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,  21.2.2022  
C(2022 )1185 final  
 PUBLIC VERSION  
The Carlyle Group , Inc.  
One Vanderbilt Avenue  
Suite 3400  
New York, NY 10017  
United States  
 
Warburg Pincus LLC  
450 Lexington Avenue  
New York, NY 10017  
United States  
Subject : Case M.10562  – CARLYLE / WARBURG PINCUS / DURAVANT  
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 27 January  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking s The Carlyle Group , Inc.  (‘Carlyle’, United States) and  Warburg Pincus 
LLC (‘ Warburg Pincus’, United States) intend  to acquire within the meaning of 
Article s 3(1)(b)  and 3(4)  of the Merger Regulation joint control of undertaking  
Duravant LLC (‘Duravant’, United States), controlled by Warburg Pincus , by way of 
purchase of a shareholding from Warburg Pincus, through a Unit P urchase 
Agreement .3 
2. The business activities of the undertakings concerned are:  
 for Carlyle: as a global alternative asset manager, managing funds that invest 
globally across three investment disciplines: (i) Global Private Equity (including 
corporate priva te equity, real estate and natural resources funds); (ii) Global Credit 
                                                 
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 62, 4.2.2022, p. 14. 

2 (including liquid credit, illiquid credit and real assets credit); and (iii) Investment 
Solutions (private equity fund of funds program, which include primary fund, 
secondary and relat ed co -investment activities).  
 for Warburg Pincus: as a global private equity firm, managing companies that are 
active in a variety of sectors, including consumer and industrial and business 
services.  
 for Duravant: manufacturing and supp lying processing and  logistics equipment for 
companies active particularly in the food and beverage, and e -commerce and 
distribution sectors, and related aftermarket offerings (including parts, installation 
and maintenance).  
3. After examination of the notification, the European Commission 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 application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .