M&A Deal Summary

The Carlyle Group and Cardinal Capital Group Acquire Payzone UK

On March 9, 2015, private equity firms The Carlyle Group and Cardinal Capital Group acquired internet software and services company Payzone UK from Duke Street Private Equity

Acquisition Highlights
  • This is The Carlyle Group’s 19th and Cardinal Capital Group’s 1st transaction in the Internet Software and Services sector.
  • This is The Carlyle Group’s 32nd and Cardinal Capital Group’s 1st transaction in the United Kingdom.
Investment Fate
  • Payzone UK was sold to a publicly-traded strategic buyer in 2019 for 100M EUR.

M&A Deal Summary

Date 2015-03-09
Target Payzone UK
Sector Internet Software and Services
Buyer(s) The Carlyle Group
Cardinal Capital Group
Sellers(s) Duke Street Private Equity
Deal Type Secondary Buyout

Target

Payzone UK

Cheshire, United Kingdom
Payzone UK Ltd. is the largest consumer payments network in the country with over 7,500 retail agents which process a variety of electronic transaction services, including mobile phone top-ups, debit/credit card transactions; M50 motorway toll payments; Leap travel cards, local property tax payments, parking fees, schools and clubs payment platform, pre-paid utility and parcel collection services.

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Buyer(S) 2

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 519 of 750
Sector: Internet Software and Services M&A 19 of 25
Type: Secondary Buyout M&A Deals 68 of 130
Country: United Kingdom M&A 32 of 53
Year: 2015 M&A 9 of 41
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-04 DBRS

Toronto, Ontario, Canada

DBRS Ltd. is an independent, privately held, globally recognized credit rating agency with offices in Toronto, New York, Stamford, Chicago, London, Frankfurt, and Madrid. DBRS’s four decades of experience and strong track record are the foundation to seek out new opportunities and to make targeted investments aligned with its core ratings operations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-10 Barbon Insurance Group

Croydon, United Kingdom

Barbon Insurance Group provides property insurance products and services to landlords, developers, tenants, letting agents, and brokers in the United Kingdom and internationally. Barbon Insurance Group was founded in 1995 and is base din Croydon, United Kingdom.

Buy -
Buyer
DESCRIPTION

Cardinal Capital Group is an investment group principally focused on providing alternative financing solutions to small and mid-sized companies throughout Ireland. Cardinal Capital looks to invest €5 to €50 million per transaction and will consider direct investments as well as mezzanine financing commitments. Cardinal Capital Group was formed in 2003 and is based in Dublin.


DEAL STATS #
Overall 2 of 13
Sector: Internet Software and Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 3
Country: United Kingdom M&A 1 of 2
Year: 2015 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-27 Lily O Brien s

Kildare, Ireland

Lily O’Brien’s is a manufacturer of premium chocolates and desserts sold in 16 countries. Lily O’Brien’s primary focus is premium branded chocolate and it offers a diverse range of chocolate products including gifting, every day, self-treat, and seasonal products. Lily O'Brien's was founded in 1992 and is based in Kildare, Ireland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-31 Carroll Cuisine

Offaly, Ireland

Carroll Cuisine produces and distributes branded and private label pre-packed sliced cooked meats, deli hams, chilled ready meals, and other chilled food products, supplying large grocery retailers and convenience stores across Ireland. Carroll Cuisine was founded in 1979 and is based in Offaly, Ireland.

Buy -

Seller(S) 1

SELLER

Duke Street Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 3.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Duke Street Private Equity is a European private equity firm that targets investments in mid-market UK and French businesses valued between €50 and €350 million. Duke Street looks to build companies through organic growth and acquisitions. Sectors of interest include business services and outsourcing, retail and consumer, food, industrial, healthcare, leisure, and financial services. Duke Street Private Equity was founded in 1988 and is based in London.


DEAL STATS #
Overall 33 of 44
Sector: Internet Software and Services M&A 3 of 4
Type: Secondary Buyout M&A Deals 10 of 14
Country: United Kingdom M&A 20 of 27
Year: 2015 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-06 Voyage Care

Lichfield, United Kingdom

Voyage Care provides specialist care and support to people with learning and physical difficulties, brain injuries, autism, and other complex needs across the UK. Voyage Care was founded in 1988 and is based in Lichfield, United Kingdom.

Buy £375M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-16 Laurel Funerals

Wolverhampton, United Kingdom

Laurel Funerals Ltd. is engaged in conducting funeral services. Laurel Funerals was formed in 1995 and is based in Wolverhampton.

Sell £75M