US Middle Market Buyout | The Carlyle Group

Overview

The U.S. Middle-Market Buyout/Growth team makes control and minority investments in lower middle market companies with significant unrealized growth potential, both in the United States and internationally.

Carlyle U.S. Equity Opportunity Fund

Launched in 2011, CEOF focuses on buyout transactions requiring equity capital of $25-150MM per transaction. The Fund focuses on opportunities in Carlyle’s 6 industry power alleys: aerospace & defense, technology, consumer & retail, telecom & media, industrial and healthcare.

Investment	Industry	Acquired	Status
Apex Parks Group Festival Fun Parks, LLC, 14 Family Entertainment Centers and One Water Park comprises 14 family entertainment centers and one water park.	Telecom & Media	Oct 2015	Current
AxleTech International Holdings, LLC AxleTech International Holdings, Inc. manufactures and supplies axles, axle components, planetary axles, brakes, and aftermarket parts. AxleTech was previously owned from 2005 through 2008 by Carlyle’s US Buyout fund.	Industrial	Jan 2015	Current
Bonotel LLC Bonotel LLC is an aggregator and wholesale distributor of branded and boutique luxury hotel rooms to a longstanding base of international wholesale clients. The Company works with a network of more than 2,200 hotel partners and provides seamless electronic distribution to more than 1,500 international tour operators.	Technology & Business Services	Feb 2014	Current
Coalfire Systems Inc. Coalfire is a global cybersecurity and technology services provider specializing in cyber risk advisory, compliance assessments, technical testing and software services for clients in sectors including technology, retail, payments, healthcare, financial services, education, local and state government, and utilities.	Technology & Business Services	Sep 2015	Current
Dynamic Precision Group DPG was created to build a platform of leading independent manufacturers of critical components for the hot section of commercial and military aircraft engines and industrial gas turbines. DPG has acquired TurboCombustor Technology, Paradigm Precision and certain facilities from Unison Engine Components, a subsidiary of GE Aviation.	Aerospace, Defense & Government Services	Dec 2011	Current
ECi Software Solutions ECi Software Solutions is a leading provider of industry-specific enterprise resource planning (“ERP”) and business applications to small and medium sized businesses in the (i) office supplies, (ii) lumber, building materials, and hardware, (iii) manufacturing, (iv) business equipment, and (v) commercial furniture markets. The Company’s ERP modules include core accounting, supply chain management, eCommerce and Point of Sale solutions.	Technology & Business Services	Mar 2014	Current
Extreme Reach, Inc. SaaS company serving the advertising industry	Technology & Business Services	Jun 2014	Current
Interlink Maritime Corp. Interlink Maritime Corp., headquartered in Bermuda, owns a fleet of modern eco-designed handysize dry bulk vessels.	Transportation	Jul 2013	Current
Luminex Home Décor & Fragrance Company Luminex designs, manufactures, and sells candles, home fragrance, and home decor accessories through its two subsidiaries, Candle-Lite and PartyLite.	Consumer & Retail	Oct 2015	Current
Manna Pro Products Manna Pro Products, LLC manufactures and markets animal feeds for animal care and nutrition.	Consumer & Retail	Oct 2015	Current
Philadelphia Energy Solutions Philadelphia Energy Solutions is the longest continuously operating refinery on the East Coast, processing 330,000 barrels of crude oil per day into various refined products.	Energy & Power	Sep 2012	Current
PrimeSport Holdings, Inc. PrimeSport is an event lifecycle management company and vertically-integrated eCommerce leader focused on monetizing the biggest sporting events in the world through premium ticket sales, travel packages, and exclusive hospitality events.	Technology & Business Services	Feb 2015	Current
Sequential Brands Group, Inc. Sequential Brands Group, Inc. owns, promotes, markets, and licenses a portfolio of consumer brands to retailers, wholesalers, and distributors in the United States and internationally.	Consumer & Retail	May 2013	Current
Service King I Headquartered in Dallas, TX, Service King is the third largest multiple‐shop operator (“MSO”) of automotive collision repair centers nationwide and the Texas regional market leader.	Technology & Business Services	Aug 2012	Exited
Service King II Service King Paint & Body, LLC is a multiple-shop operator of automotive collision repair centers.	Technology & Business Services	Aug 2014	Current
Traxys Group Traxys S.A. provides financial and logistical solutions for the ferroalloy, metal, mineral, mining, and energy industries.	Energy & Power	Jul 2014	Current
Worldstrides WorldStrides is the nation’s largest provider of supplemental educational student travel programs. The Company is the only provider to be accredited by all six of the regional accrediting bodies recognized by the Department of Education. WorldStrides leads group travel programs to more than 80 countries and serves approximately 200,000 students annually, from elementary through graduate schools.	Consumer & Retail	Oct 2011	Exited

