Overview

The Corporate Mezzanine team invests in privately negotiated junior debt and equity securities of middle market and large cap leveraged buyouts, recapitalizations and growth financings. The team currently manages two funds: Carlyle Mezzanine Partners (CMP) and Carlyle Mezzanine Partners II (CMP II). The team is headed by Grishma Parekh.

Carlyle Mezzanine Partners

Launched in 2004 at $436 million, this fund invests in mezzanine securities.

Investment Industry Acquired Status
Alliance Boots plc

Alliance Boots is an international, pharmacy-led health and beauty group delivering a range of products and services to customers.

Healthcare Current
American Achievement Corporation

American Achievement Corporation is one of the nation’s oldest and largest distributors of commemorative jewelry and recognition products.

Consumer & Retail Exited
BioReliance Corporation

BioReliance Corporation provides testing and manufacturing services to pharmaceutical and biopharmaceutical companies that span the product cycle from early pre-clinical development to licensed production.

Healthcare Exited
Comark Building Systems, Inc.

Comark Building Systems is a manufacturer of custom commercial modular buildings.

Industrial Exited
Combined Systems, Inc.

Combined Systems, Inc. manufactures branded less-lethal munitions, anti-riot products and other related products that serve the military and law enforcement markets in the United States and abroad.

Aerospace, Defense & Government Services Current
LPL Holdings, Inc.

LPL Holdings, Inc. is the exclusive provider of investment advisory, marketing, administrative, distribution and information systems services to the largest independent financial advisor network in the United States.

Technology & Business Services Exited
Targus Group International, Inc.

Targus Group International, Inc. designs, markets and distributes notebook computer carrying cases and accessories.

Consumer & Retail Current
Carlyle Mezzanine Partners II

Launched in 2008 at $554 million, this fund invests in mezzanine securities.

Investment Industry Acquired Status
Applied Systems, Inc.

During the period of Carlyle's ownership, Applied Systems, Inc. was the leading developer of enterprise automation software solutions for the property and casualty insurance distribution industry.

Technology & Business Services Exited
ARINC Incorporated

ARINC Incorporated is a leading global provider of transportation communications and systems engineering services primarily serving four key industries: commercial and business aviation, airports, surface transportation and defense.

Aerospace, Defense & Government Services Exited
Atlas Aerospace LLC

Atlas Aerospace LLC manufactures new and replacement precision machine parts, assemblies, and spares to original equipment manufacturers for commercial, business jet, defense, and industrial markets.

Aerospace, Defense & Government Services Current
C.H.I Overhead Doors

C.H.I Overhead Doors is a garage door manufacturer of residential garage doors, as well as commercial and rolling steel overhead doors.

Industrial Current
Caesars Entertainment Corporation

Caesars Entertainment Corporation (formerly Harrah's Entertainment) is a diversified casino entertainment company, operating casinos on four continents.

Exited
ConvaTec

ConvaTec is a developer and marketer of innovative medical technologies.

Healthcare Current
Document Technologies, Inc.

Document Technologies, Inc. is one of the largest independent providers of outsourced litigation support services to law firms and corporations.

Technology & Business Services Current
Firth Rixson Limited

During the period of Carlyle's ownership, Firth Rixson Limited was the leading integrated provider of highly engineered rings, forgings and specialty metal products to the aerospace sector and a range of industrial markets.

Aerospace, Defense & Government Services Exited
Flexera Software, Inc.

Flexera Software is a provider of strategic solutions for Application Usage Management.

Technology & Business Services Exited
Goodman Global, Inc.

Goodman Global, Inc. is a manufacturer of heating, ventilation and air conditioning products for residential and light commercial use.

Industrial Exited
Hoffmaster Group, Inc.

Hoffmaster Group, Inc. is a North American designer, manufacturer and supplier of decorated, premium disposable tableware.

Consumer & Retail Exited
Hudson Product Holdings, Inc.

Hudson Products Holdings, Inc. (Hudson) is a global manufacturer of air-cooled heat exchangers and axial-flow fans.

Energy & Power Current
INC Research

INC Research provides outsourced clinical trial services, data services and strategic and regulatory consulting services to pharmaceutical and biotechnology companies performing Phase II and Phase III clinical trials.

Technology & Business Services Exited
Nixon, Inc.

Nixon Inc. offers watches, headphones, and luggage and bags for men and women. It also provides mobile speakers, cases and covers, bags and wallets, apparel, and accessories.

Consumer & Retail Current
Pexco LLC

Pexco LLC is a North American designer and fabricator of extruded plastics products.

Industrial Current
PQ Corporation

PQ Corporation is a leading worldwide producer of specialty inorganic performance chemicals and catalysts.

Industrial Exited
Savers, Inc.

Savers, Inc. is an international thrift-store chain offering secondhand shopping.

Consumer & Retail Current
Voice Construction, Ltd.

Voice Construction, Ltd. is a civil construction firm specializing in petrochemical site preparation and related construction projects.

Energy & Power Current

The Corporate Mezzanine team is based in New York and Los Angeles.  The team pursues a generalist industry approach and leverages The Carlyle Group's extensive expertise in industries such as automotive and transportation; aerospace and defense; media and telecommunications; healthcare; consumer; and basic industrial manufacturing.  The Corporate Mezzanine group primarily invests in senior subordinated notes with warrants, preferred stock, and minority common equity securities.  Investing in debt securities allows the Corporate Mezzanine team to provide current income on a quarterly basis.

Consistent with Carlyle's value-based investment philosophy, the Corporate Mezzanine team has a credit-based investment process with a focus on principal preservation and downside protection. The team invests in companies with the following characteristics: (i) stable, recurring cash flow, (ii) reasonable growth expectations, (iii) defensible, market-leading positions, (iv) strong, motivated management teams, and (v) sound corporate governance.

Key elements of Corporate Mezzanine's investment approach are as follows:

  • Source significant transaction flow through The Carlyle Group's and Corporate Mezzanine’s extensive industry relationships and network of contacts
  • Leverage industry knowledge of Carlyle investment professionals
  • Invest in companies with fundamental franchise values and focus on principal preservation
  • Maintain a diversified portfolio by company, industry and equity sponsor
  • Invest with proven equity sponsors and incentivized management teams
  • Structure transactions to mitigate risk with a focus on principal preservation
Company Industry Acquired Status
ARINC Incorporated Aerospace, Defense & Government Services
Annapolis, MD, USA
Exited