Carlyle Group to Take Minority Stake in Beats ElectronicsKiel Porter
Carlyle Group LP, the world’s second-largest manager of alternative assets such as private equity and property, agreed to buy a minority stake in Beats Electronics LLC, the headphone maker founded by hip-hop artist Dr. Dre, for an undisclosed price.
Carlyle, which had $180 billion of assets under management at the end of June, will work with the management team to continue expanding the brand, Beats Electronics said in a statement today. HTC Corp., a Taiwanese smartphone vendor, is selling its remaining stake in Santa Monica, California-based Beats Electronics for $265 million, according to a statement on Taiwan’s stock exchange today.
“Carlyle has a strong history of helping great brands expand globally,” Sandra Horbach, head of consumer and retail at Washington-based Carlyle, said in the statement. “We are thrilled to partner with Jimmy Iovine, Dr. Dre and their talented management and product teams.”
Beats Electronics was founded in 2008 by music producer Iovine and Dr. Dre. Carlyle operated 118 funds and 81 fund of funds at the end of June, according to the statement.