/Gas Exploration 5 (3%) - 17 (3%) 1.1B (< 1%)
Automotive 1 (1%) - 16 (2%) 6.7B (2%)
Medical Products 4 (2%) 34.0B (43%) 15 (2%) 42.3B (15%)
Education 3 (2%) - 14 (2%) 2.7B (1%)
Media - - 14 (2%) 749M (< 1%)
Life Science 6 (3%) 930M (1%) 13 (2%) 5.4B (2%)
Technology Hardware - - 13 (2%) 3.4B (1%)
Chemicals 3 (2%) 11.4B (15%) 12 (2%) 23.8B (8%)
Marketing 4 (2%) 3.7B (5%) 12 (2%) 10.8B (4%)
Insurance 4 (2%) 1.8B (2%) 12 (2%) 3.2B (1%)
Leisure 3 (2%) - 11 (2%) 2.2B (1%)
Food 5 (3%) - 11 (2%) 2M (< 1%)
Restaurants 2 (1%) - 10 (1%) 2.5B (1%)
Electronics 1 (1%) - 10 (1%) 165M (< 1%)
Semiconductors - - 8 (1%) 17.6B (6%)
Publishing 1 (1%) - 8 (1%) 5.7B (2%)
Retail 4 (2%) 352M (< 1%) 8 (1%) 2.0B (1%)
Building Materials 1 (1%) - 8 (1%) 1.4B (< 1%)
Apparel/Textiles 4 (2%) 170K (< 1%) 8 (1%) 170K (< 1%)
Safety/Security 2 (1%) - 7 (1%) 2.1B (1%)
Renewable Energy 6 (3%) 150M (< 1%) 7 (1%) 150M (< 1%)
Electrical Equipment - - 7 (1%) 30M (< 1%)
Consumer Services 1 (1%) 67M (< 1%) 6 (1%) 16.6B (6%)
Information Services 2 (1%) 700M (1%) 6 (1%) 13.4B (5%)
Environmental 2 (1%) - 6 (1%) 772M (< 1%)
Marine 2 (1%) - 6 (1%) -
Distribution 4 (2%) - 5 (1%) 8.5B (3%)
Packaging 1 (1%) - 5 (1%) 3.2B (1%)
Test/Measurement Equipment 2 (1%) 435M (1%) 5 (1%) 1.3B (< 1%)
Metals/Mining 2 (1%) 1.3B (2%) 5 (1%) 1.3B (< 1%)
Utilities 1 (1%) - 4 (1%) 1.2B (< 1%)
Agriculture 2 (1%) - 4 (1%) -
Defense - - 4 (1%) -
Digital Media 2 (1%) - 3 (< 1%) 3.3B (1%)
Beverages 2 (1%) 712M (1%) 3 (< 1%) 995M (< 1%)
Real Estate 1 (1%) - 3 (< 1%) 40M (< 1%)
Infrastructure 1 (1%) - 3 (< 1%) -
Staffing - - 2 (< 1%) 269M (< 1%)
Engineering 1 (1%) 10M (< 1%) 2 (< 1%) 10M (< 1%)
Construction - - 2 (< 1%) -
Forest Products - - 2 (< 1%) -
Plastics - - 2 (< 1%) -
Gaming - - 1 (< 1%) 30.7B (11%)
Airlines 1 (1%) - 1 (< 1%) -
E-Commerce 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Total 175 $78.2B 671 $287.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 66 (38%) 52.3B (67%) 324 (48%) 232.6B (80%)
  Texas 10 (6%) 205M (< 1%) 49 (7%) 28.6B (10%)
  California 12 (7%) 8.4B (11%) 48 (7%) 9.6B (3%)
  Virginia 2 (1%) - 23 (3%) 2.5B (1%)
  New York 4 (2%) 2.7B (3%) 21 (3%) 7.8B (3%)
  Illinois 3 (2%) 34.0B (43%) 20 (3%) 39.4B (14%)
  Massachusetts 3 (2%) - 15 (2%) 4.9B (2%)