Carlyle U.S. Equity Opportunity Fund II

Launched in 2015 with $2.4 billion in total commitments, CEOF II focuses on middle-market and growth companies in the U.S. and Canada.

Investment	Industry	Acquired	Status
Array Canada Inc. Array manufactures in-store merchandising solutions for the prestige cosmetics industry.	Industrial	Dec 2015	Current
Claritas, LLC Claritas is a market research company that provides information resources and solutions for companies engaged in consumer and business-to-business marketing activities.	Telecom & Media	Dec 2016	Current
KrolLDiscovery KrolLDiscovery offers a full scope of eDiscovery and related solutions globally to corporations, law firms and government agencies.	Technology & Business Services	Dec 2015	Current
NetMotion, Inc. NetMotion is a provider of mobile performance management software designed to manage, optimize, accelerate, and secure all traffic to mobile devices across any network, application or operating system.	Technology & Business Services	Oct 2016	Current
SEACOR Marine Holdings Inc. SEACOR Marine LLC, a transportation and offshore services company, operates a fleet of offshore marine support vessels.	Infrastructure	Dec 2015	Current

Carlyle U.S. Growth Fund III

Launched in 2006 with $605MM in total commitments, CGP III focuses principally on buyouts of growth companies operating in Carlyle’s 6 industry power alleys: aerospace & defense, technology, consumer & retail, telecom & media, industrial and healthcare.

