The Carlyle Group is selling Talaris, a maker of cash-counting equipment, to Glory Ltd. for 650 million pounds ($1 billion), twice the value of its original investment, Reuters reported Tuesday. Glory is a Japan-based maker of money handling machines. The price includes debt held by Talaris, Reuters wrote. Carlyle bought the company, then known as De La Rue Cash Systems, for 360 million pounds, in 2008 from De La Rue Plc. –cn
(Reuters) – Private equity firm Carlyle Group LP said on Tuesday it would sell Talaris, a provider of cash-counting equipment, to Japan’s Glory Ltd for 650 million pounds ($1 billion), twice the value of its original investment.
Glory, Japan’s largest money-handling machine maker, said in a separate statement that the acquisition of the British firm, its largest ever, would help it expand beyond its shrinking home market. The price includes debt held by Talaris.
Carlyle bought the company, then known as De La Rue Cash Systems, for 360 million pounds, in 2008 from De La Rue Plc. It expanded the firm’s operations into countries including Brazil, the buyout firm said in an e-mailed statement.
Glory will use cash and bank loans to pay for the acquisition, as Japanese companies typically have higher cash reserves than their overseas rivals.
Japanese companies’ cash pile amounted to 5.8 percent of gross domestic product in the third quarter of 2011, compared with 2.7 percent in the United States and 1 percent in Europe, according to UBS Securities in Tokyo.
KPMG Fas is advising Glory on the buyout, the company said.