Carlyle Group to sell Talaris to Japan's Glory for $1 billion
15 Feb 2012
Private equity firm Carlyle Group yesterday agreed to sell UK-based cash-counting equipment provider Talaris to Japan's Glory Ltd, for £650 million ($1 billion).
Carlyle formed the company in 2008 when it acquired De La Rue Cash Systems, for £360 million in 2008 from De La Rue Plc, the world's biggest non-governmental bank note printing company.
The Washington, D C-based buyout giant, renamed the company to Talaris and expanded it into new geographies, particularly in markets like Brazil, where Carlyle's partner Banco do Brasil is one of Talaris' most recently established clients.
Carlyle said that earnings of the company have increased by more than 40 per cent under its ownership.
Carlyle, which has $148 billion in assets under management, has reaped nearly twice the value of its original investment in Talaris.
Based in Basingstoke, UK, Talaris's predecessor was one of the first companies to sell automated cash machines to banks. It currently holds over 300 patents and designs granted across 28 countries covering every aspect of coin and note management, authentication, mechanisms, software and related technologies.
