Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 9.10.2018  
C(2018 ) 6734 final  
PUBLIC VERSION  
 
 
To the notifying parties  
 
Subject : Case M. 9102 — Carlyle/Investindustrial/B&B Italia/Louis Poulsen/Flos  
Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreement on the European Economic Area2  
Dear Sir or Madam,  
1. On 14 September 2018 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  CEP IV Daisy 
S.à r.l., controlled by The Carlyle Group (together ‘Carlyle’, USA)  and Investindustrial 
Vehicle, controlled by the Investindu strial Group (together ‘Investindustrial’, UK)  acquire 
within the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint 
control of the whole of B&B Italia S.p.A. (‘B&B Italia’, Italy) , Louis Poulse n A/S (‘Louis 
Poulse n’, Denmark) and Flos S.p.A. (‘Flos’, Italy)  by way of purchase of shares .3 B&B 
Italia, Louis Poulsen and Flos are currently solely controlled by Investindustrial.  
2. The business activities of the undertakings concerned are:  
 for Carlyle: as a global alternative asset manager,  managing funds that invest globally 
in buyout and growth capital, real estate, infrastructure and energy, structured credit, 
hedge funds, middle market debt and private equity,  
 for Investindustrial: as a European group of investment, holding and financial  advisory 
companies, investing in medium -sized companies active in sectors such as industrial 
manufacturing, retail, leisure and business services,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the 'Merger Regulation '). With effect from 1 December 2009,  the Treaty on the 
Functioning of the European Union ( 'TFEU ') has introduced certain changes, such as the replacement of 
'Community ' by 'Union ' and 'common market ' by 'internal market '. The terminology of the TFEU will be used 
throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the 'EEA Agreement '). 
3  Publication in the Official Journal of the European Union No C 338, 21.9.2018 , p. 28. 

2  for B&B Italia: the manufacture and distribution of designer furniture focusing on 
indoor and outdoor furnit ure for residential applications, including furniture for living 
rooms, bedrooms, kitchens, as well as light fixtures for indoor use,  
 for Louis Poulsen: the manufacture and distribution of designer lighting solutions, 
including indoor and outdoor lighting products for consumer and professional use,  
 for Flos: the manufacture and distribution of designer lighting solutions, including 
indoor and outdoor lighting products for consumer and professional use.  
3. After examination of the notification, the European Com mission has concluded that the 
notified operation falls within the scope of the Merger  Regulation  and of paragraph 5 (b) of 
the Commission Notice on a simplified procedure for treatment of certain concentrations 
under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European Commission 
has decided not to oppose the notified operation and to declare it compatible with the 
internal market and with the EEA Agreement. This decision is adopted in applicat ion of 
Article 6(1)(b) of the Merger  Regulation  and Article 57 of the EEA Agreement . 
For the Commission  
 
(Signed)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .