Carlyle completes TCW MBO from France’s Societe Generale

US asset manager The TCW Group Inc has completed its journey to independence after its management and The Carlyle Group LP (NASDAQ:CG) finalised the purchase of the business from French banking major Societe Generale SA (EPA:GLE).

The parties did not volunteer any information related to financial terms. The newly independent firm will be 40% owned by its managers and employees.

When the deal was announced in August 2012, Carlyle said that two of its investment funds and TCW’s management would provide equity for the acquisition, while debt financing would come from JPMorgan Securities LLC, BofA Merrill Lynch and Morgan Stanley (NYSE:MS).

TCW was advised by Morgan Stanley and Debevoise & Plimpton LLP. Carlyle took counsel from BofA Merrill Lynch, Sandler O’Neill + Partners LP and Simpson Thacher & Bartlett LLP. Societe Generale employed the advisory services of JP Morgan Securities LLC.

TCW’s chairman Marc Stern described the completion of the deal as the start of a new journey for the company. With employees owning a significant stake in the business, the result will be better alignment of interests, while the asset management expertise and resources of Carlyle will help TCW sustain its growth, Stern said.

Sponsor Carlyle secures a deal to acquire Landmark Aviation

US private equity firm Carlyle Group LP (NASDAQ:CL) has revealed a deal to buy Texas-based business aviation services provider Landmark Aviation from investors GTCR LLC and Platform Partners LLC.

Carlyle did not disclose the value of the deal, but said it would finance it with equity capital from its USD13.7bn (EUR10.4bn) buyout fund Carlyle Partners V.

The buyer said it would invest to further expand Landmark, modernise its fixed based operation (FBO) network and add new locations via acquisitions and greenfield projects.

Carlyle managing director and head of the Global Aerospace, Defence and Government Services division Adam Palmer welcomed the agreement, saying that the private equity firm will partner with Landmark’s management to step up the growth of company’s FBO network.

Dan Bucaro, Landmark president and CEO also expressed confidence that under the umbrella of Carlyle which has been investing in aviation of over 20 years, his company will be able to further grow its franchise.

Landmark runs one of the world’s largest FBO networks with 51 locations across the US, Canada and France and also offers aircraft maintenance, charter and management services.

Since 1987, Carlyle’s Global Aerospace, Defense and Government Services group has invested around USD4.2bn in over 40 aerospace and defence firms.

Morgan Stanley (NYSE:MS) Barclays Plc (LON:BARC) and Kirkland & Ellis LLP are advising the vendors. Evercore Partners Inc (NYSE:EVR) and Latham & Watkins LLP are acting as advisors to Carlyle.

Completion is expected in the fourth quarter of this year, subject to conditions, including regulators clearance.

Carlyle-consortium mulls sale of Turkish hospital operator

US private equity giant Carlyle Group LP (NASDAQ:CG) and its investment partners in Medical Park Saglik Hizmetleri AS have retained the advisory services of Credit Suisse Group AG (NYSE:CS) and Goldman Sachs Group Inc (NYSE:GS) for a possible sale or flotation of the Turkish hospital operator.

Medical Park said that its owners may offload shares through a block sale or opt for an initial public offering as an exit route. The proceeds will go towards financing new projects, the Turkish company added.

Last month, Medical Park said it planned to invest USD300m (EUR238m) in the opening four hospitals within three years. Operating under the name Liv Hospital Group, the facilities will be located in Istanbul, Ankara and Izmir with the first one scheduled to open at the end of 2012. The Istanbul-headquartered company currently owns 16 hospitals and has a workforce of 10,000.

Carlyle became a shareholder in Medical Park three years ago, when it paid USD150m for a 40% interest.  Medical Park’s chairman Muharrem Usta and local company Sancak AS each own 30% of the company.

Carlyle is currently among the shortlisted bidders for a minority interest in Penti Corap Sanayi & Ticaret AS, a Turkish hosiery and swimwear company. In January this year, Carlyle announced the purchase of a 48% stake in education services provider Bahcesehir Kolejleri. In 2008, the US group bought 50% of local shipbuilder TVK Gemi Yapim Sanayii AS.

Sweden’s EQT confirms €220m deal for Austrian UC4

Swedish private equity firm EQT Partners AB announced today that its EQT VI fund had signed a deal to buy Austrian IT process automation software vendor UC4 Software GmbH from a unit of The Carlyle Group LP (NASDAQ:CG).

EQT will acquire the company from Carlyle Europe Technology Partners, UC4’s founder Franz Beranek and its management team for an enterprise value of EUR220m (USD270.4m). The sealing of the deal was reported earlier by the Financial Times, which quoted insiders.

The transaction is pending clearance from certain authorities and is scheduled for completion in the fourth quarter of the year. As part of the deal, UC4’s management will reinvest in the business alongside EQT IV.

According to Per Franzen, EQT partner in Germany, the business being acquired will have a new supervisory board comprising a mix of EQT industrial advisors who will back UC4’s management in further expanding into the cloud automation market.

Wolfsgraben-based UC4 offers IT process automation through its One Automation platform, which assists organisations in managing IT landscapes. The company has a client base that includes around 2,050 blue chip customers and generated revenues of EUR62m in the fiscal year to April 2012. It has additional headquarters in Bellevue, the US.

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Carlyle sells Austrian IT firm UC4 to Sweden’s EQT in €220m deal

Swedish private equity investor EQT Partners has emerged victorious in the heated competition for Austrian-based IT automation solutions provider UC4 Software GmbH, agreeing a EUR220m (USD270m) deal with its owner The Carlyle Group (NASDAQ:CG), the Financial Times reported citing knowledgeable sources.

The newspaper was told that the parties were expected to make the announcement today. Arma Partners served as adviser to Carlyle, while Lazard Ltd (NYSE:LAZ) acted on behalf of EQT, the FT added.

According to the article, this is among a handful of recent deals to see a large European-based software company go to a buyer from the continent. The majority of sizeable transactions have involved US buyers, for example the acquisitions of British Misys Plc (LON:MSY) and Autonomy Corp Plc by Vista Equity Partners and Hewlett-Packard Company (NYSE:HPQ) respectively.

Carlyle bought UC4 in 1996. The company’s area of business, IT automation, has become the focus of much attention due to being perceived as crucial amid the accelerating shift to cloud-hosted systems.

UC4 generates some USD100m in annual revenues and serves in excess of 2,000 customers. It has a number of blue-chip clients on its list, among them BT Global Services, TUI AG (ETR:TUI1) and Societe Generale SA (EPA:GLE). UC4’s most recent EBITD is estimated in the region of USD25m, the FT said.