TORONTO and NEW YORK, Dec. 22,
2014 /PRNewswire/ -- Global alternative asset manager The
Carlyle Group (NASDAQ: CG) and Warburg Pincus, a global private
equity firm focused on growth investing, in partnership with a
consortium of Canadian-based individual investors including DBRS'
founder, Walter Schroeder and DBRS
management, have agreed to acquire DBRS, the fourth largest global
credit rating agency. Terms of the transaction, which is expected
to close in the first quarter of 2015, were not disclosed.
Corporate headquarters will remain in Toronto.
Walter Schroeder, DBRS' founder
and controlling shareholder, will remain an important investor in
DBRS. Mr. Schroeder said, "I am delighted to partner with such high
quality and internationally known investment houses as Warburg
Pincus and Carlyle. While our
Canadian franchise and culture will continue to be at the core of
DBRS' operations, the breadth and depth of both Warburg Pincus and
Carlyle's international presence
will be invaluable to DBRS at it seeks to capitalize upon its
growing platforms in the United
States and Europe."
DBRS is a global provider of timely credit rating opinions and
related information, offering objective, transparent and insightful
risk analysis and opinion across a broad range of financial
institutions, corporate entities, government bodies and various
structured finance product groups in North America, Europe, Australasia and South America. DBRS currently rates more than
1,000 different companies and single-purpose vehicles that issue
commercial paper, term debt and preferred shares in the global
capital markets. Based in Toronto,
with offices in New York,
Chicago and London, DBRS serves a diverse customer base
including issuers, regulators, investors and intermediaries.
DBRS Chief Executive Officer Daniel
Curry said, "With the support and resources of our new
partners, DBRS is well positioned to strengthen our leading
franchise in Canada and continue
to develop our presence across North
America and Europe."
Michael E. Martin, Warburg Pincus
Managing Director and Head of Financial Services said, "DBRS is the
market leader in Canada and is
recognized around the world for its high-quality insight and
analysis. We look forward to partnering with Dan and the rest of
the management team in the next phase of the company's
evolution."
Olivier Sarkozy, Carlyle Managing
Director and Head of the Financial Services team said, "In
partnership with Dan Curry and his
management team we will continue the build out of the DBRS platform
on a global basis. The world needs more global ratings franchises
that issuers and investors alike can count on to provide timely and
insightful ratings on a consistent and impartial basis. As the
world's fourth largest agency we believe DBRS is ideally suited to
fill that void."
Carlyle's portion of the equity
for the investment will come from Carlyle Global Financial Services
Partners II. Warburg Pincus' portion of the equity for the
investment will come from Warburg Pincus Private Equity XI,
L.P.
DBRS was advised by Perella Weinberg Partners as financial
advisor and Torys LLP as legal counsel. CIBC World Markets
Inc. served as financial advisor and Wachtell, Lipton, Rosen & Katz and Stikeman Elliot
LLP served as legal counsel to The Carlyle Group and Warburg
Pincus.
About DBRS
DBRS is a globally recognized provider of timely credit rating
opinions that offer insight and transparency across a broad range
of financial institutions, corporate entities, government bodies
and various structured finance product groups. For more
information, visit http://www.dbrs.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm
focused on growth investing. The firm has more than $37 billion in assets under management. The
firm's active portfolio of more than 120 companies is highly
diversified by stage, sector and geography. Warburg Pincus is an
experienced partner to management teams seeking to build durable
companies with sustainable value. Founded in 1966, Warburg Pincus
has raised 14 private equity funds, which have invested more than
$50 billion in over 720 companies in
more than 35 countries.
Current and past financial sector and financial technology
investments include Arch Capital Group, HDFC, Kotak Mahindra,
Mellon Bank, National Penn Bancshares, Primerica, Renaissance Re,
Interactive Data Corporation, Wall Street Systems,
Metavante/Fidelity National Information Systems and Institutional
Shareholder Services. The firm is headquartered in
New York with offices in
Amsterdam, Beijing, Frankfurt, Hong
Kong, London, Luxembourg, Mumbai, Mauritius, San
Francisco, Sao Paulo and
Shanghai. For more information
please visit www.warburgpincus.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with $203 billion of assets
under management across 129 funds and 141 fund of funds vehicles as
of September 30, 2014. 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 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 40 offices across six continents.
Web: www.carlyle.com
Videos: http://www.carlyle.com/news-room/corporate-videos_new
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary
Contacts:
DBRS
Stephen
Bernard
+1 347 610 2471
sbernard@dbrs.com
Warburg Pincus
Ed
Trissel
+1 212 878 9288
ed.trissel@warburgpincus.com
Mary Zimmerman
+1 212 878 9207
mary.zimmerman@warburgpincus.com
The Carlyle Group
Elizabeth
Gill
+1 202 729 5385
elizabeth.gill@carlyle.com
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SOURCE Warburg Pincus