M&A Deal Summary

TPG and The Carlyle Group Acquire Du Xiaoman Financial

On April 28, 2018, private equity firms TPG and The Carlyle Group acquired financial services company Du Xiaoman Financial from Baidu for 1.9B USD

Acquisition Highlights
  • This is TPG’s 22nd and The Carlyle Group’s 43rd transaction in the Financial Services sector.
  • This is TPG’s 39th and The Carlyle Group’s 37th largest (disclosed) transaction.
  • This is TPG’s 18th and The Carlyle Group’s 57th transaction in China.

M&A Deal Summary

Date 2018-04-28
Target Du Xiaoman Financial
Sector Financial Services
Buyer(s) TPG
The Carlyle Group
Sellers(s) Baidu
Deal Type Divestiture
Deal Value 1.9B USD

Target

Du Xiaoman Financial

Beijing, China
Du Xiaoman Financial is a Chinese consumer lending and wealth management platform. Leveraging the vast user data of its parent company, Du Xiaoman develops its proprietary analytics and offers customers with a wide range of financing and investment products targeted to their specific needs.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 317 of 401
Sector (Financial Services) 22 of 25
Type (Divestiture) 27 of 36
Country (China) 18 of 19
Year (2018) 11 of 32
Size (of disclosed) 39 of 100
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Curo Health Services

Mooresville, North Carolina, United States

Curo Health Services is a provider of home healthcare and hospice services throughout various communities across the country. Guided by a patient’s physician, Curo’s team of clinicians combine clinical expertise with dedicated and compassionate care to help patients increase their independence and live a better quality of life.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-03 Rodan + Fields

San Francisco, California, United States

Rodan + Fields is an operator of a skincare brand in North America. Rodan + Fields has 1.8m subscription-based customers and delivers products exclusively through a direct sales channel with a salesforce of more than 350k consultants, who sell products to their networks through a web portal against commissions on sales. Rodan + Fields was founded in 2000 and is based in San Francisco, California.

Buy -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

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.


DEAL STATS #
Overall 609 of 695
Sector (Financial Services) 43 of 45
Type (Divestiture) 64 of 71
Country (China) 57 of 59
Year (2018) 5 of 22
Size (of disclosed) 37 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-05 Accolade Wines

Reynella, Australia

Accolade Wines is a global wine company with brands sold in over 80 countries including Australia, the UK, Mainland Europe, the US, Canada, Japan and China. Accolade Wines is based in Reynella, Australia.

Buy AU$1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-09 ADT Korea

Seoul, South Korea

ADT Korea is a provider of advanced security solutions in Korea, serving more than 427,000 customers through a network of 69 branches nationwide. The business provides central monitoring services, with video surveillance and dispatch, access control and other customized security solutions as well as guarding services. The business is headquartered in Seoul, Korea, with approximately 7,500 employees.

Sell ₩3.0B

Seller(S) 1

SELLER

Baidu

Beijing, China

website


Category Company
Founded 2000
Sector Internet Software and Services
Employees45,500
Revenue 124.5B CNY (2021)
DESCRIPTION

Baidu is a Chinese language Internet search provider. Baidu aims to provide a way for people to find whatever they're looking for. In addition to serving individual Internet search users, Baidu provides a platform for businesses to reach potential customers. Baidu was founded in 2000 and is based in Beijing, China.


DEAL STATS #
Overall 2 of 3
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
Country (China) 2 of 3
Year (2018) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-05 Kitt.ai

Seattle, Washington, United States

Kitt.ai is a Seattle artificial intelligence startup that’s developing a conversational language engine known as ChatFlow and a “hotword” detection platform known as Snowboy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-27 Uxin

Beijing, China

Uxin is a professional online transaction service provider for used cars. Uxin makes use of its proprietary "CheckAuto" system and advanced vehicle identification capabilities to ensure the quality of vehicles sold through its platform. Uxin was founded in 2011 and is based in Beijing, China.

Sell -