A&O Shearman advises Carlyle on joint acquisition of BauWatch

Carlyle and CVC DIF will support BauWatch’s next phase of growth through continued investment in innovation, enhancing its product portfolio and accelerating international expansion. Equity from CVC DIF is provided by its Value-Add IV fund, which invests in mid-market infrastructure companies with strong competitive positions and significant growth potential, often through buy-and-build. Equity for Carlyle’s investment will be provided by the Carlyle Europe Partners platform, which invests in European mid-market opportunities. 

Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With USD485 billion of assets under management as of June 30, 2026, Carlyle’s purpose is to connect people, ideas and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. 

CVC DIF is a leading global mid-market infrastructure equity fund manager. Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has approximately EUR25bn of infrastructure assets under management in energy transition, transport, utilities and digitalization. With over 260 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities. CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 30 offices across five continents.

BauWatch is the leading provider of advanced security solutions across Europe, serving sectors such as construction, renewable energy, infrastructure, vacant property and more. With over 17 years of experience and a footprint in 12 countries, BauWatch operates more than 15,000 active surveillance systems and has successfully completed over 50,000 projects.

Dr. Hendrik Röhricht, said “Advising Carlyle on this strategically important acquisition alongside CVC DIF underscores the continued attractiveness of businesses operating at the intersection of security, technology and infrastructure. BauWatch is exceptionally well positioned for its next phase of growth, and this transaction demonstrates the strength of A&O Shearman's international platform, bringing together specialists from across Europe and the United States to deliver seamless support on complex cross-border investments.”

The A&O Shearman team was led by partner Dr. Hendrik Röhricht (PE, Munich) and further comprised partners Dr. Astrid Krüger (PE), Dr. Heike Weber (Tax), Catharina Glugla (Data Protection, Cybersecurity & AI), Peter Wehner (Employment Litigation) and Dr. Walter Uebelhoer (Debt Finance) as well as senior associates Cornelia Tu (PE), Nils Holzgrefe (Debt Finance), Dr. Stephan Bühner (Environmental and Sanctions), Dr. Thomas Hohe (Employment Litigation) and Simon König (Real Estate), associates Daniel Lenz, Antonia Waltz (both PE), Dr. Daniel Wolf (Debt Finance), Nico Schweitzer (Tax) and Dr. Jan Henrich (Employment Litigation) as well as transaction lawyer Sophia Merkl (PE).

Advice on Dutch law was provided from Amsterdam by partners Justin Steer (PE), Sophie Roozendaal (Corporate), Hanneke Bennaars (Employment), counsel Nicole Wolters Ruckert (IT) and Diederik Kok (Employment Litigation), senior associates Baris Koca, Justine Dreijer (both PE), Fyrone Denny (Tax), and associates Maarten Gülpen, Isabel Rutten, Kevin van Stiphout, Steyn de Wolf (all PE), Pieter Collenteur, Chaima Azouagh (both Employment Litigation), Caspar van Dijk (IP Litigation) and Niki van Douwe (Real Estate).

The U.S. team consisted of partner Kenneth Rivlin (Environmental and Sanctions, New York) as well as associates Emma Schaechter-Santander (Environmental and Sanctions, Washington D.C.), Brendan Holman (Environmental and Sanctions) and Alexis Potter (Litigation and Investigations, both New York).

The international A&O Shearman team further comprised:

• for Poland, partner Magdalena Nasilowska (PE), counsel Kamil Jablonski (IP Litigation) and senior associate Jakub Zebrowski (PE) from Warsaw
• for Italy, senior associates Roberta Errico and Marco Biallo (both PE) from Milan
• for Belgium, senior associates Nathan Rahier (Employment Litigation) from Antwerp and Alexander Pirard (Environmental and Sanctions) from Brussels
• for France, associates Adélie Sallou (ENRI) and Marie Chauvat (Employment Litigation) from Paris
• for the UK, senior associate Soyeon Lim and associates Iris Best (both PE), Ming Zee Tee (Environmental and Sanctions) and Euan Middleton (Employment Litigation) from London
• for Spain, counsel Mario Garcia as well as associates Marta Villar (both ENRI), Marta Gonzalez (Employment Litigation) and José Mollinedo (PE) from Madrid and
• for Luxembourg, associate Damien Frutuoso (PE), as well as, in addition, managing associate Kirsty Keegan (Advanced Deliver—Legal) from Belfast.

CVC DIF was advised by a separate, international A&O Shearman team led by partner Dr. Roman A. Kasten (PE, Frankfurt).