GERMANY - Carlyle acquires 29.34% of Personal & Informatik AG

Founded in 1993, P&I targets small and medium sized companies, offering services and solutions within human resources management, including software for payroll, web-based personnel management and time management as well as consulting services, training and HR outsourcing. Based in Wiesbaden in Germany, the business has six branch offices in Germany in addition to another seven offices across Europe. The company generated a turnover of EUR 59m in 2008/2009, with an EBIT of EUR 13m. It employs nearly 400 people.

Carlyle has previously held a stake in the business, owing 66.64% from 2004 to 2007. In this period the listed business saw a 36% increase in revenues, and a 185% increase in EBIT. Since Carlyle's exit in 2007, annual growth in revenue has been around 6-8%.

In the current transaction, Carlyle acquired 24.9% of the shares directly. The investor has been granted options to buy the additional 4.44%, which it will exercise after having obtained antitrust clearance in Germany and other jurisdictions.

P&I is listed in the Prime Standard segment of the Frankfurt Stock Exchange.

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