Anthesis Group Acquisition, Valuation, Funding & Investors

Anthesis Group was acquired by Carlyle Group for $508M in June 2023, a 10.0x multiple on $51M of revenue.

Anthesis Group acquisition price

$508M

Acquired by Carlyle Group · Jun 2023

Anthesis Group revenue at acquisition

$51M

Last twelve months · Jun 2023

Anthesis Group revenue multiple at acquisition

10.0x

EV/Revenue · Jun 2023

Key investors in Anthesis Group

  • Palatine Private Equity

Anthesis Group Overview

About Anthesis Group

Anthesis Group is a global sustainability consultancy that partners with businesses to deliver net zero strategies, circular economy programs, and ESG reporting frameworks. The London-headquartered firm maintains offices across the United Kingdom, United States, Australia, and Europe, serving clients such as Unilever, Tesco, and Nestlé. Anthesis Group supports supply chain decarbonization and biodiversity initiatives through tailored advisory services and digital tools. Established in 2011, the company integrates sustainability into core operations for over 300 partner organizations worldwide, driving measurable environmental and business performance improvements.


Founded

2013

HQ

United KingdomLondon

Status

Acquired

Customer focus

B2B

Revenue model

Services

Revenue

$51M (Jun 2023)

Valuation

$508M (acquired Jun 2023)

Anthesis Group Acquisition

Anthesis Group was acquired by Carlyle Group for $508M on 30 June 2023.

The acquisition price implies a 10.0x revenue multiple on $51M of revenue.

Anthesis Group is a London-headquartered global pure-play sustainability advisory and solutions firm founded in 2013, serving over 4,000 clients with expertise in ESG, net-zero programs, and services spanning strategy, supply chain, sustainable products, brand, education, cities, and transactions. The firm operates with 1,250 specialists across 39 offices in 22 countries and has completed 18 add-on acquisitions since inception. Carlyle, via its Carlyle Europe Partners platform, acquired a majority stake in Anthesis, with the transaction closing on 1 August 2023, alongside reinvestments from Anthesis employee shareholders and prior investor Palatine (initially invested in 2021); Tikehau Capital later made a minority investment in September 2023. The deal at approximately £400m enterprise value supports Anthesis' international expansion, service broadening, and further M&A to capitalize on rising demand for sustainability solutions. Carlyle aims to leverage Anthesis to enhance its firm-wide ESG strategy, decarbonization efforts, and portfolio impact, utilizing the firm's technical expertise and convening power in private markets. Anthesis CEO Stuart McLachlan highlighted partnering with Carlyle to guide clients on sustainability value creation amid regulatory and market shifts.

Anthesis Group acquisition details
AcquirerDateTypePriceEV/Revenue
30 Jun 2023PE buyout$508M10.0x

Anthesis Group Funding History

Anthesis Group has raised 1 funding round.

Anthesis Group funding rounds
DateStageInvestorsDeal Summary
Mar 2021Undisclosed stagePalatine Private Equity (lead)Palatine Private Equity invested in the sustainability consultancy Anthesis in a transaction announced on 8 March 2021, combining capital from its Buyout Fund and its Impact Fund. Terms were not disclosed and Anthesis remained majority owned by its team, with Palatine partners Beth Houghton and Tristan Craddock joining the board as non-executive directors. Palatine said the investment would support scaling through organic growth, acquisitions and digital transformation of the consultancy's service delivery. Anthesis was founded in 2013 and is headquartered in London, advising clients on decarbonisation, ESG and circular economy programmes. At the time of the investment it employed around 600 consultants across 17 countries, generated revenue of £40m in FY2019 and had grown underlying organic revenue by more than 20% a year since 2017, including double-digit growth in 2020. Its client base included 25% of the FTSE 100 and 65 Fortune 500 companies such as Amazon, Target, Nestlé and Kimberly-Clark, and the firm was certified as a B Corp in 2021. Palatine sold the majority of its holding to Carlyle in July 2023 at a 6x return, reinvesting for a minority position.

Who has invested in Anthesis Group?

1 investor has backed Anthesis Group across its funding rounds, including Palatine Private Equity.

Lead investors include Palatine Private Equity.


Anthesis Group Investors

Investors in Anthesis Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Anthesis Group

Anthesis Group has acquired 11 companies to date.

Last acquisition by Anthesis Group was on March 5th 2024. Anthesis Group acquired Buzzword for undisclosed valuation.