Investment	Industry	Acquired	Status
Air2Web, Inc. Air2Web, Inc. is a developer of mobile messaging and marketing applications and services.	Technology & Business Services	Sep 2006	Exited
Apollo Global Apollo Global is a joint venture between Carlyle and Apollo Group (NASDAQ: APOL) to pursue investments in for-profit schools and supplemental education companies outside of the United States.	Consumer & Retail	Mar 2008	Exited
Archive Systems Archive Systems provides services that automate and streamline complex processes to manage the flow of document-based work.	Technology & Business Services	Jun 2007	Exited
Authentix, Inc. Authentix, Inc. is a science and technology company that researches, develops and supplies authentication products and services for a full suite solution.	Technology & Business Services	Apr 2008	Current
Carefx, Corp. During the period of Carlyle's ownership, Carefx, Corp. was a provider of healthcare interoperability solutions including identity and access management and enterprise portals for hospitals, Regional Health Information Organizations (RHIOs) and Health Information Exchanges (HIEs).	Healthcare	Aug 2007	Exited
Catapult Learning LLC Catapult Learning is a technology-enabled, K-12 services provider that offers a suite of intervention, professional development, and dropout recovery programs.	Technology & Business Services	Mar 2008	Current
Comark Building Systems, Inc. Comark Building Systems is a manufacturer of custom commercial modular buildings.	Industrial	Mar 2006	Exited
Elenza, Inc. (formerly Ocular Optics, Inc.) Elenza, Inc. (formerly Ocular Optics, Inc.) was formed to commercialize the use of electro-active optics in surgical ophthalmology applications. Elenza’s product concept is an electronic intraocular lens (IOL) which changes refractive index (i.e. corrective power) based on the patient’s viewing distance for use in patients with both presbyopia and cataracts.	Healthcare	Jun 2008	Exited
eScreen, Inc. eScreen, Inc. is a leading provider of the industry's first and only automated, instant and rapid drug test, serving more than 400 employers through a network of over 1,500 clinics nationwide. eScreen's suite of related offerings include medical review, physicals and integrated pre-employment program management software.	Healthcare	Feb 2008	Exited
Gemcom Software International, Inc. Gemcom Software International, Inc. provides software and service solutions to the mining industry enabling mining companies to evaluate, manage and monitor mine operations from the early exploration stage through final production.	Technology & Business Services	Jul 2008	Exited
Observint Technologies Observint Technologies develops, manufactures and markets video surveillance solutions. The Company operates four different business lines: Supercircuits, Security Cameras Direct, DIGIOP, and SC Technologies.	Aerospace, Defense & Government Services	Aug 2006	Exited
PixelOptics, Inc. PixelOptics, Inc. is a developer of a dynamic lens technology for use in eyeglasses.	Healthcare	Sep 2006	Exited
Primatics Financial Holdings, Inc. Primatics Financial LLC provides loan accounting, valuation, compliance, and risk management software and outsourcing solutions to banks and other financial institutions.	Technology & Business Services	Dec 2010	Exited
Quorum Business Solutions, Inc. Quorum Business Solutions, Inc. develops, implements,and supports the Quorum Energy Software Suite, a set of integrated business applications designed for companies that produce, gather, transport, process and market oil, natural gas, natural gas liquids, LNG, wind generation and other energy commodities. The inherent integration of the suite allows the products to work together to facilitate straight through processing of the full energy value chain.	Energy & Power	Jul 2010	Exited
REVShare REVShare is an aggregator of remnant television advertising inventory and the operator of an exchange that allows advertisers to bid for television time on a performance basis.	Technology & Business Services	Dec 2007	Exited
Rhythm NewMedia, Inc. During the period of Carlyle's ownership, Rhythm NewMedia, Inc. was a developer of video-ad REPLACEions and tracking software for mobile operators, advertisers and agencies.	Technology & Business Services	Oct 2006	Exited
RMI, Inc. RMI, LLC provides web-based transportation and logistics solutions for a variety of participants in the transportation industry, including short-line, regional, Class I and terminal switching railroads, railcar leasing companies, rail shippers and barge operators.	Technology & Business Services	May 2007	Exited
SchoolNet, Inc. SchoolNet, Inc. is the market leader in enterprise data management solutions for K-12 public school districts.	Technology & Business Services	Aug 2006	Exited
Vubiquity Holdings, Inc. Vubiquity Holdings, Inc. is the largest global provider of multiplatform video services. Vubiquity works with all the major studios and TV networks, and with over 270 multichannel video service providers, providing a suite of managed services that enable the monetization of content.	Telecom & Media	May 2012	Current
Worldstrides WorldStrides is the nation’s largest provider of supplemental educational student travel programs. The Company is the only provider to be accredited by all six of the regional accrediting bodies recognized by the Department of Education. WorldStrides leads group travel programs to more than 80 countries and serves approximately 200,000 students annually, from elementary through graduate schools.	Consumer & Retail	Oct 2011	Exited

Carlyle Venture Partners

Launched in 1997 at $210 million, this fund invests growth capital in emerging technology companies in North America.

