The Carlyle Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Carlyle Group has acquired 38 companies. It has also invested in 12 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 41 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 61 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 Activity1126
    • M&A Buy Activity691
    • M&A Sell Activity435
  • Total Sectors Invested 59
  • Total Countries Invested 38
  • M&A Buy/Sell Connections 379
  • M&A Advisors 111

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 300 5,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (13.4/yr) # 624 18 20 20 7 2 691
vol $254.6B $205M $2.0B $34.4B $6.0B $297.2B
Sell (16.8/yr) # 353 23 20 22 13 6 437
vol $101.1B $1.7B $980M $2.7B $250M $106.8B
  1128

Most Recent M&A

Company Date Value Type
Tessara (Pty) Ltd. 2023-07-19 - Trade Sale
Cape Town, South Africa · www.tessara.co.za
Anthesis Consulting Group PLC 2023-06-30 - Secondary Buyout
London, United Kingdom · www.anthesisgroup.com
Meopta Optika, s.r.o. 2023-05-31 - Buyout (LBO, MBO, MBI)
Prerov, Czech Republic · www.meopta.com
PrimeFlight Aviation Services 2023-03-06 - Secondary Sale
Sugar Land, Texas · www.primeflight.com
Dynamic Precision Group, Inc. 2023-02-16 - Merger
Stuart, Florida
Traxys Europe S.A. 2023-02-06 - Secondary Sale
Strassen, Luxembourg · www.traxys.com
Titan Acquisition Holdings 2023-02-03 - Secondary Sale
Portland, Oregon · www.vigor.net
Acufocus, Inc. 2023-01-17 - Trade Sale
Irvine, California · www.acufocus.com
Aspen Power Partners LLC 2022-11-03 - Growth Capital
Dallas, Texas · www.aspenpower.com
Ned Stevens Gutter Cleaning & General Contracting, Inc. 2022-11-01 - Secondary Sale
Fairfield, New Jersey · www.nedstevens.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 14
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
Neptune Oil & Gas Ltd. 2015-06-09 Neptune Energy Norge AS 2023-06-23 1
London, United Kingdom · www.neptuneenergy.com Sandnes, Norway
HireVue, Inc. 2019-09-03 Modern Hire, Inc. 2023-05-09 2
South Jordan, Utah · www.hirevue.com Cleveland, Ohio · www.modernhire.com
NSM Insurance Group 2022-05-09 Acquis Insurance Management Ltd. 2023-03-29 3
Conshohocken, Pennsylvania · www.nsminc.com Newport, United Kingdom · www.acquisinsurance.com
NSM Insurance Group 2022-05-09 Sequoia Reinsurance Services LLC 2023-03-20 2
Conshohocken, Pennsylvania · www.nsminc.com Plymouth, Minnesota
Apex Fund Services Ltd. 2017-05-09 Efficient Group 2023-03-15 10
Hamilton, Bermuda · www.theapexgroup.com Pretoria, South Africa · www.efgroup.co.za
ION Investment Group Ltd. 2016-05-31 Broadway Technology LLC 2023-03-13 1
Dublin, Ireland · www.iongroup.com New York, New York · www.broadwaytechnology.com
Standard Aero Holdings, Inc. 2018-12-18 Western Jet Aviation, Inc. 2023-02-01 2
Winnipeg, Ontario · www.standardaero.com Van Nuys, California · www.westernjetaviation.com