Latest Acquisitions by Anthesis Group

Buzzword
Revolt
Progressive
conTREEbute
Description
BuzzWord is a London-based content agency specializing in financial reporting and media production for brands in fintech, investment, and professional services. It delivers multimedia content including videos, podcasts, and articles that simplify complex topics for audiences. Clients include major banks and asset managers, with projects featured on platforms like CNBC and Bloomberg. BuzzWord maintains editorial standards through in-house journalists and strategists, producing annual reports, explainer series, and live event coverage.
Revolt is a London-based management consultancy specializing in brand strategy, advertising, and creative campaigns. It delivers integrated marketing solutions including digital content production, experiential events, and performance analytics for clients in consumer goods and technology sectors. The firm collaborates with agencies on rebranding projects and launches targeted social media activations.
Progressive is a London-based growth and innovation consultancy founded in 2016 by Matt Nicholls and Ken Valledy, who each brought over thirty years of experience in advertising, brand management, start-ups and innovation. The firm works with senior leadership teams at international blue-chip organisations to identify and commercialise new sources of sustainable growth. Its services include ecosystem research reports, innovation scouting, pilot programmes and venture building, delivered through a global network of subject-matter expert associates and partner offices in San Francisco, Singapore and Australia. Clients have spanned retail, finance, consumer packaged goods, automotive, media, entertainment and professional services, and include Kimberly-Clark, Nestle, DFS Group and Informa. Progressive reports having produced more than 300 research reports and taken over 200 pilots and ventures to market, and in October 2023 it was acquired by Palatine-backed sustainability consultancy Anthesis Group.
conTREEbute is a sustainability consultancy developing strategies and green marketing campaigns for individuals and companies. It promotes actionable environmental initiatives through vibrant, accessible executions.
HQ CountryUnited StatesUnited KingdomUnited KingdomColombia
HQ City
New York City, NY
London
London
Medellín
Deal Date5 Mar 202415 Jan 202419 Oct 20236 Sep 2023
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Anthesis Group Competitors

Anthesis Group competitors include listed companies like GlobalData, Happiest Minds Technologies, Bouvet and Mastek, and private ones like CoLab and AMP.

Public and private companies comparable to Anthesis Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GlobalDataUnited KingdomUnited KingdomPublicly listed$433M$140M$506M1.7x
Happiest Minds TechnologiesIndiaIndiaPublicly listed$241M$43M$514M1.9x
CoLabJapanKawasakiPrivate--$500M-
BouvetNorwayNorwayPublicly listed$417M$61M$523M1.3x
MastekIndiaIndiaPublicly listed$385M$63M$528M1.2x
AMPUnited StatesLouisville, KYPrivate--$571M-

Anthesis Group Public Comps

Anthesis Group is no longer listed, but its public comps include GlobalData, Happiest Minds Technologies, Bouvet, Mastek, Porvair, SBC Medical Group Holding, Tangen Industrikapital, Ion Exchange (India), Alexforbes and Roma Green Finance.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GlobalData$433M$140M1.7x1.7x5.3x5.0x
Happiest Minds Technologies$241M$43M2.0x1.9x11.5x10.7x
Bouvet$417M$61M1.3x1.3x8.8x9.2x
Mastek$385M$63M1.2x1.2x7.6x7.4x
Porvair$260M$43M2.1x1.9x12.4x11.7x
SBC Medical Group Holding$174M$85M2.1x2.0x4.3x4.9x
Tangen Industrikapital$223M$38M2.1x-12.0x-
Ion Exchange (India)$302M$27M1.9x-21.2x-

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Common questions about Anthesis Group

When was Anthesis Group founded?Anthesis Group was founded in 2013.
Where is Anthesis Group headquartered?Anthesis Group is headquartered in London, United Kingdom.
Is Anthesis Group publicly listed?No, Anthesis Group was acquired by Carlyle Group in June 2023.
Who acquired Anthesis Group?Anthesis Group was acquired by Carlyle Group in June 2023.
How much was Anthesis Group acquired for?Anthesis Group was acquired for $508M in June 2023, a 10.0x revenue multiple.
What was Anthesis Group's last funding round?Anthesis Group's last funding round was a undisclosed-stage round in March 2021, led by Palatine Private Equity.
Who are Anthesis Group's investors?Anthesis Group's investors include Palatine Private Equity.
Which companies are comparable to Anthesis Group?Companies comparable to Anthesis Group include GlobalData, Happiest Minds Technologies, CoLab, Bouvet, Mastek and AMP.
How many companies has Anthesis Group acquired?Anthesis Group has acquired 11 companies, including Buzzword, Revolt, Progressive, conTREEbute and Ndevr Environmental.

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