The Carlyle Group completes the sale of Talaris

GLORY Ltd, a manufacturer of money handling and cash management systems, as acquired Talaris from The Carlyle Group for £650m

 Talaris has expanded to new markets and increased earnings by more than 40% during Carlyle’s ownership

 London, UK – Global alternative asset manager TheCarlyle Group today announced that it has completed the sale of Talaris to GLORY LTD. (GLORY) following necessary regulatory approvals.  The transaction has 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.

Carlyle Europe Partners III, L.P. acquired De La Rue Cash Systems from De La Rue plc in September 2008 for £360m, rebranding the company “Talaris”, and focusing on the growth of the business through expansion into new markets accompanied by significant investment in new product related research and development.Carlylefacilitated the company’s expansion into new geographies, such as Brazil, whereCarlyle’s partner Banco do Brasil is one of Talaris’ newest clients.Carlyle’s continuous investment in new technologies has enabled Talaris’ products to continue to set the industry standards. Earnings increased by more than 40% underCarlyle’s ownership.

Headquartered inBasingstoke, Talaris designs, manufactures, sells and maintains cash management solutions with customers across the banking, retail and gaming sectors. The company delivers cash handling solutions on every continent and employs approximately 1,900 personnel around the world. Talaris offers integrated local, pan-regional and international solutions with direct offices in more than 20 countries complemented by a substantial network of business partners increasing coverage to more than 100 countries.

Tim Robinson, CEO ofTalaris, said, “We are delighted to have partnered withCarlyle, which has supportedTalaris’ global rebrand and transformation into an independent, fast growing and highly profitable business. DuringCarlyle’s four year ownership, our earnings increased by more than 40% and we expanded into many new and emerging markets. Carlyle’s sector expertise and global platform have been invaluable to the company and fundamental to the growth and success we have enjoyed. We are excited about the new partnership with GLORY, which we believe will enhance our combined offerings, underscoring our continued commitment to delivering excellence in customer service.”

Andrew Burgess, Managing Director at TheCarlyleGroup, said, “Talaris delivers strong growth through innovation and excellence in execution. In 2008, we were confident in the continued popular use of cash and subsequent increased global demand for efficient cash handling solutions by financial institutions, and are delighted to have delivered our value creation strategy for the company. GLORY is an excellent strategic partner for Talaris and this transaction is an exciting opportunity to ensure the business continues to maximise its full global potential.”

Hirokazu Onoe, President of GLORY, said, “Talaris has demonstrated strong performance in recent years despite the challenging market environment and we are excited by our combined growth potential. Our acquisition of Talaris will provide GLORY with a global distribution and maintenance service network, the additional solution capabilities of Talaris Group, as well as an extensive customer base. Moreover, by combining GLORY’s product development capabilities with Talaris’ expertise, improved services for money handling solutions can be provided to our customers.”

Equity for this investment came fromCarlyle Europe Partners III (CEP III), a €5.3 billion investment fund that closed in 2007.

Carlyle was advised by Bank of America Merrill Lynch and Clifford Chance. Glory is advised by KPMG LLP and Slaughter & May.

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Notes to editors:

About Talaris
Talaris provides comprehensive global cash management solutions that deliver measureable results for business optimisation across the banking, retail and gaming sectors. Through its solutions delivery the company is committed to ensuring our customers achieve their business objectives of increasing efficiency, enhancing productivity and customer service and delivering bottom line profitability.

As a global business it comprises of over 1,900 personnel including more than 1,100 service and support staff operating from direct offices in over 20 countries. This model is further enhanced by a network of more than 130 business partners increasing coverage to over 100 countries and enabling local and regional solutions delivery as required.

The Group is committed to innovation and 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. It is these innovations that continue to further differentiate the business and deliver true business value to customers on every continent – wherever money moves.

Talaris was formerly a De La Rue Company, and commenced independent operations in September 2008 as a result of a management led buyout supported by The Carlyle Group, one of the world’s largest private equity firms. In 2010 Talaris was ranked 67th in The Sunday Times HSBC Top Track 250 league table.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with approximately $159 billion of assets under management in 94 funds and 63 fund of fund vehicles as of March 31, 2012. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,300 people in 32 offices across six continents. www.carlyle.com

About GLORY LTD.
GLORY LTD., headquartered in Himeji, Japan, is a pioneer in the development and manufacture of money handling machines and systems. GLORY provides a variety of products built on its leading-edge recognition/identification and mechatronics technology, such as money handling machines, cash management systems, vending machines and automatic service equipment. Committed to meeting society's wide-ranging needs, GLORY serves the financial, retail, vending machine, amusement and gaming industries in over 80 countries of world. GLORY employs more than 6,000 people worldwide. For more information about GLORY, please visit GLORY's global website at http://www.glory-global.com.

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