The Carlyle Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, The Carlyle Group has acquired 38 companies. It has also invested in 21 others.

The Carlyle Group’s most common sectors for investment are software (8%) and financial services (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (31%) and secondary buyout (17%). In total, The Carlyle Group has invested in 42 US states and 39 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Caesars Entertainment for $30.7B.

In the last 3 years, The Carlyle Group has exited 45 companies. The Firm’s most common exit type is trade sale (45%). 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 Activity1025
    • M&A Buy Activity665
    • M&A Sell Activity360
  • Total Sectors Invested 58
  • Total Countries Invested 39
  • M&A Buy/Sell Connections 373
  • M&A Advisors 102

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 (17.0/yr) # 580 26 23 18 16 2 665
vol $231.4B $986M $22.7B $205M $2.0B $257.3B
Sell (13.2/yr) # 294 21 9 19 15 2 360
vol $91.7B $7.1B $2.1B $3.2B $980M $104.9B
  1025

Most Recent M&A

Company Date Value Type
MedRisk LLC 2021-02-23 - Secondary Buyout
King of Prussia, Pennsylvania · www.medrisknet.com
Jagex Ltd. 2021-01-25 - Secondary Buyout
Cambridge, United Kingdom · www.jagex.com
PIB Group Ltd. 2021-01-25 - Secondary Buyout
London, United Kingdom · www.pibgroup.co.uk
Amp Solar Group, Inc. 2021-01-06 - Growth Capital
Port Credit, Ontario · www.amp.energy
iC Consult Group 2020-12-08 - Growth Capital
Munich, Germany · www.ic-consult.com
Groupe Acrotec SA 2020-12-07 - Secondary Buyout
Develier, Switzerland · www.acrotec.ch
Officine Maccaferri SpA 2020-12-03 10M EUR Buyout (LBO, MBO, MBI)
Zola Predosa, Italy · www.maccaferri.com
Barbon Insurance Group Ltd. 2020-12-02 - Add-on Acquisition
Croydon, United Kingdom · www.barbon.com
PA Consulting Group Ltd. 2020-11-30 - Add-on Acquisition
London, United Kingdom · www.paconsulting.com
Apex Group Ltd. 2020-11-18 - Buyout (LBO, MBO, MBI)
Hamilton, Bermuda · www.theapexgroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ION Investment Group Ltd. 2016-05-31 Dash Financial Technologies LLC 2021-02-08 3
New York City, New York · www.iontrading.com New York, New York · www.dashfinancial.com
Net Health 2017-12-18 PointRight, Inc. 2021-01-12 3
Pittsburgh, Pennsylvania · www.nethealth.com Cambridge, Massachusetts · www.pointright.com
The Hilb Group LLC 2019-10-30 William H. Connolly & Co. 2020-12-17 24
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 3
Memphis, Tennessee · www.sedgwick.com Indianapolis, Indiana · www.stericycleexpertsolutions.com
The Hilb Group LLC 2019-10-30 Ganim Group, Inc. 2020-09-22 23
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 22
Richmond, Virginia · www.hilbgroup.com Cleveland, Ohio
ION Investment Group Ltd. 2016-05-31 Broadway Technology LLC 2020-02-14 2
New York City, New York · www.iontrading.com New York, New York · www.broadwaytechnology.com
The Hilb Group LLC 2019-10-30 Regency Insurance Group LLC 2020-02-11 21
Richmond, Virginia · www.hilbgroup.com East Lansing, Michigan · www.regency-group.com
Nouryon 2018-03-27 Nouryon - Elotex Business 2020-01-30 1
Amsterdam, Netherlands · www.nouryon.com Amsterdam, Netherlands