M&A by Sector

Sector Current # Value All-time # Value
Software 13 (8%) - 53 (8%) 3.9B (1%)
Financial Services 9 (5%) 1.9B (2%) 45 (6%) 6.5B (2%)
Business Services 9 (5%) 56M (< 1%) 34 (5%) 7.1B (2%)
Information Technology 10 (6%) 12.2B (16%) 33 (5%) 15.8B (5%)
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 4 (2%) 2.0B (3%) 23 (3%) 5.8B (2%)
Consumer Products 4 (2%) 98M (< 1%) 21 (3%) 4.5B (2%)
Internet Software and Services 3 (2%) - 21 (3%) 855M (< 1%)
Machinery 4 (2%) - 18 (3%) 5.7B (2%)
Aerospace 4 (2%) 1.0B (1%) 17 (2%) 6.0B (2%)
Oil/Gas Exploration 5 (3%) - 17 (2%) 1.1B (< 1%)
Medical Products 4 (2%) 34.0B (44%) 16 (2%) 42.3B (14%)
Life Science 9 (5%) 930M (1%) 16 (2%) 5.4B (2%)
Transportation 7 (4%) - 16 (2%) 1.6B (1%)
Insurance 7 (4%) 10.3B (13%) 15 (2%) 11.7B (4%)
Automotive 1 (1%) - 15 (2%) 6.7B (2%)
Education 3 (2%) - 14 (2%) 1.0B (< 1%)
Media - - 14 (2%) 749M (< 1%)
Chemicals 4 (2%) 11.4B (15%) 13 (2%) 23.8B (8%)
Technology Hardware - - 13 (2%) 3.4B (1%)
Marketing 2 (1%) - 12 (2%) 10.8B (4%)
Leisure 2 (1%) - 11 (2%) 2.2B (1%)
Food 4 (2%) - 11 (2%) 2M (< 1%)
Apparel/Textiles 5 (3%) 170K (< 1%) 11 (2%) 170K (< 1%)
Restaurants 2 (1%) - 10 (1%) 2.5B (1%)
Electronics 1 (1%) - 10 (1%) 165M (< 1%)
Building Materials - - 9 (1%) 1.4B (< 1%)
Semiconductors - - 8 (1%) 17.6B (6%)
Consumer Services 1 (1%) 67M (< 1%) 8 (1%) 16.6B (6%)
Publishing 1 (1%) - 8 (1%) 5.7B (2%)
Retail 4 (2%) 352M (< 1%) 8 (1%) 2.0B (1%)
Information Services 3 (2%) 700M (1%) 7 (1%) 13.4B (5%)
Safety/Security 2 (1%) - 7 (1%) 2.1B (1%)
Environmental 2 (1%) - 7 (1%) 1.7B (1%)
Renewable Energy 4 (2%) - 7 (1%) 150M (< 1%)
Electrical Equipment - - 7 (1%) 30M (< 1%)
Distribution 3 (2%) - 6 (1%) 8.5B (3%)
Marine 1 (1%) - 6 (1%) -
Packaging - - 5 (1%) 3.2B (1%)
Test/Measurement Equipment 2 (1%) 435M (1%) 5 (1%) 1.3B (< 1%)
Metals/Mining 1 (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%) -
Gaming - - 1 (< 1%) 30.7B (10%)
Airlines - - 1 (< 1%) -
E-Commerce 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Total 172 $77.6B 694 $293.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 62 (36%) 55.4B (71%) 335 (48%) 234.4B (79%)
  Texas 10 (6%) 205M (< 1%) 51 (7%) 28.6B (10%)
  California 9 (5%) 8.4B (11%) 50 (7%) 12.1B (4%)
  New York 4 (2%) - 23 (3%) 17.8B (6%)
  Virginia 3 (2%) 4.2B (5%) 23 (3%) 6.7B (2%)
  Illinois 5 (3%) 34.0B (44%) 21 (3%) 39.4B (13%)
  Florida 3 (2%) - 14 (2%) 21.2B (7%)
  Massachusetts 2 (1%) - 14 (2%) 2.4B (1%)
  Pennsylvania 3 (2%) 1.8B (2%) 13 (2%) 13.0B (4%)
  North Carolina 3 (2%) - 13 (2%) 9.1B (3%)
  Georgia 2 (1%) - 10 (1%) 8.7B (3%)
  New Jersey 1 (1%) - 10 (1%) 5.4B (2%)
  Maryland - - 10 (1%) 1.6B (1%)
  Connecticut 1 (1%) 98M (< 1%) 7 (1%) 3.5B (1%)
  Washington - - 7 (1%) 4.9B (2%)
  Michigan 1 (1%) - 6 (1%) 345M (< 1%)
  Colorado - - 6 (1%) 4.0B (1%)
  Arizona 1 (1%) - 5 (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%)
  South Carolina 1 (1%) - 3 (< 1%) -
  Oklahoma 1 (1%) - 3 (< 1%) -
  Minnesota 1 (1%) - 3 (< 1%) -
  Kentucky 1 (1%) - 3 (< 1%) -
  Alabama 1 (1%) - 2 (< 1%) -
  Utah 1 (1%) - 2 (< 1%) -
  Missouri 1 (1%) - 2 (< 1%) -
  Louisiana 1 (1%) - 2 (< 1%) -
  Nevada - - 2 (< 1%) 30.7B (10%)
