mynth
10/2020MajorityLBO

The Carlyle Group takes majority stake in Calastone

UNITED KINGDOM Fintech & Payments REV £25–50M

Context

The Carlyle Group acquired a majority stake in Calastone from Accel and Octopus Ventures. The deal followed a competitive auction process involving other bidders like Nordic Capital. The strategic rationale was to transform a highly successful, VC-backed fintech into a global institutional-grade market utility. Carlyle aimed to leverage the company's "sticky" recurring revenue (85% from mutual fund routing) and its first-mover advantage in blockchain-based fund infrastructure to drive global scale.

Calastone, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Financial Services sector (13.3x in 2020).

-> Deep-dive in Financial Services market trends

Target

Founded in 2007 in London, Calastone operates as a specialized global funds network providing advanced technology solutions to the wealth and asset management industry. The financial technology enterprise engineers an automated digital ecosystem designed to reduce operational complexity, minimize risk, and drive significant cost efficiencies across the institutional investment lifecycle. Functioning as a critical infrastructure layer for the international financial sector, the business processes an immense volume exceeding £250 billion in investment value on a monthly basis. Led by Chief Executive Officer Julien Hammerson, the organization coordinates a vast commercial and technical footprint, actively connecting more than 4,500 institutional clients distributed across 57 countries and territories. To support this massive cross-border capacity, the corporate structure maintains strategic regional offices in major financial hubs, including Luxembourg, Hong Kong, Taipei, Singapore, New York, and Sydney. The proprietary software platform continuously adapts to shifting capital market demands, recently enhancing its specialized product suite to support exchange-traded funds (ETFs) and emerging digital asset classes, specifically targeting tokenized investment funds. By deploying market-leading innovation, the company enables asset managers to achieve greater market efficiency.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2020
£25–50M
£5–25M
[members only]
2019
£25–50M
£5–25M
[members only]

Other operations with Calastone

Other operations with Calastone
DateAcquirerTargetCountrySector
01/2025SS&C TECHNOLOGIESCALASTONEUNITED KINGDOMFintech & Payments

Other operations with The Carlyle Group

Other operations with The Carlyle Group
DateAcquirerTargetCountrySector
10/2026THE CARLYLE GROUPNIDEC COMPONENTSJAPANSensors & Optics
09/2026THE CARLYLE GROUP / CVCBAUWATCHNETHERLANDSSecurity & Guarding
07/2026THE CARLYLE GROUPSECTURION SYSTEMSUNITED STATESElectronics
09/2025THE CARLYLE GROUP / BPIFRANCECIRIL GROUPFRANCEIndustry-Specific Software
07/2025THE CARLYLE GROUPADASTRA GROUPCANADAEngineering & Consulting
10/2023THE CARLYLE GROUPLOCABOXFRANCEWarehousing / 3PL
05/2023THE CARLYLE GROUPMEOPTA-OPTIKACZECH REPUBLICSensors & Optics
01/2023THE CARLYLE GROUPGROUPE LACOURFRANCEAutomotive
12/2022THE CARLYLE GROUPTESCAN GROUPCZECH REPUBLICInstrumentation & Measurement
05/2022THE CARLYLE GROUPMANTECH INTERNATIONAL CORPORATIONUNITED STATESCybersecurity Services

Similar deals in Fintech & Payments

Similar deals in Fintech & Payments
DateAcquirerTargetCountrySector
10/2022PARTNERS GROUPTELEPASSITALYFintech & Payments
10/2021ADVENT INTERNATIONAL / EURAZEOPLANET PAYMENTIRELANDFintech & Payments
11/2020NEXINETSDENMARKFintech & Payments
10/2020ANACAP FINANCIAL PARTNERSMARKET PAYFRANCEFintech & Payments
08/2020EURONEXTVP SECURITIESDENMARKFintech & Payments
04/2019INFRONTVEREINIGTE WIRTSCHAFTSDIENSTE VWD GROUPGERMANYFintech & Payments
11/2015EURAZEOPLANET PAYMENTIRELANDFintech & Payments
03/2014ADVENT INTERNATIONAL / ATP PEP / BAIN CAPITALNETSDENMARKFintech & Payments
09/2013CVCSKRILL GROUPUNITED KINGDOMFintech & Payments
08/2012EXPONENT PRIVATE EQUITYPLANET PAYMENTIRELANDFintech & Payments

REFERENCES

Revenue range: REV £25–50M

EBITDA range: £5–25M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Calastone by The Carlyle Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: calastone

Acquirer: the carlyle group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Calastone, a British company specialised in Fintech & Payments, by The Carlyle Group in 2020, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with SS&C Technologies in January 2025 (see the dedicated deal page for details).

What were Calastone’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Calastone generated annual revenue estimated in the £25–50M range and EBITDA in the £5–25M bracket (FY 2020). Detailed financial figures are available to members.

How does the valuation of Calastone compare to benchmarks in the Financial Services sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 13.3x EBITDA during 2020.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.