The Carlyle Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Carlyle Group has acquired 6 companies. It has also invested in 3 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) (30%) 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 19 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 Activity1124
    • M&A Buy Activity689
    • M&A Sell Activity435
  • Total Sectors Invested 59
  • Total Countries Invested 38
  • M&A Buy/Sell Connections 381
  • M&A Advisors 111

The Carlyle Group

Carlyle Investment Management L.L.C.

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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (5.6/yr) # 661 20 7 1 - - 689
vol $256.8B $34.4B $6.0B $297.2B
Sell (8.2/yr) # 396 22 13 6 - - 437
vol $103.8B $2.7B $250M $106.8B
  1126

Most Recent M&A

Company Date Value Type
Tessara (Pty) Ltd. 2023-07-19 - Add-on Acquisition
Cape Town, South Africa · www.tessara.co.za
Meopta Optika, s.r.o. 2023-05-31 - Buyout (LBO, MBO, MBI)
Prerov, Czech Republic · www.meopta.com
PrimeFlight Aviation Services 2023-03-06 - Secondary Buyout
Sugar Land, Texas · www.primeflight.com
Dynamic Precision Group, Inc. 2023-02-16 - Merger
Stuart, Florida
Traxys Europe S.A. 2023-02-06 - Secondary Buyout
Strassen, Luxembourg · www.traxys.com
Titan Acquisition Holdings 2023-02-03 - Secondary Buyout
Portland, Oregon · www.vigor.net
Acufocus, Inc. 2023-01-17 - Add-on Acquisition
Irvine, California · www.acufocus.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Duravant, Inc. 2017-06-16 PPM Technologies LLC 2023-07-24 14
Downers Grove, Illinois · www.duravant.com Newberg, Oregon · www.ppmtech.com
Unchained Labs, Inc. 2021-04-26 Blacktrace Holdings Ltd. 2023-07-17 2
Pleasanton, California · www.unchainedlabs.com Royston, United Kingdom · www.blacktrace.com
HireVue, Inc. 2019-09-03 Modern Hire, Inc. 2023-05-09 2
South Jordan, Utah · www.hirevue.com Cleveland, Ohio · www.modernhire.com
NSM Insurance Group 2022-05-09 Acquis Insurance Management Ltd. 2023-03-29 3
Conshohocken, Pennsylvania · www.nsminc.com Newport, United Kingdom · www.acquisinsurance.com
NSM Insurance Group 2022-05-09 Sequoia Reinsurance Services LLC 2023-03-20 2
Conshohocken, Pennsylvania · www.nsminc.com Plymouth, Minnesota
Apex Fund Services Ltd. 2017-05-09 Efficient Group 2023-03-15 10
Hamilton, Bermuda · www.theapexgroup.com Pretoria, South Africa · www.efgroup.co.za
ION Investment Group Ltd. 2016-05-31 Broadway Technology LLC 2023-03-13 1
Dublin, Ireland · www.iongroup.com New York, New York · www.broadwaytechnology.com
Resonetics LLC 2018-02-01 Memry Corp. 2023-01-09 12
Nashua, New Hampshire · www.resonetics.com Bethel, Connecticut · www.memry.com
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