M&A by Sector

Sector Current # Value All-time # Value
Software 12 (5%) 8.4B (12%) 50 (7%) 13.0B (5%)
Financial Services 18 (7%) 2.2B (3%) 43 (6%) 6.5B (3%)
Information Technology 16 (7%) 7.5B (11%) 34 (5%) 7.7B (3%)
Business Services 8 (3%) 2.3B (3%) 27 (4%) 5.4B (2%)
Energy Services and Equipment 14 (6%) 1.4B (2%) 26 (4%) 1.4B (1%)
Healthcare Services 10 (4%) - 25 (4%) 8.6B (3%)
Communications 3 (1%) 2.6B (4%) 25 (4%) 6.7B (3%)
Manufacturing 9 (4%) 2.6B (4%) 24 (4%) 6.4B (3%)
Consumer Products 8 (3%) 450M (1%) 22 (3%) 4.8B (2%)
Internet Software and Services 6 (2%) - 22 (3%) 180M (< 1%)
Aerospace 7 (3%) 4.2B (6%) 18 (3%) 6.4B (3%)
Oil/Gas Exploration 8 (3%) - 18 (3%) 1.1B (< 1%)
Transportation 8 (3%) - 17 (3%) 1.6B (1%)
Medical Products 6 (2%) 4.2B (6%) 16 (2%) 8.3B (3%)
Automotive 1 (< 1%) - 16 (2%) 6.7B (3%)
Machinery 5 (2%) 3.5B (5%) 16 (2%) 5.7B (2%)
Media 3 (1%) - 15 (2%) 749M (< 1%)
Life Science 7 (3%) 1.1B (2%) 14 (2%) 5.7B (2%)
Education 4 (2%) - 14 (2%) 2.7B (1%)
Chemicals 5 (2%) 15.0B (22%) 13 (2%) 24.1B (10%)
Electronics 4 (2%) 4.6B (7%) 13 (2%) 4.8B (2%)
Technology Hardware - - 13 (2%) 3.4B (1%)
Insurance 7 (3%) 2.0B (3%) 12 (2%) 3.2B (1%)
Food 7 (3%) - 12 (2%) 2M (< 1%)
Leisure 8 (3%) 688M (1%) 11 (2%) 2.2B (1%)
Marketing 3 (1%) - 9 (1%) 7.1B (3%)
Restaurants 2 (1%) - 9 (1%) 2.5B (1%)
Semiconductors - - 8 (1%) 17.6B (7%)
Publishing 1 (< 1%) - 8 (1%) 5.2B (2%)
Renewable Energy 7 (3%) 150M (< 1%) 8 (1%) 150M (< 1%)
Consumer Services 3 (1%) 67M (< 1%) 7 (1%) 16.6B (7%)
Retail 4 (2%) - 7 (1%) 1.6B (1%)
Building Materials 2 (1%) - 7 (1%) 1.4B (1%)
Electrical Equipment - - 7 (1%) 30M (< 1%)
Apparel/Textiles 5 (2%) - 7 (1%) -
Safety/Security 3 (1%) 1.9B (3%) 6 (1%) 2.1B (1%)
Marine 3 (1%) - 6 (1%) -
Distribution 4 (2%) - 5 (1%) 8.5B (3%)
Packaging 3 (1%) - 5 (1%) 3.2B (1%)
Metals/Mining 2 (1%) 1.3B (2%) 5 (1%) 1.3B (1%)
Environmental 3 (1%) - 5 (1%) 772M (< 1%)
Information Services 1 (< 1%) 700M (1%) 4 (1%) 13.4B (5%)
Defense 1 (< 1%) - 4 (1%) -
Utilities 2 (1%) - 4 (1%) -
Beverages 2 (1%) 712M (1%) 3 (< 1%) 995M (< 1%)
Staffing 1 (< 1%) - 3 (< 1%) 269M (< 1%)
Agriculture 2 (1%) - 3 (< 1%) -
Infrastructure 1 (< 1%) - 3 (< 1%) -
Plastics - - 3 (< 1%) -
Test/Measurement Equipment 1 (< 1%) - 3 (< 1%) -
Digital Media 1 (< 1%) - 2 (< 1%) 3.3B (1%)
Engineering 1 (< 1%) 10M (< 1%) 2 (< 1%) 10M (< 1%)
Construction - - 2 (< 1%) -
Real Estate 2 (1%) - 2 (< 1%) -
Gaming - - 1 (< 1%) 30.7B (12%)
