Carlyle to sell Iwasaki Electric to Stanley Electric

Tokyo, Japan - 29 January 2026 - Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell Iwasaki Electric Co. Ltd. ("Iwasaki"), a leading Japanese provider of light sources, lighting fixtures, optical and environmental equipment, and related solutions, to Stanley Electric Co. Ltd. ("Stanley Electric"), a Japanese manufacturer primarily engaged in automotive equipment, electronic components, and applied electronic products. The transaction, which is subject to regulatory approvals, is expected to close by April 2026.

Carlyle acquired Iwasaki in 2023 and has since worked closely with management to drive sustainable, long-term growth and strengthen the company's position in its two core businesses: Lighting Solutions and Applied Optics and Environment Solutions.

This was achieved through reorganizing Iwasaki's manufacturing footprint, including production sites and the consolidation of subsidiaries, to enable tighter integration between manufacturing and sales. These initiatives helped establish a highly competitive organizational structure that supported the company's transition from a legacy High Intensity Discharge ("HID") lamp-based business model to an LED business, as the industry accelerated its shift towards LED. In addition, the business' shift from a product-centric business model to a solution-centric model was accelerated by positioning Connected Smart Lighting ("CSL"), which enables remote lighting control, as a key driver, to meet the growing market opportunity. This includes industrial light sources and irradiation systems utilizing diverse optical technologies for applications such as curing, sterilization, and heating. This resulted in the business delivering integrated and higher value-add products and solutions that are essential to social and industrial development, including decarbonization, energy efficiency and disaster prevention and mitigation.

Yoshitake Ito, President and CEO, Iwasaki, said: "Our partnership with Carlyle has played an important role in Iwasaki's growth by enabling manufacturing footprint reorganizations and delivering growth initiatives. We would like to thank the Carlyle team for their support and collaboration and for all that we have accomplished together. We are pleased to enter our next phase of growth with Stanley Electric and are excited to unlock new opportunities by leveraging our complementary capabilities and shared vision."

Taiji Isono, a Managing Director in the Carlyle Japan advisory team, said: "We are delighted to have supported Iwasaki through a period of significant growth, working closely with President and CEO Yoshitake Ito and the management team. Together we have invested in people, manufacturing and product development capabilities, and strategically repositioned the company's business model, which has delivered strong growth. We look forward to seeing Iwasaki continue to thrive with its new partner."

The sale of Iwasaki builds on Carlyle's well-established track record of investing in industrial businesses in Japan. Investments in this space include Rigaku, Enewill, Kokusai Kogyo, and SENQCIA. Carlyle has invested more than 700 billion yen across over 40 Japanese companies since entering the market in 2000.

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About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and operates through three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,400 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X at @OneCarlyle.

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