Carlyle’s approx. $1bn Acquisition of END

By Mikail Boudouda and Hippolyte Meuleau (Grenoble École de Management), Justin Leung and Harson Lin (Hong Kong University of Science and Technology)


Overview of the deal

Acquirer: The Carlyle Group

Target: END (Ashworth and Parker Ltd.)

Implied Equity Value: $1bn, according to Bloomberg’s estimate

Closed date: 04/01/2021

Acquirer advisor: Morgan Stanley, RBC, and Latham & Watkins

Target advisor: Goldman Sachs and Womble Bond Dickinson

On 23 March, The Carlyle Group announced that it was acquiring a major stake in the luxury, streetwear, and sportswear retailer END founded in 2005. After Supreme in 2017 (for a $500 million deal), the Carlyle Group continues to expand its experience and influence in the luxury and streetwear industries. Since 2005, END has come a long way and has built a powerful online business with an international reach. The company now employs over 650 people and ships to over 100 countries. END has built a reputation for providing a high-quality consumer experience, not least through a careful selection of its products. With over $246 billion in assets under management, the Carlyle Group maintains its strategy of thoughtful investment. The transaction will be funded by Carlyle Europe Partners and an affiliate of Carlyle Asia Partners.

“We are thrilled to welcome Carlyle as our new partner. Their experience and strong track record in Luxury and Streetwear will be invaluable to us in supporting END’s long-term and sustainable growth strategy.” - Christiaan Ashworth & John Parker, Co-Founders, and Co-CEOs

Company Details: (Acquirer - The Carlyle Group)

The Carlyle Group is an asset management company founded in 1087 and specialising in private equity. Headquartered in Washington, D.C., the group invests in a wide range of businesses. The Carlyle Group has already invested over $20 billion in the consumer sector.

Founded in 1987, headquartered in Washington, D.C., USA

CEO: Kewsong Lee

Number of employees: 1825

Market Cap: $13,259.5 million (as of 04/01/2021)

EV: $20,360 million

LTM Revenue: $2,934.6 million

LTM EBITDA: $873.8 million

LTM EV/Revenue: 6.93x


Company Details: (Target - END)

END is a retailer that works with over 500 designers and brands. The company's activities are divided between shops, mobile applications, and an online platform that has given it an international dimension and contributed greatly to its success. The company is mainly known for its trade in sneakers and luxury clothing.