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The Carlyle Group Inc. (NASDAQ: CG) is a prominent global investment firm with deep industry expertise. Founded in 1987 in Washington, DC, the company has evolved into one of the world's largest investment firms, managing $426.0 billion in total assets, including $307.4 billion in fee-earning assets as of December 2023. Carlyle operates through 29 offices across five continents, employing nearly 1,850 professionals.
Carlyle's business is divided into three core segments: Global Private Equity, Global Credit, and Global Investment Solutions. The private equity segment includes funds focused on private equity, real estate, infrastructure, and natural resources, contributing 35% of fee-earning AUM and 63% of base management fees in 2023. The global credit segment accounts for 50% of fee-earning AUM and 25% of management fees, while investment solutions make up the remaining 15% of AUM and 12% of management fees.
The firm's client base primarily consists of institutional investors and high-net-worth individuals. Carlyle's investment strategy emphasizes creating value for its investors, portfolio companies, and the communities in which it operates.
In recent news, Carlyle has made significant strides in various sectors. The firm recently announced the acquisition of a $415 million private student loan portfolio and a strategic investment into Monogram LLC, a leader in finance solutions for students and their families. This partnership aims to enhance private student loan offerings, leveraging Monogram's extensive experience and Carlyle's financial backing.
Additionally, Carlyle's subsidiary, Carlyle Credit Income Fund (NYSE: CCIF), focuses on investing in equity and junior debt tranches of collateralized loan obligations (CLOs). The fund will release its financial results for the first and second quarters of 2024 after market close on February 29 and May 29, respectively.
Carlyle continues to demonstrate its commitment to strategic growth through its latest investment of $180 million in Zippy Shell Incorporated, a leading containerized moving and storage company. This investment is aimed at refinancing existing debt and supporting strategic growth initiatives, further solidifying Carlyle's role as a key player in the alternative-asset management industry.
In summary, Carlyle Group Inc. stands out as a global leader in investment management, continuously driving value creation through strategic partnerships, innovative financial solutions, and a diverse portfolio.
Medline Industries has entered a definitive agreement for a majority investment from a partnership of Blackstone, Carlyle, and Hellman & Friedman. The transaction, subject to regulatory approvals, expects to close in late 2021. With 2020 revenue of $17.5 billion, Medline will remain privately held and family-led. The investment aims to accelerate product expansion, boost international growth, and enhance infrastructure. The Mills family will retain significant ownership, and the management team will continue in their roles, focusing on improving healthcare operations.
NEOGOV, a leader in public sector human capital management software, announced an investment from The Carlyle Group (NASDAQ: CG) and Warburg Pincus. The investment will fuel NEOGOV's growth by enhancing its operations and product suite while exploring acquisition opportunities. With over 6,500 clients, NEOGOV aims to leverage this new capital to expand and improve its services in the public sector. The Carlyle Group, managing $260 billion in assets, and Warburg Pincus, with over $60 billion in private equity assets, bring extensive industry expertise to support NEOGOV's strategic goals.
The Carlyle Group (NASDAQ: CG) has priced a $400 million offering of 4.625% subordinated notes due 2061 through its subsidiary, Carlyle Finance L.L.C. An additional $60 million of notes may be purchased by underwriters within 30 days. The offering is guaranteed by Carlyle and its subsidiaries and is expected to close on May 11, 2021. Proceeds will be used for general corporate purposes. The offering is made under an effective shelf registration with the SEC. Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are joint book-running managers.
The Carlyle Group (NASDAQ:CG) has announced its agreement to acquire Unchained Labs for $435 million. The acquisition, expected to close in Q2 2021, is aimed at enhancing Carlyle's position in the life sciences tools sector, particularly within the biopharma market. Unchained, founded in 2015, anticipates generating over $75 million in revenue this year and employs 170 people. Carlyle plans to support Unchained's growth through investments in research, development, and geographic expansion.
Carlyle Group has acquired a majority stake in Beautycounter, the clean beauty leader, valuing the company at $1 billion. This partnership aims to enhance Beautycounter's strategic initiatives, focusing on brand awareness and an innovative omni-channel model. Founded in 2013, Beautycounter is dedicated to transparency in product ingredients, having introduced The Never List™ banning 1,800 harmful substances. The investment comes from Carlyle Partners VII, an $18.5 billion fund targeting consumer sectors. The deal positions Beautycounter for accelerated growth in the clean beauty market.
The Carlyle Group (NASDAQ: CG) has agreed to sell Liberty Tire Recycling to ECP, a seasoned investor in environmental solutions. This transaction, anticipated to close in Q2 2021, is supported by Liberty's significant position in the North American tire recycling market, saving over 190 million tires annually. Liberty has transformed into a national leader under Carlyle's management since 2017, enhancing its capabilities in sustainable materials production. Financial specifics of the deal remain undisclosed.
Fly Leasing Limited (NYSE: FLY) announced a definitive agreement to be acquired by Carlyle Aviation Partners for $17.05 per share, totaling about $520 million in equity valuation and $2.36 billion enterprise value. This offer represents a 29% premium over FLY's closing stock price on March 26, 2021, and a 43% premium over the average price during the last 30 days. The deal, aimed to benefit shareholders amid challenging market conditions, is expected to close in Q3 2021, pending regulatory and shareholder approvals.
The Carlyle Group's affiliate, Southeast PowerGen, has agreed to sell the Effingham County Power facility, a 511 MW combined-cycle generating asset in Georgia, to Oglethorpe Power Corporation. This acquisition aims to enhance Oglethorpe's power supply portfolio as the industry transitions towards natural gas and renewables. The deal is subject to board approvals and regulatory conditions, with an expected closure in Q2 2021. This facility, which has been operational since 2003, will be Oglethorpe's fifth gas-fired acquisition in Georgia, totaling around 3,000 MW over 12 years.
CVC Capital Partners announced a definitive agreement to acquire a majority interest in MedRisk, a leading provider of managed physical medicine services for the workers' compensation industry in the U.S. The Carlyle Group retains a significant stake and joint control. The deal aims to accelerate MedRisk's growth and enhance patient care. MedRisk manages services for over 500,000 injured workers annually across 49 states. The transaction is anticipated to close in Q2 2021, pending regulatory approvals.
The Carlyle Group (NASDAQ: CG) has acquired Jagex, a leading UK video game developer known for its MMORPG franchise, RuneScape. Although the financial terms were not disclosed, Jagex has over 450 employees and boasts a $1 billion franchise with nearly 300 million player accounts. The acquisition aims to leverage Carlyle's resources to enhance Jagex’s growth through R&D and increase content output. Jagex reported record subscriber numbers in 2020, with significant growth expected in the coming years as it plans to expand its portfolio and enhance game offerings.
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