New York, NY and Vaughn, Ontario – Global alternative asset manager The Carlyle Group (NASDAQ: CG) and Empire Communities, one of the Canada’s largest homebuilders, today announced that Carlyle’s credit opportunities fund has provided C$225 million in growth capital financing for Empire’s initiatives in Canada and the U.S.
Mat Feldman, a Managing Director on Carlyle’s credit opportunities team, said, “We are pleased to partner with Empire, a vertically integrated and best-in-class development company. Empire has great assets and a phenomenal track record of creating value.” Alex Popov, Head of Carlyle’s credit opportunities fund, said, “Our core strategy is to invest in the growth of strong companies with committed owners. Empire’s talented management team, led by its three co-founders, has a hands-on style that positions the firm for continued success.”
Empire Co-Founder and CEO Daniel Guizzetti, said, “Carlyle has created a unique financing solution that supports Empire’s growth objectives. We see significant opportunity across Canada and the US, and we are now positioned to capitalize on those opportunities having the financial backing of a premier investment firm like Carlyle.”
Founded in 1993, Empire has built more than 10,000 homes and high-rise condos across Southwestern Ontario and the Greater Toronto Area, with more than 20,000 new homes in the pipeline. Empire is committed to sustainable development and works to positively impact the neighborhoods where they build and the communities they create.
Capital for the investment came from Carlyle’s credit opportunities fund. Carlyle’s opportunistic credit team invests primarily in highly-structured and privately negotiated capital solutions supporting corporate borrowers.
Scotia Capital and RBC Capital Markets acted as a financial advisor to Empire Communities, while Goodmans LLP and Borden Ladner Gervais LLP acted as legal counsel to The Carlyle Group and Empire Communities, respectively.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,575 people in 31 offices across six continents. www.carlyle.com
About Empire Communities
Empire builds vibrant low-rise and high-rise communities across Southwestern Ontario, the GTA and Houston, Texas. Founded in 1993, Empire has built over 10,000 new homes and condos, combining innovative energy-saving features with designs that make luxury living more affordable. Today, Empire is one of the largest homebuilders in Canada, with over 100 awards for their communities, customer service and dedication to green building. www.empirecommunities.com
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The Carlyle Group