Carlyle acquires Toronto IT consultancy Adastra Group
Carlyle Group, a US-based private equity firm, has agreed to acquire a majority stake in Adastra Group, a Toronto- and Prague-headquartered IT consulting firm.
Founded in Toronto in 2000, Adastra is co-headquartered in Canada and Czechia. The firm has 2,200 people across North America, Europe, and Asia, with approximately 500 employees in Canada and 650 in Czechia.
Adastra reported US$220 million in revenue in 2023.
The firm provides consulting in data engineering, analytics, and governance, as well as cloud enablement, security, AI, IoT, application innovation, and managed services. Adastra works with clients across financial services, retail, manufacturing, and technology, among others.
The deal values Adastra at approximately $400 million, people familiar with the matter told Bloomberg.
The capital will be provided by Carlyle Europe Technology Partners V (CETP), a fund focused on investments in technology companies in Europe, and Carlyle Asia Partners Growth II (CAPG), a fund focused on investments in high-growth companies across a range of sectors in Asia.
Adastra’s founders – Jan Mrazek, Jan Cervinka, and Petr Jech – will retain a significant minority stake and stay on with the business.
“With Carlyle’s deep experience and global network, we believe we can unlock a new phase of growth for the business and capitalize on the substantial opportunity in the global market for AI, Data, and Cloud services,” said Rob Turner, CEO at Adastra, and Pavel Kysela, COO at Adastra. “We would like to thank the team for all the hard work that has made Adastra the business it is today, and we look forward to this partnership with the Carlyle team.”
Headquartered in Washington, DC, Carlyle is one of the world’s largest investment firms, with $453 billion of assets under management as of March 31, 2025.
“In our view, there is a significant opportunity to expand Adastra’s presence in the large, fast-growing and attractive global market for data, analytics, cloud, and AI transformations,” said Vladimir Lasocki, co-head of the CETP investment advisory team, and Greg Zeluck, co-head of the CAPG investment advisory team. “With Carlyle’s resources, global footprint, and deep experience in this space, we believe Adastra is well-positioned to further accelerate its growth trajectory through a combination of organic initiatives and M&A.”
