The Carlyle Group has acquired Prime Clerk, a bankruptcy claims and noticing administrator. The investment in Prime Clerk was made through Carlyle Strategic Partners IV which closed in February 2017 with $2.5 billion of capital.
Prime Clerk focuses on restructuring and bankruptcy administration. The company’s services include pre-bankruptcy filing preparation, noticing solutions, claims administration, balloting and tabulation, secure disbursements, communications and call center support, case specific websites and virtual data rooms. Customers of Prime Clerk include, among others, Toys ‘R Us; Takata Holdings; Avaya; SunEdison; Payless Holdings; and Commonwealth of Puerto Rico. Prime Clerk, led by CEO Shai Waisman, was founded in 2013 and is based in New York (www.primeclerk.com).
Under the Bankruptcy Code, the clerk of the court is charged with providing notice to creditors and maintaining the claims register. According to Prime Clerk, the ever-increasing size and complexity of bankruptcy cases requires that these administrative requirements be outsourced through professional organizations.
“Together with Carlyle and our existing management team we will continue our growth trajectory, offering new and innovative services in adjacent business lines, and expanding globally,” said Mr. Waisman. “Having Carlyle by our side is a validation of our business model, professionalism and commitment to excellence.”
“The Prime Clerk leadership team has harnessed their extensive legal, claims administration and noticing solutions expertise to create a thriving and market-leading business,” said Shary Moalemzadeh, Managing Director and Co-head of Carlyle Strategic Partners. “By leveraging Carlyle’s global network and providing the company with growth capital, we will help take Prime Clerk to the next level of success. We are proud to partner with this management team.”
The Carlyle Group (NASDAQ: CG) invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The firm employs approximately 1,550 people in 31 offices across six continents and is based in Washington, DC (www.carlyle.com).
© 2017 Private Equity Professional | December 12, 2017
