The Carlyle acquisition history

Carlyle bought a 55% majority stake in Claren Road, a New York long/short credit hedge-fund manager, to broaden the credit and hedge-fund offerings inside its Global Market Strategies business. The deal was one of a series of hedge-fund platform purchases Carlyle made in the early 2010s to diversify beyond traditional private equity. Carlyle later unwound the position, transferring its ownership back to Claren Road's founders in a transaction that closed in January 2017.

Carlyle, alongside AlpInvest management, agreed to acquire AlpInvest Partners from Dutch pension investors APG and PGGM, buying 100% of the Amsterdam-based firm's share capital. At the time AlpInvest was one of the world's largest private-equity investors, managing roughly EUR 32.3 billion (about $43.3 billion) in fund-of-funds and secondaries programs, with APG and PGGM staying on as anchor clients. AlpInvest became the cornerstone of Carlyle's Investment Solutions platform. Financial terms were not disclosed.

Carlyle acquired a 55% stake in Emerging Sovereign Group, a New York manager focused on emerging-markets equities and macroeconomic strategies that was originally seeded by Julian Robertson's Tiger Management. Consideration was a mix of cash, an ownership interest in Carlyle, and performance-based contingent payments; specific terms were not disclosed. The purchase was part of Carlyle's push to build out hedge-fund strategies within Global Market Strategies. Carlyle later separated from ESG in the fourth quarter of 2016.

Carlyle purchased a 55% stake in Vermillion Asset Management, a New York commodities investment manager with roughly $2.2 billion of assets under management, making it Carlyle's dedicated commodities trading platform. Vermillion's co-chief investment officers continued to run the funds and day-to-day operations after the deal. The stake became effective October 1, 2012. $50M cash + up to $168.9M contingent (55%).

Carlyle and TCW's management team acquired the Los Angeles-based fixed-income asset manager The TCW Group from France's Societe Generale. The deal lifted TCW management and employee ownership to roughly 40% on a fully diluted basis, with equity coming from Carlyle Global Financial Services Partners and Carlyle Partners V. Financial terms were not disclosed. Carlyle later exited TCW, selling its interest to management and Nippon Life.

Carlyle acquired 100% of Metropolitan Real Estate Equity Management, a global real estate multi-manager (fund-of-funds) with more than $2.6 billion of capital commitments at closing. Metropolitan joined Carlyle's Solutions platform alongside AlpInvest, extending the fund-of-funds model into real estate. The acquisition closed November 1, 2013; terms were not disclosed.

Carlyle acquired Diversified Global Asset Management, a Toronto-based global manager of hedge funds with more than $6.7 billion in managed and advised assets. DGAM joined Carlyle's Solutions platform alongside AlpInvest and Metropolitan Real Estate, adding hedge-fund solutions to the fund-of-funds franchise. The deal closed in February 2014; terms were not disclosed.

Carlyle acquired the management contracts for a portfolio of assets from CBAM Partners, primarily U.S. and European collateralized loan obligations, significantly scaling its Global Credit CLO business. Alongside the contracts, Carlyle also acquired CBAM CLO senior and subordinated notes. The transaction closed March 21, 2022.

Carlyle acquired Abingworth, a London-based life-sciences investment firm managing nearly $2 billion in assets, to expand its global healthcare investment platform. The deal gave Carlyle rights to 15% of performance allocations on Abingworth's two most recent active funds. The acquisition closed August 1, 2022. $186.2M base + up to $130M earnout.

A private-equity consortium of Bain Capital, The Carlyle Group and Thomas H. Lee Partners agreed to acquire Dunkin' Brands, parent of Dunkin' Donuts, Baskin-Robbins and Togo's, from Pernod Ricard for $2.425 billion. The Canton, Massachusetts company was carved out of the French spirits group to operate as an independent franchisor. Each of the three sponsors took an approximately one-third stake; the deal closed March 1, 2006, and the sponsors later took Dunkin' public in 2011.

Carlyle made a majority investment in Booz Allen Hamilton's U.S. government consulting business, which was separated from the firm's commercial consulting arm (spun off as Booz & Co.). The transaction valued the government business at roughly $2.6 billion, with Carlyle investing about $910 million of equity. Booz Allen, a provider of management, technology and engineering services to the U.S. government, was taken public in November 2010, and Carlyle exited by December 2016 at an enterprise value of about $7.0 billion.

Carlyle and Getty Images management acquired a controlling stake in Getty Images, the Seattle-based visual-content company, from private-equity firm Hellman & Friedman in a transaction valued at roughly $3.3 billion. Co-founder and chairman Mark Getty and the Getty family rolled substantially all of their ownership into the deal, and management including CEO Jonathan Klein invested significant equity. Equity financing came from Carlyle Partners V.

Carlyle acquired DuPont Performance Coatings, a leading global maker of vehicle and industrial coatings, from DuPont for $4.9 billion and renamed it Axalta Coating Systems. The carve-out was funded primarily with equity from Carlyle Partners V and Carlyle Europe Partners III. Carlyle took Axalta public in late 2014.

Carlyle agreed to acquire Johnson & Johnson's Ortho-Clinical Diagnostics business, a global provider of blood-screening and in-vitro diagnostics solutions, for $4.15 billion. The business generated roughly $1.9 billion of net sales in 2013. The carve-out closed on June 30, 2014.

Carlyle agreed to buy Veritas, the information-management and data-protection software business, from Symantec for $8 billion, later amended to $7.4 billion before closing. Veritas' portfolio spans backup and recovery, integrated appliances, information intelligence and information availability. Equity came from Carlyle Partners VI together with Singapore's GIC and other co-investors; the carve-out closed January 29, 2016.

Carlyle acquired ManTech International, a provider of technology and cybersecurity services to U.S. defense and intelligence agencies, in an all-cash take-private valued at approximately $4.2 billion. ManTech stockholders received $96.00 per share in cash. The deal was announced in May 2022 and closed September 14, 2022, after which ManTech's stock was delisted from Nasdaq.