Global alternative asset manager the Carlyle Group has received a binding irrevocable offer from Glory to purchase Talaris for an enterprise value of £650m. Talaris is a global provider of cash handling equipment, servicing and software solutions and Glory is a manufacturer of money handling systems. Following consultation with the French works council, if the offer is accepted, the contemplated transaction will be subject to regulatory approvals.
Carlyle Europe Partners III, L.P. acquired De La Rue Cash Systems from De La Rue in September 2008 for £360m, rebranding the company “Talaris”, and focusing on the growth of the business through expansion into new markets accompanied by investment in new product related research and development. Earnings have increased by more than 40% under Carlyle’s ownership.
Carlyle is advised by Bank of America Merrill Lynch and Clifford Chance. Glory is advised by KPMG and Slaughter & May.