  Oregon - - 2 (< 1%) 80M (< 1%)
  Kansas - - 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 12 (7%) 1.9B (2%) 59 (9%) 6.4B (2%)
United Kingdom 15 (9%) 767M (1%) 50 (7%) 9.3B (3%)
India 9 (5%) - 29 (4%) 2M (< 1%)
France 4 (2%) - 24 (3%) 2.7B (1%)
Germany 7 (4%) 3.3B (4%) 22 (3%) 3.5B (1%)
Japan 3 (2%) - 22 (3%) 1.4B (< 1%)
South Korea 4 (2%) 170K (< 1%) 15 (2%) 1.9B (1%)
Netherlands 6 (3%) 11.4B (15%) 13 (2%) 15.9B (5%)
Italy 5 (3%) 10M (< 1%) 13 (2%) 249M (< 1%)
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%) -
Spain 3 (2%) - 11 (2%) 3.3B (1%)
Ireland 6 (3%) - 10 (1%) 176M (< 1%)
Brazil 4 (2%) 352M (< 1%) 10 (1%) 1.6B (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 - - 5 (1%) 3.8B (1%)
Taiwan - - 5 (1%) -
Bermuda 3 (2%) 1.8B (2%) 4 (1%) 1.8B (1%)
South Africa 3 (2%) 56M (< 1%) 4 (1%) 56M (< 1%)
Peru 3 (2%) - 4 (1%) -
Sweden - - 4 (1%) 1.4B (< 1%)
Mexico - - 3 (< 1%) -
Turkey - - 3 (< 1%) -
Czech Republic 2 (1%) - 2 (< 1%) -
Austria 1 (1%) - 2 (< 1%) -
Saudi Arabia 1 (1%) - 2 (< 1%) -
Israel - - 2 (< 1%) -
Chile 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 62 (36%) 55.4B (71%) 335 (48%) 234.4B (79%)
Cross-border 110 (64%) 22.2B (29%) 359 (52%) 62.8B (21%)
Total 172 $77.6B 694 $297.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 33 (19%) 35.1B (45%) 202 (29%) 63.7B (22%)
Secondary Buyout 47 (27%) 8.9B (11%) 124 (18%) 21.9B (8%)
Growth Capital 29 (17%) - 108 (16%) 2M (< 1%)
Divestiture 17 (10%) 29.3B (38%) 71 (10%) 106.2B (37%)
Stake Purchase 21 (12%) - 60 (9%) 470M (< 1%)
Venture 2 (1%) - 56 (8%) 114M (< 1%)
Going Private 6 (3%) 4.4B (6%) 33 (5%) 88.9B (31%)
PIPE 5 (3%) - 11 (2%) 800M (< 1%)
Recapitalization 2 (1%) - 9 (1%) 2.1B (1%)
Special Situations/Distressed 3 (2%) 10M (< 1%) 8 (1%) 10M (< 1%)
Joint Venture 2 (1%) - 5 (1%) 1.0B (< 1%)
Consolidation 3 (2%) - 4 (1%) -
Acquisition Financing 2 (1%) - 2 (< 1%) -
Add-on Acquisition - - 1 (< 1%) -
Total 172 $77.6B 694 $285.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 110 (25%) 25.7B (27%)
Trade Sale - Public Company 108 (25%) 55.5B (59%)
Trade Sale 81 (19%) 10.8B (11%)
IPO 65 (15%) -
Bankruptcy 20 (5%) -
Stake Sale 19 (4%) 2.1B (2%)
Merger 12 (3%) 792M (1%)
Sold to Management 8 (2%) -
Recapitalization 5 (1%) -
Shut Down 3 (1%) -
Sold to Existing Investors 2 (< 1%) -
SPAC 2 (< 1%) -
Unknown 2 (< 1%) -
Total 437 $94.9B

Top M&A Advisors

Financial Deals
BofA Securities
 19
Credit Suisse Investment Banking
 18
Morgan Stanley
 12
Legal Deals
Latham & Watkins
 71
Debevoise & Plimpton LLP
 15
Simpson Thacher & Bartlett
 11

Deal Values

buy # Total
> $1B 55 $267.4B
$100M to $1B 61 $29.0B
< $100M 17 $716M
TOTAL $297.2B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 36 $78.2B
$100M to $1B 71 $27.3B
< $100M 23 $1.3B
TOTAL $106.8B
Largest United Defense Industries, Inc.
$4.2B (2005-06-27)

M&A Connections

Deals
Acquired from
Investor(s)
19%
131 (19%)
Strategic(s)
10%
70 (10%)
Exited to
Investor(s)
26%
113 (26%)
Strategic(s)
44%
194 (44%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

376.0B 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 376.0B USD under management.

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