The Carlyle Group acquires UK-based Innovation Group, business process outsourcing provider, for £500M
Global alternative asset manager The Carlyle Group (NASDAQ: CG) has announced the successful acquisition of Innovation Group (LSE: TIG.L) for a consideration of £500m.
Capital for this investment came from Carlyle Europe Partners IV (CEP IV), a European-focused upper-mid market buyout fund. Further terms of the transaction were not disclosed.
Founded in 1996 and employing more than 3100 people, Innovation Group is an independent provider of auto and home claims management services for insurers, brokers, fleet & leasing companies, as well managing service and warranty plans for auto manufacturers and dealers. It boasts more than 1,100 clients, with operations across Europe, US, South Africa and Australia.
Carlyle was advised on the transaction by HSBC and Barclays Capital, Linklaters, Deloitte, ERM and Marsh.
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About Innovation Group
Innovation Group is a global provider of business process outsourcing and technology solutions to the insurance, fleet and automotive industries.
For more information about Innovation Group, please visit the company’s website at http://www.innovation-group.com/uk
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 fund of funds vehicles as of September 30, 2015. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700+ people in 35 offices across six continents.
Source: The Carlyle Group Press Release