  Florida 4 (2%) - 13 (2%) 18.5B (6%)
  North Carolina 2 (1%) - 12 (2%) 9.1B (3%)
  Pennsylvania 2 (1%) - 11 (2%) 11.2B (4%)
  New Jersey 2 (1%) - 11 (2%) 9.5B (3%)
  Georgia 2 (1%) - 10 (1%) 8.7B (3%)
  Maryland - - 10 (1%) 1.6B (1%)
  Connecticut 2 (1%) 98M (< 1%) 8 (1%) 3.5B (1%)
  Washington - - 7 (1%) 4.9B (2%)
  Michigan 1 (1%) - 6 (1%) 345M (< 1%)
  Arizona 2 (1%) - 5 (1%) -
  Colorado - - 5 (1%) 4.0B (1%)
  Tennessee 3 (2%) 6.7B (9%) 4 (1%) 7.5B (3%)
  Ohio - - 4 (1%) 7.8B (3%)
  Indiana - - 4 (1%) 6.5B (2%)
  Wisconsin - - 4 (1%) 1.2B (< 1%)
  Oklahoma 1 (1%) - 3 (< 1%) -
  Kentucky 1 (1%) - 3 (< 1%) -
  Oregon 1 (1%) - 2 (< 1%) 80M (< 1%)
  Utah 1 (1%) - 2 (< 1%) -
  South Carolina 1 (1%) - 2 (< 1%) -
  Missouri 1 (1%) - 2 (< 1%) -
  Minnesota 1 (1%) - 2 (< 1%) -
  Louisiana 1 (1%) - 2 (< 1%) -
  Alabama 1 (1%) - 2 (< 1%) -
  Nevada - - 2 (< 1%) 30.7B (11%)
  Kansas - - 2 (< 1%) -
  New Mexico 1 (1%) 150M (< 1%) 1 (< 1%) 150M (< 1%)
  Delaware 1 (1%) - 1 (< 1%) -
  Hawaii - - 1 (< 1%) 1.6B (1%)
  Vermont - - 1 (< 1%) -
  Nebraska - - 1 (< 1%) -
  Idaho - - 1 (< 1%) -
  District of Columbia - - 1 (< 1%) -
China 13 (7%) 5.6B (7%) 59 (9%) 6.4B (2%)
United Kingdom 14 (8%) 767M (1%) 48 (7%) 5.2B (2%)
India 10 (6%) - 28 (4%) 2M (< 1%)
France 5 (3%) - 24 (4%) 2.7B (1%)
Germany 6 (3%) 3.3B (4%) 21 (3%) 3.5B (1%)
Japan 3 (2%) - 21 (3%) 1.4B (< 1%)
South Korea 4 (2%) 170K (< 1%) 15 (2%) 1.9B (1%)
Netherlands 6 (3%) 11.4B (15%) 12 (2%) 15.9B (5%)
Canada 5 (3%) - 11 (2%) 1.6B (1%)
  Ontario 4 (2%) - 7 (1%) 1.4B (< 1%)
  Manitoba 1 (1%) - 1 (< 1%) -
  British Columbia - - 1 (< 1%) 180M (< 1%)
  Quebec - - 1 (< 1%) -
  Alberta - - 1 (< 1%) -
Italy 4 (2%) 10M (< 1%) 11 (2%) 249M (< 1%)
Brazil 4 (2%) 352M (< 1%) 10 (1%) 1.6B (1%)
Spain 3 (2%) - 10 (1%) 3.3B (1%)
Ireland 5 (3%) - 9 (1%) 176M (< 1%)
Australia 4 (2%) 1.6B (2%) 8 (1%) 5.8B (2%)
Switzerland 3 (2%) - 8 (1%) -
Belgium 2 (1%) 1.0B (1%) 5 (1%) 1.0B (< 1%)
Luxembourg 1 (1%) - 5 (1%) 3.8B (1%)
Taiwan - - 5 (1%) -
South Africa 4 (2%) 56M (< 1%) 4 (1%) 56M (< 1%)
Peru 3 (2%) - 4 (1%) -
Sweden - - 4 (1%) 1.4B (< 1%)
Bermuda 2 (1%) 1.8B (2%) 3 (< 1%) 1.8B (1%)
Mexico - - 3 (< 1%) -
Turkey - - 3 (< 1%) -
Austria 1 (1%) - 2 (< 1%) -
Saudi Arabia 1 (1%) - 2 (< 1%) -
