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United States : The Carlyle Group, Riverstone Agree to Sell Quorum Business Solutions to Silver Lake [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Global alternative asset manager The Carlyle Group today announced that they and Riverstone Holdings LLC have agreed to sell Houston-based Quorum Business Solutions, Inc., a provider of business and information technology solutions for the oil, gas, and renewable energy industry, to Silver Lake Partners and Silver Lake Kraftwerk. Terms of the transaction, which is expected to close as soon as customary regulatory approvals are received, were not disclosed. Carlyle Operating Executive Charles Rossotti said, We have greatly enjoyed our partnership with the Quorum management team, who did an exceptional job building Quorum into a best-in-class, customer-focused provider of business and information technology solutions to the economically important oil, gas and renewables sectors and positioning the company and their customers for continued success. Carlyle Managing Director Steve Bailey added, We thank the Quorum management team for enabling this, our fifth recent exit from a vertical market software company, an area of focus for our middle market investment team. We wish them continued success with Silver Lake. R. Scott Leeds, Co-Founder, and Executive Chairman and Perry Turbes, President and Chief Executive Officer of Quorum, said, Our company grew and developed tremendously during our four years working with Carlyle and Riverstone. Carlyle contributed their vertical market software experience, which assisted us in evolving our business model, while Riverstone brought their energy industry knowledge. We look forward to the next chapter and continued success with Silver Lake to serve our customers in this growing and fast-changing energy industry. During their ownership, Carlyle and Riverstone worked to help management create value at Quorum in a number of ways such as supporting and assisting management with the Company s introduction of subscription license solutions. Carlyle s U.S. Equity Opportunity team, which made this investment, is focused on middle market investments. Carlyle has a long history of investments in middle market, industry-specific application software solutions companies, including: Carefx, serving the healthcare sector, Compusearch, serving the government sector, ECi, serving small and medium-sized businesses across a range of industry sectors, Gemcom, serving the mining sector, Primatics, serving the financial services sector, RMI, serving the rail sector, SchoolNet, serving the education sector. Carlyle and Riverstone first invested in Quorum in 2010, with equity capital from Carlyle Growth Partners III, L.P., Riverstone/Carlyle Global Energy & Power Fund IV, L.P., and management. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |