The Carlyle Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Carlyle Group has acquired 46 companies. It has also invested in 19 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) (29%) 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 78 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 Activity1117
    • M&A Buy Activity688
    • M&A Sell Activity429
  • Total Sectors Invested 59
  • Total Countries Invested 38
  • M&A Buy/Sell Connections 404
  • M&A Advisors 110

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (17.0/yr) # 603 21 18 19 20 7 688
vol $232.1B $22.5B $205M $2.0B $34.4B $6.0B $297.2B
Sell (18.4/yr) # 339 14 23 20 22 13 431
vol $99.1B $2.1B $1.7B $980M $2.7B $250M $106.8B
  1119

Most Recent M&A

Company Date Value Type
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 Buyout
Fairfield, New Jersey · www.nedstevens.com
Targus Group International, Inc. 2022-10-19 250M USD Add-on Acquisition
Anaheim, California · www.targus.com
Sequa Corp. 2022-09-15 - Secondary Buyout
New York, New York · www.sequa.com
Extreme Reach, Inc. 2022-09-07 - Secondary Buyout
Dedham, Massachusetts · www.extremereach.com
Unison Software, Inc. 2022-07-12 - Secondary Buyout
Dulles, Virginia · www.unisonglobal.com
Euro Techno Com Group 2022-06-03 - Secondary Buyout
Eaubonne, France · www.eurotechnocom.com
VXI Global Solutions, Inc. 2022-05-25 - Secondary Buyout
Los Angeles, California · www.vxi.com
ManTech International Corp. 2022-05-16 4.2B USD Going Private
Herndon, Virginia · www.mantech.com
NSM Insurance Group 2022-05-09 1.8B USD Divestiture
Conshohocken, Pennsylvania · www.nsminc.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CNSI 2021-12-02 Keystone Peer Review Organization, Inc. 2022-11-09 1
McLean, Virginia · www.cns-inc.com Nashville, Tennessee · www.kepro.com
Sedgwick Claims Management Services, Inc. 2018-09-12 Sedgwick - Specialty PT Network 2022-10-26 1
Memphis, Tennessee · www.sedgwick.com Memphis, Tennessee
Prima Solutions SA 2017-09-06 Prima XL 2022-06-28 2
Paris, France · www.prima-solutions.com , France
Prima Solutions SA 2017-09-06 Prima Compliance 2022-06-28 1
Paris, France · www.prima-solutions.com , France
CorroHealth 2020-09-30 Aergo Solutions LLC 2022-05-25 7
Plano, Texas · www.corrohealth.com Iselin, New Jersey · www.aergo.com
CorroHealth 2020-09-30 ParaRev 2022-05-18 6
Plano, Texas · www.corrohealth.com Elgin, Illinois · www.pararevenue.com
Design Holding S.p.A. 2018-09-12 Designers Company A/S 2022-04-27 5
Milan, Spain · www.designholding.com Copenhagen, Denmark · www.menuspace.com
Resonetics LLC 2018-02-01 EaglePicher Technologies - Medical Power Business 2022-04-11 11
Nashua, New Hampshire · www.resonetics.com Vancouver, British Columbia
Medline Industries, Inc. 2021-06-05 Asid Bonz GmbH 2022-04-04 1
Northfield, Illinois · www.medline.com Herrenberg, Germany · www.asid-bonz.de
Arctic Glacier, Inc. 2017-03-20 ICEsurance, Inc. 2022-03-10 1
Winnipeg, Manitoba · www.arcticglacierinc.com Mamaroneck, New York · www.icesurance.com

