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Rating:How Do an Olsen Twin and an Ex-Prez of France Tie In to the TCW Sale? Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 10, 2012

How Do an Olsen Twin and an Ex-Prez of France Tie In to the TCW Sale?

News summary by MFWire's editors

What do Marc Stern and an Olsen twin have in common? Did you know that the sibling of an ex-president of France pulled the trigger on Carlyle Group's planned purchase of TCW [profile] from Societe Generale? Those are just two tidbits gleaned from morning-after coverage of the deal.

Multiple publications note that Olivier Sarkozy, head of Carlyle's global financial services group and architect of the deal, is the half-brother of French ex-president Nicholas Sarkozy. That probably didn't hurt Carlyle's negotiating position with SocGen, a giant French bank. And as a recently as July 19 the New York Post reported that "the romance between Mary-Kate Olsen and Olivier Sarkozy is becoming more serious," with Sarkozy buying a downtown Big Apple townhouse.

Morningstar's Fund Times column and TCW's hometown paper, the Los Angeles Times, both confirm that TCW offered PMs five-year contracts and equity in TCW (management and employees will hold 40 percent post-sale), and that PMs in charge of 90 percent of TCW's $131 billion in assets under management have already signed up.

Although the terms of the deal were not disclosed, multiple pubs estimate that the deal values TCW at between $700 million and $800 million in total, putting the price tag for Carlyle's funds' 60 percent stake at $420 million to $480 million.

Carlyle's hometown paper, the Washington Post, notes that, despite the deal, yesterday was not a good day for the freshly-public private equity shop. Its shares fell 1.31 percent to $24.02.

Is a TCW IPO right around the corner? Multiple pubs highlight the fact that Carlyle's buying TCW for two of its funds, not for itself, suggesting a shorter expected hold time. Sarkozy, TCW chairman-to-be and outgoing CEO Marc Stern, and new TCW CEO David Lippman all told Pensions & Investments that it's too early to speculate on a possible TCW IPO. Fortune, though, is more certain.

"Don't be surprised to see TCW on the IPO calendar within the next couple of years," a Fortune editor writes.

Deal coverage pops up in a number of other pubs, including: Agence France-Presse, the Associated Press, Bloomberg Businessweek, the Deal, the Financial Times, the Los Angeles Business Journal, the New York Times, RTTNews and the Wall Street Journal 

Edited by: Neil Anderson, Managing Editor


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