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Carlyle exits Personal & Informatik for second time through sale to HgCapital

22 Nov 2013

human team networkUS buyout giant The Carlyle Group has exited German human resources software company Personal & Informatik for the second time through a sale to UK private equity firm HgCapital.

Carlyle bought nearly 30 per cent of P&I in 2009, and previously owned a 66 per cent stake between 2004 and 2007.

The sale is expected to close by the end of the year.

Carlyle said the exit was the third from its Carlyle European Technology Partners vehicle since 2010 and one of the most successful software exits in Europe this year, although was shy about revealing financial details.

CETP previously sold regulatory and financial compliance software business FRS Global to Wolters Kluwer in 2010 and UC4 Software to EQT in 2012.

In the financial year ending March 2013 P&I reported revenues of €82.1 m and EBITDA of €26.6m.

During Carlyle’s ownership the company increased its revenues and EBITDA by 49 per cent and 102 per cent respectively, it said.

Carlyle managing director Michael Wand 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 and loss transfer agreement while driving the company’s value through M&A and transformation towards a software as a service 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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