PE HUB Wire Highlights, 7.31.19

Aurora nears $1.5 bln target on Fund VI; Carlyle switches to C-corp; Thoma Bravo buys J.D. Power

Morning, Hubsters. Who watched the debates last night? I did for a bit. I must say I was most entertained by Marianne Williamson.

It’s official. Carlyle Group has become the latest buyout shop to convert to a C-corp. The PE firm also unveiled a one-share, one-vote structure that aims to provide more transparency. The structure will give the roughly 30 percent shareholders of Carlyle, who aren’t insiders, greater say, the Wall Street Journal reported. The changes also help Carlyle’s inclusion in indexes and the S&P 500, which doesn’t allow companies with more than one class of shares, the story said.

Several PE firms have already switched to C-corp including KKRBlackstoneApollo and Ares Management. The firms have seen their share prices increase since making the change.

Hubsters, what do you think of this change? Will this benefit Carlyle? Any dangers? Email me your thoughts at lbeltran@buyoutsinsider.com

In more Carlyle news, the buyout shop is winding down a $4 billion energy credit business after the co-heads of the unit recently exited, Bloomberg reported. David Albert and Rahul Culas left Carlyle, causing a so-called key-man event on the Carlyle Energy Mezzanine Opportunities Fund II, the story said.

DealsThoma Bravo is buying J.D. Power, a provider of data analytics and consumer intelligence. No financial terms but XIO was seeking about $2.4 billion for the business, Buyouts has reported. See our brief here.

Lightyear is also selling Wealth Enhancement Group to TA Associates. Wealth Enhancement produces pro-forma, run-rate Ebitda of $35 million and was expected to sell for 15x, Buyouts reported. Check out our brief here.

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