The American firm raises 1.35 billion euros and takes a transatlantic turn.
Carlyle is accelerating in European tech. The American firm raises 1.35 billion euros – double its previous fund – in just three months. At the same time, she won a mandate to manage acquisitions in technology companies in the United States from Europe. “Our European fund is becoming transatlantic”, welcomes Vladimir Lasocki, co-head of the fund in Europe.
From 20 to 30% of the capital can be deployed in American companies, and four managers from the United States join the European platform. This is recognition for the performance of the European team within the flagship of American private equity.
Two to seven times the stake
European managers more than quadrupled the fund’s investment in Expereo, a cloud service provider, and multiplied the stake by six after the sale of Itconic, a manager of data centers and cloud solutions. They even increased it sevenfold in Marle orthopedic solutions. “We have sold around thirty companies over the past fifteen years and have more than doubled our investments on average”, thus indicates Vladimir Lasocki.
The European fund invests in companies of 5 to 25 million euros of EBITDA, which “ have reached a certain critical size and are ready to use their balance sheet a little more aggressively, in particular for acquisitions and to accelerate their internationalization ”, continues the manager.
Vladimir Lasocki recognizes that prices are currently very “inflated”, especially in the software sector. ” The market [des logiciels] switched to a subscription system, which generates recurring results but less margin. We can no longer assess the values in multiples of Ebitda but of turnover ”. Prices in this sector regularly reach four to six times the turnover, the equivalent of 30 times the gross operating income, against 10 to 14 times the EBITDA previously.
Carlyle thus gives priority to small companies, which he consolidates. “These companies are less easily identified, they are often still in the hands of their founder, and the acquisition values are more reasonable. We then have full latitude to grow them through successive acquisitions ”. But Vladimir Lasocki recognizes that the environment requires being very selective. ” For 200 cases examined, we conclude 2 to 4 investments He said.