2013-083

The Carlyle Group to Sell P&I Personal & Informatik AG to HgCapital

London, UK – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has agreed to sell P&I Personal & Informatik AG (XTRA:PUI)  (“P&I”) to funds controlled by HgCapital. The transaction is subject to regulatory approval and is expected to close before December 31, 2013. Further details of the transaction were not disclosed.


P&I is the third successful software exit for Carlyle European Technology Partners (“CETP”) since 2010 and one of the most successful software exits in Europe in the current year.  In 2010, CETP sold the regulatory and financial compliance software business FRS Global to Wolters Kluwer, followed by the exit of UC4 Software to EQT in 2012.


P&I is a premium developer and vendor of software solutions for small and medium-sized enterprises and the public sector, offering HR applications and solutions for the areas of payroll, personnel, and time & attendance management.  The company employs approximately 360 employees and serves its customers through six offices in Germany and another seven offices across Europe. P&I’s main product, LOGA payroll accounting software, is used in eleven European countries and helps its c. 3,900 direct customers with the processing of more than 4.5 million pay slips per annum.


In the last fiscal year ending 31 March 2013, P&I reported revenues and EBITDA of €82.1 million and €26.6 million. During Carlyle’s ownership, the company increased its revenues and EBITDA by 49% and 102%, respectively. CETP acquired P&I in June 2009 and through its investment the company has grown significantly and strengthened its global customer base.


Michael Wand, Managing Director at The Carlyle Group said, “P&I is an excellent example of Carlyle’s creativity in deal sourcing and structuring as well as value creation in technology. From a minority position in a publicly listed company we evolved to a position where we could implement a profit & loss transfer agreement while driving the company’s value through M&A and transformation towards a Software as a Service (SaaS) and Cloud offering. P&I has delivered outstanding growth and returns during the time we have worked with them and we feel very privileged to have been partners of the CEO Mr Triadis and his management team.  We are certain the company and management will enjoy sustained growth and even more continued success.”


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Notes to editors


About P&I
Founded in 1968, P&I is a premium developer and vendor of software solutions for human resources management in small and medium sized enterprises notably offering HR applications and solutions for payroll, personnel management and time & attendance management.
 
P&I employs approximately 360 employees and serves its customers through six offices in Germany and another seven offices across Europe. P&I’s main product, LOGA payroll accounting software, is used in eleven European countries and P&I products have helped more than 15,000 customers, including large public administrations. 
www.pi-ag.com


About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $185 billion of assets under management across 122 funds and 81 fund of funds vehicles as of September 30, 2013. 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, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,450 people in 34 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary/481


About HgCapital Trust plc
HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange (ticker: HGT.L). The Trust is a client of HgCapital, giving investors exposure to a portfolio of high-growth private companies, through a liquid vehicle. New investments and existing portfolio companies are managed by HgCapital, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com.


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