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 21st and The Carlyle Group’s 44th transaction in the Financial Services sector.
  • This is TPG’s 41st and The Carlyle Group’s 39th 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 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. Du Xiaoman Financial was founded in 2015 and is based in Beijing, China.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


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 321 of 421
Sector (Financial Services) 21 of 25
Type (Divestiture) 27 of 35
Country (China) 18 of 20
Year (2018) 11 of 33
Size (of disclosed) 41 of 105
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. Curo Health Services was founded in 2010 and is based in Mooresville, North Carolina.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-03 Renaissance

Wisconsin Rapids, Wisconsin, United States

Renaissance is a provider of technology-based school improvement and student assessment programs for pre-kindergarten through to senior high (pre-K-12, aged 5-18) schools and districts. The company's products and services, currently adopted by more than 70,000 schools, are primarily focused on two curriculum areas: reading and mathematics. Renaissance was formed in 1986 and is based in Wisconsin Rapids, Wisconsin.

Buy -
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 615 of 744
Sector (Financial Services) 44 of 48
Type (Divestiture) 64 of 72
Country (China) 57 of 64
Year (2018) 6 of 25
Size (of disclosed) 39 of 137
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

Category Company
Founded 2000
Sector Internet Software and Services
Employees39,800
Revenue 134.6B CNY (2023)
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 -