The Carlyle Group and TCW Management Complete TCW Acquisition
February 06 2013 - 12:45PM
Business Wire
Global alternative asset manager The Carlyle Group (NASDAQ: CG),
and the management of The TCW Group, a global asset management
firm, today announced the completion of their acquisition of TCW
from Société Générale, creating an independent firm. As a result of
the transaction, TCW management and employees will own
approximately 40% of the firm on a fully diluted basis. Financial
terms of the transaction were not disclosed.
As previously announced, equity for the investment came from two
Carlyle investment funds and from TCW management. The funds are
Carlyle Global Financial Services Partners, a $1.1 billion
financial services fund, and Carlyle Partners V, a $13.7 billion
U.S. buyout fund.
“This is an exciting day in TCW’s 42-year history,” said TCW
President and CEO David Lippman. “To date, our success has been
powered by the tradition of investment excellence instilled in the
firm by our founder Robert Day. As we transition to a freestanding
company, I also thank Société Générale for all of the support they
have given us over the years as a terrific parent company. We now
move forward with another supportive partner in Carlyle, increased
employee ownership, and the alignment of interests. I look forward
to a bright future.”
Marc Stern, Chairman of the TCW Board, added, “The closing of
the transaction with Carlyle officially opens the next chapter in
TCW’s evolution. Especially gratifying to me is the expansion of
employee ownership in the firm from nothing in early 2010 to the
significant percentage it is today. The unifying effects of an
ownership mentality, combined with resources, knowledge and
guidance from Carlyle will fuel TCW’s continued growth.
Additionally, we have already seen the fruits of David Lippman’s
leadership with the closing of two recent transactions in the
alternatives area and his dynamic efforts to position the firm for
future success.”
“We are pleased to have completed this investment and started
this partnership,” added Olivier Sarkozy, Carlyle Managing Director
and head of the financial services team. “TCW is a solid and
successful business built around a strong franchise. This sentiment
has only deepened over the past few months as we have witnessed
firsthand the professionalism and discipline of both the executive
management and investment teams. We are particularly pleased with
TCW’s fast-growing mutual fund complex, which has grown by more
than 20% since we first announced the transaction in August. We
look forward to supporting TCW and creating value.”
About The TCW GroupFounded in 1971, The TCW Group, Inc.
develops and manages a broad range of innovative, value-added
investment products that strive to enhance and protect clients’
wealth, with approximately $138 billion in assets under management
as of December 31, 2012. TCW clients include many of the largest
corporate and public pension plans, financial institutions,
endowments and foundations in the U.S., as well as a substantial
number of foreign investors and high net worth individuals. For
more information, please refer to www.tcw.com.
About The Carlyle GroupThe Carlyle Group (NASDAQ: CG) is
a global alternative asset manager with $157 billion of assets
under management across 101 funds and 64 fund of fund vehicles as
of September 30, 2012. Carlyle's purpose is to invest wisely and
create value on behalf of our investors, many of whom are public
pensions. Carlyle invests across four segments – Corporate Private
Equity, Real Assets, Global Market Strategies and Fund of Funds
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, technology & business services,
telecommunications & media and transportation. The Carlyle
Group employs 1,300 people in 32 offices across six
continents.www.carlyle.comwww.youtube.com/onecarlylewww.twitter.com/onecarlyle
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