Investment	Industry	Acquired	Status
Anyday.com During the period of Carlyle's ownership, Anyday.com provided time sensitive communications, commerce and media services. It was sold to Palm, Inc. in 2000.	Technology & Business Services	May 1999	Exited
Blackboard, Inc. During the period of Carlyle's ownership, Blackboard, Inc. was a leading provider of enterprise software and services to the education industry.	Technology & Business Services	May 1999	Exited
BNX Systems During the period of Carlyle's ownership, BNX Systems was a provider of enterprise-wide Controlled Access Management that offered a stronger and more efficient method of user logon with streamlined access to critical applications.	Technology & Business Services	Mar 2000	Exited
Bredbandsbolaget AB During the period of Carlyle's ownership, Bredbandsbolaget AB was a broadband communications company. The company was sold to Telenor AB in July 2005.	Telecom & Media	Jul 1999	Exited
Cidera, Inc. During the period of Carlyle's ownership, Cidera operated an international satellite-based network that transmitted high-bandwidth data to various points of presence in North America and Europe.	Technology & Business Services	Jun 1998	Exited
e-Numerate Solutions, Inc. During the period of Carlyle's ownership, e-Numerate Solutions, Inc. was a publishing application for numerical data.	Technology & Business Services	Nov 2000	Exited
Equinix, Inc. During the period of Carlyle's ownership, Equinix, Inc. designed, built and operated Internet Business Exchange facilities, which served as hubs for critical IP networks and Internet operations worldwide.	Technology & Business Services	Aug 1999	Exited
Grant Street Group During the period of Carlyle's ownership, Grant Street Group provided software infrastructure and a hosted service to enable its customers to conduct online auctions of fixed income securities.	Technology & Business Services	May 1999	Exited
Heritage Health Systems, Inc. During the period of Carlyle's ownership, Heritage Health Systems, Inc. operated joint ventures with independent practice associations of physicians that market health plan products and contract with health insurers. The company was sold to Universal American Financial Corp. in May 2004.	Healthcare	Jun 1999	Exited
Imagitas, Inc. During the period of Carlyle's ownership, Imagitas, Inc. managed mandatory government agency communications in exchange for the ability to wrap relevant direct marketing messages around these communications. The company was sold to Pitney Bowes, Inc. in May 2005.	Technology & Business Services	Mar 2000	Exited
Ingenio During the period of Carlyle's ownership, Ingenio was the leading commerce platform for buying and selling live advice and information.	Technology & Business Services	Mar 2000	Exited
Innovation Factory, The During the period of Carlyle's ownership, The Innovation Factory was an incubator of novel medical device technologies.	Healthcare	Jun 2000	Exited
Mainstream Data, Inc. During the period of Carlyle's ownership, Mainstream Data, Inc. operated and administered five satellite networks in North America and Europe and one Internet VPN network to distribute high bandwidth content, including text news, stock quotations, digital images and digital audio.	Technology & Business Services	Jun 1998	Exited
Narrative Communications Corp. During the period of Carlyle's ownership, Narrative Communications Corp. was a leading developer of high-impact advertising and multimedia streaming solutions for the Web. The company was sold to AtHome Corporation in 1999 and Carlyle subsequently distributed to its investors cash proceeds from stock sales.	Technology & Business Services	Jan 1998	Exited
Neptune Communications - Pacific Telecom During Carlyle's period of ownership, Neptune Communications - Pacific Telecom was engaged in the development, operation and maintenance of submarine fiber optic cable facilities. The Company was acquired by Global Crossing Limited in 1999.	Telecom & Media	May 1998	Exited
Neptune Communications- Pacific Telecom Submarine fiber optic cable operator.	Telecom & Media	Jun 1997	Exited
NorthPoint Communications Group, Inc. NorthPoint Communications Group, Inc. is a national provider of high speed, local data network services.	Telecom & Media	Feb 1999	Exited
Primary Health, Inc. During the period of Carlyle's ownership, Primary Health, Inc. offered a full suite of health plan products including provider network services, medical management programs and administrative services.	Healthcare	Jun 1998	Exited
Rainfinity, Inc. During the period of Carlyle's ownership, Rainfinity, Inc. was the developer of a unique software technology that enhances the reliability and performance of enterprises' Internet infrastructures. The company was sold to EMC in July 2005.	Technology & Business Services	Dec 2000	Exited
Realeum, Inc. During the period of Carlyle's ownership, Realeum, Inc. developed an enterprise, web-based management software solution designed to optimize the leasing process and manage the assets for commercial properties in the multi-family real estate industry. The company was purchased by First Advantage Corporation in April 2004.	Technology & Business Services	Aug 2000	Exited
Sight Resource Corporation During the period of Carlyle's ownership, Sight Resource Corporation provided a full range of primary eye care products and services.	Healthcare	Nov 1997	Exited
STARBAK Communications, Inc. During the period of Carlyle's ownership, STARBAK Communications, Inc. developed content distribution servers specifically designed to deliver high quality streaming media over the Internet.	Technology & Business Services	Sep 1999	Exited
US Business Exchange During the period of Carlyle's ownership, US Business Exchange provided M&A advisory services to small- and medium-sized businesses.	Technology & Business Services	Sep 2000	Exited
Varsity Group, Inc. During the period of Carlyle's ownership, Varsity Group, Inc. was an online retailing company specializing in textbooks.	Technology & Business Services	Sep 1999	Exited