M&A by Sector

Sector Current # Value All-time # Value
Software 14 (8%) 8.0B (10%) 55 (8%) 11.9B (4%)
Financial Services 9 (5%) 1.9B (2%) 45 (7%) 6.5B (2%)
Information Technology 9 (5%) 4.2B (5%) 32 (5%) 7.8B (3%)
Business Services 7 (4%) 56M (< 1%) 32 (5%) 7.1B (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 4 (2%) 2.0B (3%) 23 (3%) 6.7B (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 5 (3%) 1.0B (1%) 17 (2%) 6.0B (2%)
Transportation 7 (4%) - 17 (2%) 1.6B (1%)
Oil/Gas Exploration 5 (3%) - 17 (2%) 1.1B (< 1%)
Medical Products 5 (3%) 34.0B (44%) 16 (2%) 42.3B (14%)
Insurance 7 (4%) 10.3B (13%) 15 (2%) 11.7B (4%)
Automotive 1 (1%) - 15 (2%) 6.7B (2%)
Life Science 8 (5%) 930M (1%) 15 (2%) 5.4B (2%)
Education 3 (2%) - 14 (2%) 1.0B (< 1%)
Media - - 14 (2%) 749M (< 1%)
Technology Hardware - - 13 (2%) 3.4B (1%)
Chemicals 3 (2%) 11.4B (15%) 12 (2%) 23.8B (8%)
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%)
Building Materials 1 (1%) - 10 (1%) 1.4B (< 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%)
Consumer Services 1 (1%) 67M (< 1%) 7 (1%) 16.6B (6%)
Information Services 3 (2%) 700M (1%) 7 (1%) 13.4B (5%)
Safety/Security 2 (1%) - 7 (1%) 2.1B (1%)
Renewable Energy 4 (2%) - 7 (1%) 150M (< 1%)
Electrical Equipment - - 7 (1%) 30M (< 1%)
Distribution 3 (2%) - 6 (1%) 8.5B (3%)
Environmental 2 (1%) - 6 (1%) 772M (< 1%)
Marine 2 (1%) - 6 (1%) -
Packaging - - 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%) -
Gaming - - 1 (< 1%) 30.7B (10%)
Airlines 1 (1%) - 1 (< 1%) -
E-Commerce 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Total 174 $77.6B 691 $293.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 65 (37%) 55.4B (71%) 336 (49%) 238.5B (80%)
  Texas 11 (6%) 205M (< 1%) 51 (7%) 28.6B (10%)
  California 10 (6%) 8.4B (11%) 49 (7%) 9.6B (3%)
  Virginia 3 (2%) 4.2B (5%) 25 (4%) 6.7B (2%)
  New York 4 (2%) - 24 (3%) 20.5B (7%)
  Illinois 5 (3%) 34.0B (44%) 21 (3%) 39.4B (13%)
  Massachusetts 2 (1%) - 15 (2%) 4.9B (2%)
  Florida 4 (2%) - 13 (2%) 18.5B (6%)
  Pennsylvania 3 (2%) 1.8B (2%) 12 (2%) 13.0B (4%)
  North Carolina 2 (1%) - 12 (2%) 9.1B (3%)
  New Jersey 1 (1%) - 12 (2%) 9.5B (3%)
  Georgia 2 (1%) - 10 (1%) 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%)
  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%) -
  Kentucky 1 (1%) - 3 (< 1%) -
  Oregon 1 (1%) - 2 (< 1%) 80M (< 1%)
  Alabama 1 (1%) - 2 (< 1%) -
  Utah 1 (1%) - 2 (< 1%) -
  Missouri 1 (1%) - 2 (< 1%) -
  Minnesota 1 (1%) - 2 (< 1%) -
  Louisiana 1 (1%) - 2 (< 1%) -
  Nevada - - 2 (< 1%) 30.7B (10%)
  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 14 (8%) 767M (1%) 48 (7%) 5.2B (2%)
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%)
Spain 4 (2%) - 12 (2%) 3.3B (1%)
Italy 4 (2%) 10M (< 1%) 12 (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%) -
Brazil 4 (2%) 352M (< 1%) 10 (1%) 1.6B (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%)
Bermuda 3 (2%) 1.8B (2%) 4 (1%) 1.8B (1%)
Peru 3 (2%) - 4 (1%) -
Sweden - - 4 (1%) 1.4B (< 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 65 (37%) 55.4B (71%) 336 (49%) 238.5B (80%)
Cross-border 109 (63%) 22.2B (29%) 355 (51%) 58.7B (20%)
Total 174 $77.6B 691 $297.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 33 (19%) 35.1B (45%) 200 (29%) 63.7B (22%)
Secondary Buyout 48 (28%) 8.9B (11%) 123 (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 3 (2%) - 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 174 $77.6B 691 $285.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 107 (25%) 25.7B (27%)
Trade Sale - Public Company 106 (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 11 (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 431 $94.9B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 18
Credit Suisse Investment Banking
 18
Morgan Stanley
 12
Legal Deals
Latham & Watkins
 69
Debevoise & Plimpton LLP
 15
Simpson Thacher & Bartlett LLP
 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%
130 (19%)
Strategic(s)
10%
70 (10%)
Exited to
Investor(s)
26%
111 (26%)
Strategic(s)
44%
191 (44%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

84.0B 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

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