Airlines 1 (< 1%) - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Franchising 1 (< 1%) - 1 (< 1%) -
Total 246 $67.3B 667 $253.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 86 (35%) 27.2B (41%) 316 (47%) 197.8B (77%)
  Texas 15 (6%) - 49 (7%) 28.4B (11%)
  California 8 (3%) 8.9B (13%) 42 (6%) 9.1B (4%)
  Virginia 4 (2%) - 23 (3%) 2.5B (1%)
  New York 8 (3%) 7.3B (11%) 22 (3%) 12.4B (5%)
  Illinois 3 (1%) - 17 (3%) 5.4B (2%)
  Massachusetts 4 (2%) - 16 (2%) 4.9B (2%)
  North Carolina 3 (1%) 310M (< 1%) 12 (2%) 9.1B (4%)
  Florida 5 (2%) 2.6B (4%) 11 (2%) 18.5B (7%)
  Pennsylvania 5 (2%) - 10 (1%) 10.7B (4%)
  Connecticut 4 (2%) 98M (< 1%) 10 (1%) 3.5B (1%)
  New Jersey 3 (1%) 1.2B (2%) 10 (1%) 5.3B (2%)
  Georgia 2 (1%) - 10 (1%) 8.7B (3%)
  Maryland - - 10 (1%) 1.6B (1%)
  Washington 1 (< 1%) - 7 (1%) 4.9B (2%)
  Michigan 1 (< 1%) - 6 (1%) 345M (< 1%)
  Colorado - - 5 (1%) 4.0B (2%)
  Tennessee 3 (1%) 6.7B (10%) 4 (1%) 7.5B (3%)
  Arizona 2 (1%) - 4 (1%) -
  Indiana 1 (< 1%) - 4 (1%) 6.5B (3%)
  Ohio - - 4 (1%) 7.8B (3%)
  Wisconsin - - 4 (1%) 1.2B (< 1%)
  Louisiana 2 (1%) - 3 (< 1%) -
  Oklahoma 1 (< 1%) - 3 (< 1%) -
  Kentucky 1 (< 1%) - 3 (< 1%) -
  Nevada 1 (< 1%) - 2 (< 1%) 30.7B (12%)
  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%) -
  Kansas - - 2 (< 1%) -
  District of Columbia - - 2 (< 1%) -
  New Mexico 1 (< 1%) 150M (< 1%) 1 (< 1%) 150M (< 1%)
  Delaware 1 (< 1%) - 1 (< 1%) -
  Rhode Island 1 (< 1%) - 1 (< 1%) -
  Iowa 1 (< 1%) - 1 (< 1%) -
  Hawaii - - 1 (< 1%) 1.6B (1%)
  Alabama - - 1 (< 1%) -
  Vermont - - 1 (< 1%) -
  Nebraska - - 1 (< 1%) -
  Idaho - - 1 (< 1%) -
China 22 (9%) 6.3B (9%) 55 (8%) 6.4B (2%)
United Kingdom 18 (7%) 3.0B (4%) 49 (7%) 6.7B (3%)
India 16 (7%) - 29 (4%) 2M (< 1%)
France 10 (4%) - 28 (4%) 2.7B (1%)
Germany 9 (4%) 6.5B (10%) 23 (3%) 6.7B (3%)
Japan 8 (3%) 941M (1%) 21 (3%) 1.5B (1%)
South Korea 5 (2%) 1.9B (3%) 14 (2%) 1.9B (1%)
Italy 6 (2%) 10M (< 1%) 12 (2%) 249M (< 1%)
Canada 6 (2%) - 11 (2%) 1.6B (1%)
  Ontario 5 (2%) - 7 (1%) 1.4B (1%)
  Manitoba 1 (< 1%) - 1 (< 1%) -
  British Columbia - - 1 (< 1%) 180M (< 1%)
  Quebec - - 1 (< 1%) -
  Alberta - - 1 (< 1%) -
Brazil 7 (3%) 352M (1%) 10 (1%) 1.6B (1%)
Netherlands 5 (2%) 11.4B (17%) 10 (1%) 12.7B (5%)
Spain 3 (1%) - 10 (1%) 3.3B (1%)
Australia 5 (2%) 3.8B (6%) 8 (1%) 5.8B (2%)
Ireland 5 (2%) 176M (< 1%) 8 (1%) 176M (< 1%)
Switzerland 4 (2%) 205M (< 1%) 8 (1%) 205M (< 1%)
Belgium 3 (1%) - 5 (1%) -
Luxembourg 2 (1%) 3.5B (5%) 5 (1%) 3.8B (1%)
