In July, The Carlyle Group completed the sale of cash handling company Talaris for £650 million (€806 million; $1 billion) to Japanese money handling business Glory. The firm did not disclose its return multiple for the deal, but a source with knowledge of the situation says it made nearly four times its investment.
Once it had acquired the business – and rebranded it as Talaris – Carlyle increased the capability of the management team by hiring Paul Heiden for the new position of non-executive chairman. A former chief executive officer of British engineering and manufacturing company FKI, Heiden also held the position of finance director at Rolls Royce.
One of the most significant ways in which Carlyle grew Talaris’ business was by adding customers in new geographies, including Australia, India and Turkey.
3. UPGRADING PRODUCTS AND SERVICE
By soliciting customer feedback through focus groups, Carlyle helped improve the service side of Talaris’ business, as well as increasing the attractiveness of its products.
One of the biggest challenges for automated cash handling products is the creation of new versions of bank notes and currencies. Carlyle and Talaris positioned the company to be equipped for such changes by ensuring that its software could easily adapt to newly introduced bank notes.