Hanshang Group Co., Ltd., An unknown funds managed by True Light Capital Pte. Ltd. and Temasek Holdings Limited agreed to acquire an unknown majority stake in Golden Goose Group S.p.A. from Permira Advisers Ltd. and The Carlyle Group Inc. (NasdaqGS:CG).
Hanshang Group Co., Ltd. (SHSE:600774), An unknown funds managed by True Light Capital Pte. Ltd. and Temasek Holdings (Private) Limited agreed to acquire an unknown majority stake in Golden Goose Group S.p.A. from Permira Advisers Ltd. and The Carlyle Group Inc. (NasdaqGS:CG) on December 19, 2025. The terms of the deal were not disclosed, however, industry speculation pegs enterprise value of ?2.5 billion, as reported by wwd.com. As a part of acquisition, HSG will acquire a majority stake in the Group, with Temasek and a fund managed by its wholly-owned asset manager, True Light Capital, joining as minority investors. Funds advised by Permira, as well as other existing shareholders including Carlyle, have partially realized their investment in Golden Goose and will retain a minority investment in the Group.
The transaction is subject to customary closing conditions and regulatory approvals and is currently expected to close within the summer of 2026.
JP Morgan and Bank of America Merrill Lynch International Limited acted as financial advisor for Permira Advisers Ltd. Studio Galante e Associati acted as legal advisor for Permira Advisers Ltd. Maisto e Associati acted as legal advisor for Permira Advisers Ltd. EY conducted Permira?s financial due diligence. Partner Andrea Giardino and Partner Filippo Sola of Gatti Pavesi Bianchi Studio Legale Associato acted as legal advisor to Golden Goose.
The Carlyle Group Inc. is a global investment company. The Company operates through three segments: Global Private Equity, Global Credit, and Global Investment Solutions. The Global Private Equity segment advises the Company’s buyout, middle market and growth capital funds, its U.S. and internationally focused real estate funds, and its infrastructure and natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. The Global Credit segment advises funds and vehicles that pursue investment strategies including loans and structured credit, direct lending, opportunistic credit, distressed credit, aircraft financing and servicing, infrastructure debt, insurance solutions and global capital markets. The Global Investment Solutions segment advises global private equity programs and related co-investment and secondary activities. It has investment professionals located in over 29 offices across four continents. It also focuses on private student loan portfolio.
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Hanshang Group Co., Ltd., An unknown funds managed by True Light Capital Pte. Ltd. and Temasek Holdings Limited agreed to acquire an unknown majority stake in Golden Goose Group S.p.A. from Permira Advisers Ltd. and The Carlyle Group Inc. (NasdaqGS: CG).
