Carlyle reaps 1.8x on exit from Talaris

Carlyle reaped a 1.8x multiple on its original investment. The acquisition will give Glory a global distribution and maintenance service network, additional solution capabilities and an extensive customer base.

The transaction is subject to regulatory approval.

Previous funding
In June 2008, Carlyle acquired the cash handling technology arm of commercial security printer De La Rue Cash Systems, for an enterprise value of £360m through the Carlyle Europe Partners III vehicle, a €5.3bn fund that closed in 2007. A debt package to support the deal was supplied by a club of Lloyds TSB, Société Générale, Calyon and GE Corporate Finance. The company was re-branded Talaris and the investment underpinned expansion into new markets and a focus on research and development.

Company
Headquartered in Basingstoke, Talaris designs, manufactures and sells cash management solutions to customers in the banking, retail and gaming sectors. The company provides solutions to customers on every continent and employs around 1,900 members of staff. Talaris has offices in over 20 countries and a network of partners in over 100 countries. Earnings have increased by more than 40% since Carlyle's investment.

People
Andrew Burgess is managing director at the Caryle Group. Hirokazu Onoe is president of Glory Ltd. Tim Robinson is CEO of Talaris.

Advisers
Vendor - Bank of America Merrill Lynch (Corporate finance); Clifford Chance (Legal).
Equity - KPMG LLP (Financial due diligence); Slaughter & May (Legal).

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