Carlyle's Strategic Exit: HSO Sold to Bain Capital
Deal News | Aug 13, 2025 | The Carlyle Group
Global investment firm Carlyle Group has announced a strategic divestment of its stake in HSO, a prominent Microsoft services partner, to Bain Capital. HSO, a leader in Microsoft Dynamics services, has expanded under Carlyle's ownership, aligning with Microsoft's cloud and AI priorities. Bain Capital is set to partner with HSO's founder, Peter J. ter Maaten, to further propel the company's growth, capitalizing on trends such as cloud migration and AI-led automation. Carlyle's involvement has transformed HSO into a top-tier Microsoft Dynamics partner, and this deal signifies a new phase as Bain Capital joins forces to harness emerging technological trends and solidify HSO's position as a global leader.
Sectors
- Private Equity
- Technology Services
Geography
- Global – The companies involved, Carlyle, Bain Capital, and HSO, operate on a global scale, impacting markets across North America, Europe, and Asia Pacific.
Industry
- Private Equity – The article discusses a major transaction involving Carlyle Group and Bain Capital, both prominent players in the private equity sector.
- Technology Services – HSO operates as a Microsoft services partner, offering a range of enterprise technology solutions, particularly around Microsoft Dynamics, cloud, and AI.
Financials
- $465 billion – Total assets under management by Carlyle as of June 30, 2025.
- $185 billion – Total assets under management by Bain Capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| HSO | Target Company | Company | A leading global Microsoft Dynamics services partner, offering enterprise-grade services across multiple Microsoft technologies. |
| Carlyle Group | Selling Company | Company | A global investment firm with expertise in private equity, credit, and investment solutions. |
| Bain Capital | Bidding Companybuyer | Company | A leading private investment firm involved in the acquisition of HSO from Carlyle Group. |
| Peter J. ter Maaten | Founder & CEO of HSO | Person | Significant shareholder in HSO and will remain involved alongside Bain Capital post-acquisition. |
| Michael Wand | Head of Europe Private Equity at Carlyle | Person | Involved in the strategic divestment of HSO to Bain Capital. |
| Thibault Thevissen | Principal at Carlyle Europe Technology Partners | Person | Played a role in the investment and development of HSO under Carlyle's ownership. |
| Christophe Jacobs van Merlen | Partner at Bain Capital | Person | Involved in making strategic investments and partnerships with HSO for future growth. |
| Charles Lamanna | CVP, Business & Industry Copilot at Microsoft | Person | Executive Sponsor of HSO, vital in its partnership with Microsoft. |