Disney names Susan Arnold Chairman of the Board, effective December 31 » 16:3312/0112/01/21
The Walt Disney Company…
The Walt Disney Company (DIS) Board of Directors announced that it has elected Susan Arnold as Chairman of the Board, effective December 31. Arnold, a 14-year member of the Disney Board who has served as its independent Lead Director since 2018, will succeed Robert Iger as Chairman of the Board when he departs the company at the end of the year. Arnold brings to her role extensive public-company board experience and in-depth knowledge of brand management and marketing, environmental sustainability, product and business development, international consumer markets, finance, and executive and risk management. She was formerly an operating executive of the equity investment firm The Carlyle Group (CG), where she served from 2013 to 2021.
|Over a week ago|
Concentrix enters definitive agreement to acquire PK » 07:0611/2211/22/21
Concentrix Corporation (CNXC) announced that they have reached a definitive agreement in which Concentrix would acquire PK, a global CX design engineering company. As part of the transaction, funds managed by Global Investment Firm Carlyle (CG) will sell its majority stake in PK, after initially investing in the company in 2016. The transaction is expected to close in Concentrix' first fiscal quarter of 2022, subject to regulatory requirements and other customary closing conditions. The company said, "PK is a leading global CX digital design and engineering firm, partnering with the world's best brands to create pioneering experiences that accelerate digital outcomes for their customers, partners, and staff. With over 5,000 staff across 20 cities in four countries, PK has been recognized and awarded worldwide for designing and engineering digital experiences at scale. This acquisition marks an evolutionary milestone for Concentrix, supporting the growth strategy of investing in digital transformation to deliver exceptional customer experiences. PK gives Concentrix the ability to scale digital capabilities faster while building excellence in key high growth areas of CX Design & Development, AI, Intelligent Automation and Customer Loyalty. With a complementary client base and similar vertical focus, PK provides attractive opportunities within core and adjacent markets. The combination of two leading providers uniquely brings together the best of digital CX solutions and services." Transaction Details: Investment of approximately $1.6 billion; Expect PK to contribute approximately $530 million of revenue and $85 million of adjusted EBITDA in the first full year following the acquisition, reflecting 20% year-over-year growth for PK; Transaction expected to be financed primarily through additional bank debt borrowings under amended credit facility; Net leverage expected to be 2.5x at close on a trailing twelve-month pro forma basis. Concentrix expects to reduce net leverage within the first twelve months after the transaction closes; Expect non-GAAP diluted earnings per common share accretion of at least $0.50 in the first full year, with further accretion expected in the second full year.
CVC agrees to acquire Unilever tea business for EUR 4.5B, FT reports » 10:1811/1811/18/21
UL, UN, CG
CVC Capital Partners has…
CVC Capital Partners has agreed to buy Unilever's (UL) tea division for EUR 4.5B after beating rival private equity groups Advent and Carlyle (CG) to a business that is home to PG Tips and Lipton, Financial Times' Arash Massoudi, Kaye Wiggins and Judith Evans report. The European buyout group had reached a deal with the consumer goods company on Thursday following an auction process this week, according to two people familiar with the matter. Reference Link
Carlyle, TA exploring potential sale of PurposeBuilt Brands, Bloomberg says » 15:1511/1011/10/21
Carlyle Group and TA…
Carlyle Group and TA Associates are exploring a potential sale of PurposeBuilt Brands, the specialty cleaning and disinfectant product maker that previously filed paperwork in January with the SEC for an IPO, Bloomberg's Gillian Tan and Kiel Porter report, citing sources.
Carlyle Group announces majority investment in Sciens Building Solutions » 09:2911/1011/10/21
Sciens Building Solutions…
Sciens Building Solutions announced that it has reached a definitive agreement to sell a majority stake to funds managed by global investment firm Carlyle. The Company's senior management team, as well as current owner Huron Capital, will retain minority equity stakes in the business. Terms of the private transaction were not disclosed. Greg Nikodem, Managing Director at Carlyle, said, "We're excited to partner with... Sciens' experienced and talented team to fuel the Company's growth in such an attractive market. By combining management's unparalleled knowledge of the fire and life safety industry with our resources and network of relationships, we aim to add value for Sciens' customers, channel partners and employees. This investment is consistent with our demonstrated strategy within the broader business services space, and we look forward to helping the team accelerate their vision of building a best-in-class and differentiated company."
Carlyle Group 2M share Block Trade priced at $58.25 » 08:5811/1011/10/21
The deal range was…
The deal range was $58.25-$58.50. Morgan Stanley acted as sole book running manager for the offering.
Carlyle Asia submits non-binding proposal to acquire Link Group » 18:4911/0411/04/21
Link Administration Holdings said it has received a conditional, nonbinding indicative proposal from Carlyle Asia Partners V, L.P., an investment fund managed and advised by affiliated entities of The Carlyle Group Inc. to acquire 100% of the shares in Link Group by way of a Scheme of Arrangement. The consideration under the Proposal comprises A$3.00 per Link Group share in cash plus a pro rata distribution of Link Group's shareholding in PEXA Group Limited to Link Group's shareholders, valued on a lookthrough basis at A$2.38 per Link Group share as at 4 November 2021. Based on this lookthrough valuation, the Proposal values each Link Group share at A$5.38, which represents a 24.2% premium to last close. The Link Group Board will consider the Proposal, including obtaining advice from its financial, legal and tax advisers. Link Group has appointed Macquarie Capital and UBS as its financial advisers and Herbert Smith Freehills as its legal adviser.
Carlyle Group price target raised to $73 from $66 at Citi » 06:3611/0211/02/21
Citi analyst William Katz…
Citi analyst William Katz raised the firm's price target on Carlyle Group to $73 from $66 and keeps a Buy rating on the shares post the Q3 results. The analyst believes Carlyle will hit the bulk of its financial targets in 2022 and sees room for valuation expansion.
|Over a month ago|
Carlyle Group price target raised to $70 from $63 at Deutsche Bank » 07:2510/2910/29/21
Deutsche Bank analyst…
Deutsche Bank analyst Brian Bedell raised the firm's price target on Carlyle Group to $70 from $63 and keeps a Buy rating on the shares post the Q3 beat.
Duravant announces strategic partnership with Carlyle, Warburg Pincus » 07:1010/2910/29/21
Duravant, a global…
Duravant, a global engineered equipment and automation solutions provider to the food processing, packaging and material handling sectors, announced a significant investment from funds led by global investment firm Carlyle Group, and continued partnership with Warburg Pincus, a global growth investor. Terms of the transaction were not disclosed.