Taiwan 1 (< 1%) - 5 (1%) -
South Africa 4 (2%) 56M (< 1%) 4 (1%) 56M (< 1%)
Hong Kong 3 (1%) - 4 (1%) -
Peru 3 (1%) - 4 (1%) -
Sweden - - 4 (1%) 1.4B (1%)
Bermuda 3 (1%) 1.8B (3%) 3 (< 1%) 1.8B (1%)
Mexico 1 (< 1%) - 3 (< 1%) -
Turkey 1 (< 1%) - 3 (< 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%) -
Nigeria 1 (< 1%) - 1 (< 1%) -
Portugal 1 (< 1%) - 1 (< 1%) -
Romania 1 (< 1%) - 1 (< 1%) -
Tanzania 1 (< 1%) - 1 (< 1%) -
Uganda 1 (< 1%) - 1 (< 1%) -
Greece - - 1 (< 1%) 844M (< 1%)
Austria - - 1 (< 1%) -
Domestic 86 (35%) 27.2B (41%) 316 (47%) 197.8B (77%)
Cross-border 160 (65%) 39.9B (59%) 351 (53%) 59.4B (23%)
Total 246 $67.1B 667 $257.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 56 (23%) 1.8B (3%) 201 (30%) 29.6B (12%)
Secondary Buyout 56 (23%) 10.5B (16%) 109 (16%) 22.3B (9%)
Growth Capital 46 (19%) - 106 (16%) 2M (< 1%)
Divestiture 28 (11%) 41.9B (62%) 72 (11%) 104.3B (42%)
Stake Purchase 32 (13%) - 57 (9%) 470M (< 1%)
Venture 2 (1%) - 55 (8%) 114M (< 1%)
Going Private 10 (4%) 12.8B (19%) 31 (5%) 84.7B (35%)
PIPE 8 (3%) - 13 (2%) 800M (< 1%)
Recapitalization 1 (< 1%) 310M (< 1%) 7 (1%) 2.1B (1%)
Special Situations/Distressed 1 (< 1%) - 6 (1%) -
Joint Venture 3 (1%) - 5 (1%) 1.0B (< 1%)
Acquisition Financing 2 (1%) - 2 (< 1%) -
Consolidation 1 (< 1%) - 2 (< 1%) -
Add-on Acquisition - - 1 (< 1%) -
Total 246 $67.3B 667 $245.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 99 (28%) 56.0B (59%)
Secondary Sale 88 (24%) 25.1B (27%)
Trade Sale 66 (18%) 10.4B (11%)
IPO 53 (15%) -
Bankruptcy 18 (5%) -
Stake Sale 13 (4%) 2.1B (2%)
Merger 7 (2%) 792M (1%)
Sold to Management 7 (2%) -
Recapitalization 4 (1%) -
Shut Down 2 (1%) -
Sold to Existing Investors 2 (1%) -
Unknown 1 (< 1%) -
Total 360 $94.4B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
17
Bank of America Merrill Lynch (BofA Securities)
16
UBS Investment Bank
10
Legal Deals
Latham & Watkins
59
Debevoise & Plimpton LLP
13
Simpson Thacher & Bartlett LLP
9

Deal Values

buy # Total
> $1B 52 $227.4B
$100M to $1B 63 $29.3B
< $100M 16 $676M
TOTAL $257.3B
Largest Caesars Entertainment Corp.
$30.7B (2008-01-01)
sell # Total
> $1B 36 $78.0B
$100M to $1B 67 $25.7B
< $100M 22 $1.2B
TOTAL $104.9B
Largest United Defense Industries, Inc.
$4.2B (2005-06-27)

M&A Connections

Deals
Acquired from
Investor(s)
16%
109 (16%)
Strategic(s)
11%
72 (11%)
Exited to
Investor(s)
25%
90 (25%)
Strategic(s)
46%
165 (46%)

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