The Carlyle Group has acquired Array. TorQuest Partners was the seller. Financial terms weren’t announced. Toronto-based Array provides retail merchandising displays and store fixtures to the prestige cosmetics industry.
Washington, DC and Toronto – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced the acquisition of Array, a provider of retail merchandising displays and store fixtures to the global prestige cosmetics industry, from TorQuest Partners, a Canadian private equity fund. Equity for the transaction comes from Carlyle U.S. Equity Opportunity Fund II, a U.S. middle-market buyout fund. Financial terms were not disclosed. Carlyle U.S. Equity Opportunity Fund II was advised by Goodwin Procter LLP in connection with this acquisition.
Array provides custom, high-end merchandising solutions in more than 30,000 retail locations for the world’s most iconic prestige brands and retailers. With a strong footprint in prestige cosmetics and apparel, the company utilizes its deep expertise in design, innovation, project management and global manufacturing to help transform retail environments for its clients. Array is headquartered in Toronto, Canada and has operations in Toronto and Bradford, Ontario, New York City, Mexico City and Shenzhen, China.
Tom Hendren, CEO of Array, stated, “We believe that the company has a tremendous global runway for future growth, and all of us at Array are extremely excited to partner with Carlyle in this next stage of our evolution. We know that Carlyle has the scale, global reach and expertise to help us deliver on our quest to serve our global clients.”
John Fielding, Founder of Array, said, “It has been a great joy to watch our business grow since its inception in 1981. Over the last five years we have focused even more intensely on growing our global footprint and ensuring that our long-term clients receive the highest levels of service and quality. Tom, myself and the Array team are delighted to join Carlyle’s portfolio of companies and we look forward to working with our new partners to drive continued growth and success in the coming years.”
David Scharf, a Carlyle Operating Advisor, said, “Array has a strong track record of partnering with prestige customers and servicing its clients’ needs in a competitive, time-sensitive market. We are excited to partner with a best-in-class management group led by CEO Tom Hendren. We believe Carlyle’s sector expertise as well as synergies with other Carlyle portfolio companies will open up new avenues for the company to pursue, fostering growth and innovation.”
Array is the second deal to close in Carlyle’s U.S. Equity Opportunity Fund II. Carlyle’s U.S. middle market team has invested in Philadelphia Energy Solutions, the largest refinery on the eastern seaboard; Service King, one of the largest automotive collision repair centers in the U.S.; ECi Software Solutions, a provider of industry-specific technology; Traxys Group, a financial and logistical provider in the mining industry; AxleTech International Holdings, Inc., a manufacturer of automotive supplies; PrimeSport, a global sports travel and events-management company and Blyth, Inc., a direct-to-consumer manufacturer and seller of candles and home fragrance products, among others.
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Array is the premier provider of in-store merchandising services for the world’s leading retailers and brand manufacturers. For over 30 years our clients have enjoyed an unparalleled range of in-house services; outstanding creative innovation, true global manufacturing capabilities, comprehensive logistics and installation and complete follow-up services. The results are displays & fixtures that win praise from brand marketers and retailers worldwide. We bring brands to life by creating great retail experiences. www.arraymarketing.com
ABOUT THE CARLYLE GROUP
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 fund of funds vehicles as of September 30, 2015. 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 Investment 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, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700 people in 35 offices across six continents.