Houlihan Lokey Advises Carlyle

Houlihan Lokey is pleased to announce that a consortium of funds, including Carlyle and CVC DIF, has agreed to acquire BauWatch from Haniel. Haniel will retain a 10% minority stake. The transaction is subject to customary regulatory approvals and is expected to close in Q1 2027.

Carlyle is a global investment firm that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $485 billion of assets under management as of June 30, 2026, Carlyle employs more than 2,500 people in 28 offices across four continents.

CVC DIF is a leading global middle-market infrastructure equity fund manager. Founded in 2005 and headquartered in Amsterdam, Netherlands, it has c. €25 billion of infrastructure assets under management in energy transition, transport, utilities, and digitalisation.

Headquartered in Apeldoorn, Netherlands, BauWatch helps safeguard large-scale construction projects and critical infrastructure, such as power plants and substations, renewable energy assets, and other essential assets, through an integrated platform that combines remote video surveillance, AI-enabled monitoring, and 24/7 alarm response services.

BauWatch is the leading provider of advanced security solutions across Europe, serving sectors such as construction, renewable energy, critical infrastructure, vacant property, and more. With more than 17 years of experience and a footprint in 12 countries, BauWatch has completed more than 50,000 projects. The company’s resources include more than 15,000 active security solutions, various solutions for controlled site check-ins, certified alarm response centres, and in-house service teams, ensuring 24/7 project protection.

Al Ghelani, Chief Executive Officer of BauWatch, said, “We are genuinely excited about what lies ahead with CVC DIF and Carlyle. We share a clear ambition to strengthen our capabilities and continue growing our business at pace. Most importantly, we look forward to creating even more value for our customers and our people, while building on the strong foundation that has brought us to where we are today.”

Simon Pex, Managing Director at Carlyle, said, “BauWatch sits at the intersection of several attractive long-term trends, including the growing demand for security across construction, critical infrastructure, and renewable energy, and Europe’s broader need for physical resilience. The company has built a market-leading technology platform and a reputation for innovation and operational excellence. We look forward to partnering with the management team and CVC DIF to strengthen BauWatch’s leadership position and support its international expansion.”

Carlyle and CVC DIF will support BauWatch’s next phase of growth through continued investment in innovation, enhancement of its product portfolio, and acceleration of international expansion. Equity for Carlyle’s investment will be provided by the Carlyle Europe Partners platform, which invests in European middle-market opportunities. Equity from CVC DIF is provided by its Value-Add IV fund, which invests in middle-market infrastructure companies with strong competitive positions and significant growth potential, often through buy-and-build.

Houlihan Lokey acted as the buyside financial advisor to Carlyle.

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