M&A by Sector

Sector Current # Value All-time # Value
Software 13 (8%) - 53 (8%) 3.9B (1%)
Financial Services 9 (5%) 1.9B (2%) 45 (7%) 6.5B (2%)
Information Technology 10 (6%) 12.2B (16%) 33 (5%) 15.8B (5%)
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%) 5.8B (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 4 (2%) 1.0B (1%) 17 (2%) 6.0B (2%)
Oil/Gas Exploration 5 (3%) - 17 (2%) 1.1B (< 1%)
Medical Products 4 (2%) 34.0B (44%) 16 (2%) 42.3B (14%)
Transportation 7 (4%) - 16 (2%) 1.6B (1%)
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%)
Chemicals 4 (2%) 11.4B (15%) 13 (2%) 23.8B (8%)
Technology Hardware - - 13 (2%) 3.4B (1%)
Marketing 2 (1%) - 12 (2%) 10.8B (4%)
Food 4 (2%) - 12 (2%) 2M (< 1%)
Leisure 2 (1%) - 11 (2%) 2.2B (1%)
Apparel/Textiles 5 (3%) 170K (< 1%) 11 (2%) 170K (< 1%)
Restaurants 2 (1%) - 10 (1%) 2.5B (1%)
Electronics 1 (1%) - 10 (1%) 165M (< 1%)
Building Materials - - 9 (1%) 1.4B (< 1%)
Semiconductors - - 8 (1%) 17.6B (6%)
Consumer Services 1 (1%) 67M (< 1%) 8 (1%) 16.6B (6%)
Publishing 1 (1%) - 8 (1%) 5.7B (2%)
Retail 4 (2%) 352M (< 1%) 8 (1%) 2.0B (1%)
Information Services 3 (2%) 700M (1%) 7 (1%) 13.4B (5%)
Safety/Security 2 (1%) - 7 (1%) 2.1B (1%)
Environmental 2 (1%) - 7 (1%) 1.7B (1%)
Renewable Energy 4 (2%) - 7 (1%) 150M (< 1%)
Electrical Equipment - - 7 (1%) 30M (< 1%)
Distribution 3 (2%) - 6 (1%) 8.5B (3%)
Marine 1 (1%) - 6 (1%) -
Packaging - - 5 (1%) 3.2B (1%)
Test/Measurement Equipment 2 (1%) 435M (1%) 5 (1%) 1.3B (< 1%)
Metals/Mining 1 (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%) -
E-Commerce 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Total 169 $77.6B 692 $293.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 61 (36%) 55.4B (71%) 335 (48%) 234.4B (79%)
  Texas 10 (6%) 205M (< 1%) 51 (7%) 28.6B (10%)
  California 9 (5%) 8.4B (11%) 50 (7%) 12.1B (4%)
  New York 4 (2%) - 23 (3%) 17.8B (6%)
  Virginia 3 (2%) 4.2B (5%) 23 (3%) 6.7B (2%)
  Illinois 5 (3%) 34.0B (44%) 21 (3%) 39.4B (13%)
  Florida 3 (2%) - 14 (2%) 21.2B (7%)
  Massachusetts 2 (1%) - 14 (2%) 2.4B (1%)
  Pennsylvania 3 (2%) 1.8B (2%) 12 (2%) 13.0B (4%)
  North Carolina 2 (1%) - 12 (2%) 9.1B (3%)
  New Jersey 1 (1%) - 11 (2%) 5.4B (2%)
  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%) -
  Minnesota 1 (1%) - 3 (< 1%) -
  Kentucky 1 (1%) - 3 (< 1%) -
  Alabama 1 (1%) - 2 (< 1%) -
  Utah 1 (1%) - 2 (< 1%) -
  Missouri 1 (1%) - 2 (< 1%) -
  Louisiana 1 (1%) - 2 (< 1%) -
  Nevada - - 2 (< 1%) 30.7B (10%)
  Oregon - - 2 (< 1%) 80M (< 1%)
  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%) 49 (7%) 9.3B (3%)
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 (4%) 11.4B (15%) 13 (2%) 15.9B (5%)
Italy 5 (3%) 10M (< 1%) 13 (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%) -
Spain 3 (2%) - 11 (2%) 3.3B (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 - - 5 (1%) 3.8B (1%)
Taiwan - - 5 (1%) -
Bermuda 3 (2%) 1.8B (2%) 4 (1%) 1.8B (1%)
South Africa 3 (2%) 56M (< 1%) 4 (1%) 56M (< 1%)
Peru 3 (2%) - 4 (1%) -
Sweden - - 4 (1%) 1.4B (< 1%)
Mexico - - 3 (< 1%) -
Turkey - - 3 (< 1%) -
Czech Republic 2 (1%) - 2 (< 1%) -
Austria 1 (1%) - 2 (< 1%) -
Saudi Arabia 1 (1%) - 2 (< 1%) -
Israel - - 2 (< 1%) -
Chile 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 61 (36%) 55.4B (71%) 335 (48%) 234.4B (79%)
Cross-border 108 (64%) 22.2B (29%) 357 (52%) 62.8B (21%)
Total 169 $77.6B 692 $297.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 32 (19%) 35.1B (45%) 202 (29%) 63.7B (22%)
Secondary Buyout 46 (27%) 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 20 (12%) - 59 (9%) 470M (< 1%)
Venture 2 (1%) - 56 (8%) 114M (< 1%)
Going Private 6 (4%) 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 169 $77.6B 692 $285.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 110 (25%) 25.7B (27%)
Trade Sale - Public Company 108 (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 12 (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 437 $94.9B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 19
Credit Suisse Investment Banking
 18
Morgan Stanley
 12
Legal Deals
Latham & Watkins
 71
Debevoise & Plimpton LLP
 15
Simpson Thacher & Bartlett
 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%
113 (26%)
Strategic(s)
44%
194 (44%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

376.0B 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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