A&O Shearman advises CVC DIF on joint acquisition of BauWatch

CVC DIF is acquiring BauWatch jointly with global investment firm Carlyle. Haniel, a leading German family equity company, will retain a 10% minority stake in BauWatch. The transaction is subject to customary regulatory approvals and is expected to close in the first quarter of 2027.

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. 

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 EUR25 billion 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. 

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 USD485bn 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. 

BauWatch is the leading provider of advanced security solutions across Europe, serving sectors such as construction, renewable energy, critical 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. 

The A&O Shearman team was led by partner Dr. Roman A. Kasten (PE, Frankfurt) and comprised partner Tim Drach (Tax, Frankfurt), counsel Dr. Ioannis Thanos (Antitrust), senior associate Dr. Marcus Mackensen (PE, both Hamburg) as well as associates Johann Hornberg, Kim Annett Fricke as well Vanessa Eckert (all PE) and Felix Palmqvist (Tax, all Frankfurt). 

The international team included colleagues from Luxembourg, among others, with Partner Pol Theisen (M&A) and Patrick Mischo (Tax), Senior Legal Advisor Khalil Boudhina, Idil Kirikoglu (M&A), and Senior Associate Julie Kofler (Tax); from the Netherlands with Partner Jasper de Jong, Senior Associate Hugo Eijsvogel (both M&A), Consultant Suzanne Kampijon, and Associate Jamie-Lee Frank (both Employment, all Amsterdam); while Partner Vivian Cao and Associate Rui Wang (both Antitrust, Shanghai) covered questions of Chinese law.