M&A Deal Summary

The Carlyle Group, Onex Partners and Ardian Acquire Allison

On June 27, 2007, private equity firms The Carlyle Group, Onex Partners and Ardian acquired automotive company Allison from General Motors for 5.6B USD

Acquisition Highlights
  • This is The Carlyle Group’s 11th, Onex Partners’ 1st and Ardian’s 3rd transaction in the Automotive sector.
  • This is The Carlyle Group’s 12th, Onex Partners’ and Ardian’s 11th largest (disclosed) transaction.
  • This is The Carlyle Group’s 168th, Onex Partners’ 14th and Ardian’s 10th transaction in the United States.
  • This is The Carlyle Group’s 3rd, Onex Partners’ 1st and Ardian’s 1st transaction in Indiana.
Investment Fate
  • Allison went public in 2012.

M&A Deal Summary

Date 2007-06-27
Target Allison
Sector Automotive
Buyer(s) The Carlyle Group
Onex Partners
Ardian
Sellers(s) General Motors
Deal Type Divestiture
Deal Value 5.6B USD

Target

Allison

Indianapolis, Indiana, United States
Entrance to Allison Transmission's corporate headquarters in Indianapolis, Indiana.
Entrance to Allison Transmission's corporate headquarters in Indianapolis, Indiana.
Allison is a designer and manufacturer of automatic transmissions for the medium and heavy-duty commercial vehicle markets. Allison was incorporated in 1915 and is based in Indianapolis, Indiana.

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Buyer(S) 3

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B 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 284 of 744
Sector (Automotive) 11 of 15
Type (Divestiture) 28 of 72
State (Indiana) 3 of 4
Country (United States) 168 of 349
Year (2007) 24 of 52
Size (of disclosed) 12 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-26 AuthenTec

Melbourne, Florida, United States

AuthenTec, Inc. is a fabless semiconductor manufacturer that designs and produces placement and swipe sensors for fingerprint biometrics.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Ecovyst

Malvern, Pennsylvania, United States

Ecovyst is a worldwide producer of specialty inorganic performance chemicals, high-end catalysts and engineered glass beads for the consumer, oil & gas, transportation safety, specialty plastics and industrial markets. Ecovyst is based in Malvern, Pennsylvania.

Buy $1.5B
Buyer

Onex Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 23.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Onex Partners is the private equity investment arm of Onex Corp., a Canadian based public investment and asset management firm that also invests in real estate and credit securities. Onex Partners targets investments in large companies, and ONCAP which invests in smaller middle-market companies. Both groups consider North American businesses in a wide range of industries with a special interest in aerospace, healthcare, and industrial companies. Prospective transaction situations include corporate carve-outs where the firm can leverage restructuring capabilities. Onex Corp. was established in 1984 and is based in Toronto with an additional office in New York City.


DEAL STATS #
Overall 16 of 58
Sector (Automotive) 1 of 1
Type (Divestiture) 6 of 12
State (Indiana) 1 of 1
Country (United States) 14 of 42
Year (2007) 3 of 4
Size (of disclosed) 1 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-16 Skilled Healthcare Group

Foothill Ranch, California, United States

Skilled Healthcare is a operator of long-term care facilities and a leading provider of a full continuum of post-acute care services, with a strategic emphasis on sub-acute specialty medical care. The Company operated a network of 71 facilities in California, Texas, Kansas and Nevada, including both skilled nursing and assisted living facilities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-13 Husky

Bolton, Ontario, Canada

Husky is a global supplier of injection molding equipment and services to the plastics industry. The company has more than 40 service and sales offices, supporting customers in over 100 countries. Husky’s manufacturing facilities are located in Canada, the United States, Luxembourg, Austria, Switzerland, China, India and the Czech Republic.

Buy CA$960M
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 88 of 418
Sector (Automotive) 3 of 8
Type (Divestiture) 5 of 30
State (Indiana) 1 of 1
Country (United States) 10 of 59
Year (2007) 15 of 28
Size (of disclosed) 11 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-05 Diana S.A.S.

Vannes Cedex, France

Diana Ingredients is the global natural ingredients supplier for the pet food and food & beverage industry.

Buy €710M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-25 Everis Group

Madrid, Spain

Everis Group is a multinational IT consulting services business headquartered in Spain that offers global solutions to clients in the telecom, industrial, insurance, financial services, public sector and utility industries

Buy -

Seller(S) 1

SELLER

General Motors

Detroit, Michigan, United States

Category Company
Founded 1908
Sector Automotive
Employees163,000
Revenue 171.8B USD (2023)
DESCRIPTION
General Motors' corporate headquarters in Detroit, Michigan.
General Motors' corporate headquarters in Detroit, Michigan.

General Motors is a global manufacturer of cars, trucks, and auto parts. General Motors' automotive group is separated into GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO) and GM South America (GMSA). GMNA develops vehicles manufactured and marketed under the Buick, Cadillac, Chevrolet and GMC brands. Outside of North America, vehicles are developed, manufactured and marketed under the Buick, Cadillac, Chevrolet, GMC, Holden, Opel and Vauxhall brands. GM also has equity ownership stakes directly or indirectly in entities through various regional subsidiaries, primarily in Asia. These companies design, manufacture and market vehicles under the Alpheon, Baojun, Buick, Cadillac, Chevrolet, Jiefang and Wuling brands. In addition to the products GM sells to dealers for consumer retail sales, GM also sells cars and trucks to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. General Motors was founded in 1908 and is based in Detroit, Michigan.


DEAL STATS #
Overall 4 of 6
Sector (Automotive) 1 of 2
Type (Divestiture) 3 of 4
State (Indiana) 1 of 1
Country (United States) 3 of 5
Year (2007) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-03 Ally

Detroit, Michigan, United States

Ally is an automotive financial services company. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally was incorporated 1919 and is headquartered in Detroit, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-06 Nexteer Automotive Group

Saginaw, Michigan, United States

Nexteer Automotive Group Ltd. is a provider of automotive products.

Sell -