Carlyle Venture Partners II

Launched in 2001 at $602 million, this fund invests growth capital in emerging technology companies in North America.

Investment	Industry	Acquired	Status
Actelis Networks, Inc. Actelis Networks, Inc. develops telecommunications equipment that enables carriers to enhance their current communications infrastructure by boosting copper speed, range and reliability to achieve fiber performance and quality, while decreasing overall cost.	Telecom & Media	Apr 2001	Exited
Acufocus, Inc. AcuFocus, Inc. is commercializing a novel surgical implant for the correction of presbyopia (age-related farsightedness).	Healthcare	Dec 2001	Current
Adesso Systems, Inc. During the period of Carlyle's ownership, Adesso Systems, Inc. was a provider of mobile application development platforms for rapid development, deployment and maintenance of mobile enterprise applications.	Technology & Business Services	Mar 2004	Exited
Appfluent Technology, Inc. During the period of Carlyle's ownership, Appfluent Technology, Inc., formerly InfoCruiser, developed software to improve the performance of database-dependent enterprise applications.	Technology & Business Services	Oct 2001	Exited
AqueSys, Inc. AqueSys, Inc. was formed to commercialize a novel device-based therapy for glaucoma, a disease of high pressure in the eye that is a leading cause of blindness in the world.	Healthcare	Jun 2006	Exited
Archetype Solutions, Inc. During the period of Carlyle's ownership, Archetype Solutions, Inc. developed a software solution that customizes each item of clothing ordered by a customer for that customer's specific body type and style preferences.	Technology & Business Services	Oct 2001	Exited
AuthenTec, Inc. During the period of Carlyle's ownership, AuthenTec, Inc. was a fabless semiconductor manufacturer that designed and produced placement and swipe sensors for fingerprint biometrics.	Technology & Business Services	Jun 2004	Exited
Canesta, Inc. During the period of Carlyle's ownership, Canesta, Inc. provided "electronic perception" technology that sight-enables machines.	Technology & Business Services	Jun 2001	Exited
Cellutions, Inc. Cellutions, Inc. was formed to commercialize a novel device-based treatment for the cosmetic appearance of cellulite.	Healthcare	Sep 2004	Exited
CityNet Telecommunications, Inc. Metro-area broadband infrastructure provider	Telecom & Media	Apr 2001	Exited
Command Information, Inc. During the period of Carlyle's ownership, Command Information, Inc. was an early stage investment to create a market leading provider of high end consulting services and solutions for Internet Protocol version 6.	Technology & Business Services	Jan 2006	Exited
Compusearch Software Systems During the period of Carlyle's ownership, Compusearch was a provider of procurement software and services to the federal government market.	Technology & Business Services	Jul 2005	Exited
DHS Systems, LLC During the period of Carlyle's ownership, DHS Technologies, LLC was a leader in the design and production of quick erect / strike tactical shelters and integrated support trailers for the military, state and local governments and commercial purposes.	Technology & Business Services	Jul 2004	Exited
Endius, Inc. During the period of Carlyle's ownership, Endius, Inc. was a developer and manufacturer of minimally-invasive spinal surgery tools.	Healthcare	Mar 2003	Exited
Indigo Systems, Inc. During the period of Carlyle's ownership, Indigo Systems, Inc. was a designer and manufacturer of both complete infrared camera systems and the underlying semiconductors that power infrared systems. Indigo was acquired by FLIR Systems, Inc. for cash in 2004.	Aerospace, Defense & Government Services	Feb 2002	Exited
ISR Solutions, Inc. During the period of Carlyle's ownership, ISR Solutions, Inc. was the leading independent security systems integrator in the U.S. ISR was acquired by The Stanley Works in December 2004.	Technology & Business Services	Dec 2001	Exited
Liquid Engines, Inc. During the period of Carlyle's ownership, Liquid Engines, Inc. provided software and services to large, multi-jurisdictional and multi-national corporate taxpayers that analyzed and optimized cash and tax effects of corporate transactions.	Technology & Business Services	Jan 2004	Exited
LVL7 Systems, Inc. During the period of Carlyle's ownership, LVL7 Systems, Inc. provided protocol software to enable networking devices in the enterprise, wireless, access and metro ethernet end markets.	Technology & Business Services	Sep 2003	Exited
Matrics, Inc. During the period of Carlyle's ownership, Matrics, Inc. was a developer of radio frequency identification ("RFID") technologies and systems, which are used to enhance the visibility of assets in supply chain environments. Matrics was sold to Symbol Technologies in September 2004.	Technology & Business Services	Aug 2001	Exited
NeoVista, Inc. NeoVista, Inc. is a developer of device-based therapy for age-related macular degeneration (AMD), the leading cause of blindness in older Americans.	Healthcare	May 2003	Exited
Panasas, Inc. Panasas, Inc. is developing scalable, distributed network storage systems that can be cost-effectively deployed on both a limited or wide-scale basis.	Technology & Business Services	Sep 2001	Exited
Proteus Digital Health Proteus Digital Health is developing products based on MEMS technology to improve congestive heart failure therapy.	Healthcare	Apr 2004	Current
Remedy Health Media LLC Online media company focused on consumer-oriented heatlh care information and content.	Telecom & Media	Jul 2005	Exited
Secure Elements, Inc./Fortinet, Inc. During the period of Carlyle's ownership, Secure Elements, Inc. was a developer of vulnerability management software that automated security remediation strategies and tactics for network security.	Technology & Business Services	Aug 2003	Exited
SMaL Camera Technologies, Inc. During the period of Carlyle's ownership, SMaL Camera Technologies, Inc. was a developer of CMOS imaging sensors and camera modules. In February 2005, the company was acquired by Cypress Semiconductor.	Technology & Business Services	Jul 2003	Exited
Sonitrol Holding Corp., LLC During the period of Carlyle's ownership, Sonitrol Holding Corp., LLC was a national provider of security alarm monitoring services, primarily to commercial enterprises. The company was the second-largest commercial security provider in the U.S., and offered burglar, fire, access control and video surveillance to businesses nationwide.	Technology & Business Services	Mar 2004	Exited
StrionAir, Inc. During the period of Carlyle's ownership, StrionAir, Inc. provided high efficiency air filtration and purification systems for government, commercial, and residential HVAC systems.	Industrial	Sep 2004	Exited
TradeBeam, Inc. During the period of Carlyle's ownership, TradeBeam, Inc. was a provider of Global Trade Management software and services that streamlined global trading processes for enterprises and their partners. The company's solutions provided import and export compliance, inventory management, shipment tracking, supply chain event management, and global trade finance solutions such as open account and letter of credit management.	Technology & Business Services	Nov 2004	Exited
Transport Pharmaceuticals, Inc. During the period of Carlyle's ownership, Transport Pharmaceuticals, Inc. was a developer of products that use iontophoresis to effect trans-dermal drug delivery for a number of dermatological conditions.	Healthcare	Oct 2004	Exited
TrenStar, Inc. During the period of Carlyle's ownership, TrenStar, Inc. was a provider of outsourced logistics and supply chain infrastructure to major manufacturers across a variety of vertical markets. The company used a combination of in-house and off-the-shelf logistics software along with RFID technology to track and monitor the asset base of its customers.	Technology & Business Services	Sep 2003	Exited
Ventaso, Inc. Ventaso, Inc. is a sales and marketing software company.	Technology & Business Services	Jul 2001	Exited
Verari Systems, Inc. During the period of Carlyle's ownership, Verari Systems, Inc. was a vendor of blade servers, rack servers and supercomputer cluster systems for the Linux clustered server market.	Technology & Business Services	Sep 2004	Exited
Viator, Inc. Viator, Inc. is a global online booking service of destination activities, such as sightseeing trips, tours and airport transfers, for consumers and travel industry affiliates such as Travelocity, priceline.com, Intercontinental, Starwood and Wyndham.	Technology & Business Services	Oct 2005	Exited
Wall Street Institute, Inc. During the period of Carlyle's ownership, Wall Street Institute, Inc. was a global operator and franchisor of English language instruction services.	Consumer & Retail	Feb 2005	Exited
WCI Cable, Inc. During the period of Carlyle's ownership, WCI Cable, Inc. was the owner and operator of a submarine telecommunications cable connecting Alaska with the continental U.S. and a terrestrial network connecting the major cities of Alaska.	Telecom & Media	Jul 2002	Exited

