Carlyle, Ex-Domino’s CEO to Buy Brands Worth Up to $10 Billion

(Bloomberg) -- The former Domino’s Pizza Inc. chief who oversaw a period of blistering growth for the restaurant chain is teaming up with Carlyle Group LP to buy other consumer companies that can benefit from a technology overhaul.

Patrick Doyle, who left his post as Domino’s chief executive officer in 2018, will work with Carlyle to acquire established brands worth as much as $10 billion, according to a statement Wednesday. The partnership will focus on both public and closely held companies, including family businesses, initially targeting the consumer and retail sectors in North America and Europe.

“We are looking for established companies that consider technological and digital improvement a top priority but haven’t yet had the adequate resources or expertise to pursue this evolution of their businesses,” said Jay Sammons, Carlyle’s head of global consumer, media and retail, who will be working with Doyle.

Carlyle, which oversaw $223 billion as of June 30, is banking on technology, media and telecommunications as a key to its growth. This week, the Washington-based firm said it’s backing HireVue, which uses artificial intelligence to help companies make hiring decisions. Carlyle has also invested in DiscoverOrg, which uses data to help companies drive their sales, marketing and recruiting efforts.

Doyle, who took over as CEO at Domino’s in 2010, gained experience turning around a consumer company through technology. During his tenure, the chain doubled its market share to become the world’s top pizza company based on retail sales. Its decision to embrace tech -- from mobile-ordering capabilities to “hot spot” delivery for locations without an address -- is largely credited with the overhaul.

Doyle, 56, will contribute personal capital to each acquisition, the companies said.

©2019 Bloomberg L.P.

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