Israel - - 2 (< 1%) -
Chile 1 (1%) - 1 (< 1%) -
Czech Republic 1 (1%) - 1 (< 1%) -
Jordan 1 (1%) - 1 (< 1%) -
Mozambique 1 (1%) - 1 (< 1%) -
Romania 1 (1%) - 1 (< 1%) -
Uganda 1 (1%) - 1 (< 1%) -
Greece - - 1 (< 1%) 844M (< 1%)
Nigeria - - 1 (< 1%) -
Portugal - - 1 (< 1%) -
Tanzania - - 1 (< 1%) -
Domestic 66 (38%) 52.3B (67%) 324 (48%) 232.6B (80%)
Cross-border 109 (62%) 25.9B (33%) 347 (52%) 58.7B (20%)
Total 175 $78.2B 671 $291.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 34 (19%) 35.1B (45%) 199 (30%) 63.8B (23%)
Secondary Buyout 48 (27%) 8.9B (11%) 114 (17%) 21.9B (8%)
Growth Capital 30 (17%) - 104 (15%) 2M (< 1%)
Divestiture 19 (11%) 27.7B (35%) 70 (10%) 104.5B (37%)
Stake Purchase 21 (12%) - 60 (9%) 470M (< 1%)
Venture 2 (1%) - 55 (8%) 114M (< 1%)
Going Private 7 (4%) 6.6B (8%) 32 (5%) 84.7B (30%)
PIPE 5 (3%) - 11 (2%) 800M (< 1%)
Recapitalization 2 (1%) - 9 (1%) 2.1B (1%)
Special Situations/Distressed 2 (1%) - 7 (1%) -
Joint Venture 2 (1%) - 5 (1%) 1.0B (< 1%)
Acquisition Financing 2 (1%) - 2 (< 1%) -
Consolidation 1 (1%) - 2 (< 1%) -
Add-on Acquisition - - 1 (< 1%) -
Total 175 $78.2B 671 $279.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 103 (25%) 55.3B (59%)
Secondary Sale 94 (23%) 25.1B (27%)
Trade Sale 81 (20%) 10.8B (11%)
IPO 64 (16%) -
Bankruptcy 19 (5%) -
Stake Sale 17 (4%) 2.1B (2%)
Merger 10 (2%) 792M (1%)
Sold to Management 8 (2%) -
Recapitalization 6 (1%) -
Shut Down 3 (1%) -
Sold to Existing Investors 2 (< 1%) -
SPAC 2 (< 1%) -
Unknown 2 (< 1%) -
Total 411 $94.0B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
17
Bank of America Merrill Lynch (BofA Securities)
17
Citigroup Investment Banking
11
Legal Deals
Latham & Watkins
62
Debevoise & Plimpton LLP
14
Simpson Thacher & Bartlett LLP
11

Deal Values

buy # Total
> $1B 53 $261.5B
$100M to $1B 61 $29.0B
< $100M 17 $716M
TOTAL $291.2B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 36 $78.2B
$100M to $1B 69 $26.5B
< $100M 22 $1.2B
TOTAL $105.9B
Largest United Defense Industries, Inc.
$4.2B (2005-06-27)

M&A Connections

Deals
Acquired from
Investor(s)
18%
121 (18%)
Strategic(s)
10%
69 (10%)
Exited to
Investor(s)
24%
97 (24%)
Strategic(s)
45%
186 (45%)

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