Investment Approach

CEOF is the primary repository for corporate investment opportunities in the United States and Canada requiring equity capital of $25 million to $150 million; commonly referred to as the "middle market". CEOF focuses on companies that can capitalize on Carlyle's extensive global network, broad range of "OneCarlyle" resources, and over 27-year track record of success in the U.S. middle market.

CEOF is a control-oriented fund that invests opportunistically in companies demonstrating compelling relative valuations and growth potential, leveraging the firm's "OneCarlyle" platform, including: I) expertise across multiple sectors, particularly the 6 core U.S. sectors where the firm has dedicated industry teams; ii) robust network of deal sourcing relationships; iii) network of more than 200 portfolio companies; iv) more than 700 investment professionals in 35 offices; and v) network of Operating Advisors with extensive operational experience, collectively, the "OneCarlyle" platform.

We seek out investment opportunities that can demonstrate one or more of the following characteristics:

1. Ability for Carlyle resources to impact investment results directly;

2. Unrealized growth potential; Potential for strategic redirection;

3. Opportunity to drive operational improvements.

4. Risk mitigation because of cash flow, intellectual property or other assets.

In addition to CEOF, the investment team also manages a predecessor fund, Carlyle U.S. Growth Partners III (CGP III), a $605 million fund launched in 2006. CGP III is fully invested at this time, so all new investment opportunities are pursued via CEOF.

Team

Team Member	Title	Location	Industry
Kanica Allagh	Associate	Washington, DC
Stephen W. Bailey	Managing Director	Washington, DC	Generalist
Alexander Blankfein	Senior Associate	New York, NY
Michael Carajohn	Associate	New York, NY
Brooke B. Coburn	Managing Director	Washington, DC	Generalist
Rodney S. Cohen	Managing Director	New York, NY	Generalist
Will Darman	Managing Director	Washington, DC	Generalist
RJ David	Vice President	New York, NY
Adam Glucksman	Managing Director	New York, NY	Generalist
Lee Goehring	Associate	Washington, DC
Michael G. Gozycki	Managing Director	Washington, DC	Generalist
Brandon Hedvat	Senior Associate	New York, NY
Abe Hidary	Senior Associate	New York, NY
Daniel Hodges	Senior Associate	New York, NY
Charles S. Munzig	Vice President	New York, NY	Generalist
Peter O'Hagan	Managing Director	New York, NY
Drew Olian	Vice President	New York, NY
Jack Schrager	Associate	New York, NY
Steven Shenker	Associate	New York, NY
James C. Shillito	Vice President	New York, NY
Adam Sokoloff	Managing Director	New York, NY
David A. Stonehill	Managing Director	New York, NY	Generalist
John Tiernan	Associate	Washington, DC
Jill Wight	Principal	New York, NY

Case Study

Company	Industry	Acquired	Status
Worldstrides	Consumer & Retail	Oct 2011 United States	Exited
Worldstrides	Consumer & Retail	Oct 2011 United States	Exited
Service King I	Technology & Business Services	Aug 2012 Dallas, TX, USA	Exited

WHO WE ARE

July 21, 2017

A case study

U.S. Middle-Market Buyout