disguise Is Acquired By CETP

Technology & Services

disguise, acquisition by CETP, an affiliate of Carlyle


New Leaf TopCo Ltd (“disguise” or the “Company”) has been acquired by Carlyle Europe Technology Partners (“CETP”), an affiliate of The Carlyle Group (“Carlyle”) (NASDAQ: CG). disguise’s shareholders, including Livingbridge LLP (“Livingbridge”) and the management team, have reinvested alongside CETP. Terms of the transaction were not disclosed.

Baird served as the exclusive financial advisor to disguise on this transaction.


Founded in 2000, disguise is a technology platform which enables creatives and technologists to imagine, create and deliver spectacular visual experiences. The platform combines real-time 3D visualisation software with high-performance media server hardware. The Company is one of the main providers of extended reality (“xR”) and virtual production technology to film & TV studios, broadcasters, corporates and the e-gaming sectors globally. disguise is headquartered in London, the United Kingdom.

disguise’s technology has played a central role in spearheading immersive content delivery for key projects like the 2020 MTV Video Music Awards and Eurosport’s US Open coverage, live performances from artists like Billie Eilish and Katy Perry, in-game concerts like J.Balvin in Fortnite, corporate presentations from Siemens and SAP, and on-set virtual production from notable VFX studios like Framestore and Orca Studios. Since June 2020, over 150 disguise xR stages have been built in more than 35 countries and disguise xR has powered over 200 shows.

The Carlyle Group is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $246 billion of assets under management as of December 31, 2020, 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. The Carlyle Group employs 1,825 people in 29 offices across five continents.

Livingbridge is a mid-market private equity firm with offices in the United Kingdom, the United States and Australia, investing in growth companies valued up to £300m. Livingbridge has a track record of backing growing businesses for twenty years across 150 transactions. Sectors covered include consumer markets; healthcare and education; technology, media and telecommunications; financial services and business services. Livingbridge is headquartered in London, the United Kingdom.
Technology & Services

disguise, acquisition by CETP, an affiliate of Carlyle

March 2021
M&A - Sellside
Technology & Services
Target Geography
Acquiror Geography