K&L Gates LLP has advised Carlyle Europe Technology Partners II, L.P., a fund controlled by The Carlyle Group (NASDAQ: CG), on its sale of P&I Personal & Informatik AG (XTRA: PUI) to HgCapital. Based in Wiesbaden, P&I AG is a premium developer and vendor of integrated software solutions for HR management, employing 360 staff in six locations in Germany and seven locations in Europe.

One of the most successful exits of the year in the European software sector, the sale of P&I AG was implemented by way of a limited auction. HgCapital is acquiring approximately 91% of the listed company and yesterday announced its intention to submit a voluntary public takeover offer to the outstanding shareholders of P&I AG.

The Carlyle Group again turned to the team of Frankfurt corporate partners Andreas Füchsel and Claudius Paul for the secondary buy-out. The pair previously advised Carlyle on both its reinvestment in P&I AG in 2009 and on the acquisition of German vwd group in 2012, each by way of voluntary public takeover offers. Füchsel and Paul were assisted on the transaction by partner Dr. Matthias Grund (finance) and associate Kerstin Hanke (corporate).