The Carlyle Group has acquired Array for an undisclosed amount.
Array provides retail merchandising displays and store fixtures in more than 30,000 retail locations to the prestige cosmetics industry. Headquartered in Toronto ,Ontario, the company also has operations in Bradford, Ontario, New York, Mexico City and Shenzhen, China. Carlyle acquired the firm from TorQuest Partners, a Canadian private equity firm. The U.S.-based asset manager is funding the purchase from Carlyle U.S. Equity Opportunity Fund II, a middle-market buyout fund.
David Scharf, a Carlyle operating adviser, said, “Array has a strong track record of partnering with prestige customers and servicing its clients’ needs in a competitive, time–sensitive market….We believe Carlyle’s sector expertise as well as synergies with other Carlyle portfolio companies will open up new avenues for the company to pursue, fostering growth and innovation.”
Tom Hendren, chief executive officer of Array, said, “We believe that the company has a tremendous global runway for future growth….We know that Carlyle has the scale, global reach and expertise to help us deliver on our quest to serve our global clients.”
Array was founded over 30 years ago by John Fielding, who said, “It has been a great joy to watch our business grow since its inception in 1981. Over the last five years, we have focused even more intensely on growing our global footprint and ensuring that our long-term clients receive the highest levels of service and quality.”
Fielding, Hendren and the Array team will stay on and work with Carlyle to continue building Array’s business.