Blackstone Credit Mergers and Acquisitions Summary

Lender Profile

In the last 3 years, Blackstone Credit has acquired 1 company. It has also invested in 1 other.

Blackstone Credit’s most common sectors for investment aremachinery (10%) and oil/gas exploration (10%) . The Firm’s most common investment types include secondary buyout (40%) and buyout (lbo, mbo, mbi) (20%). In total, Blackstone Credit has invested in 7 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Auctane for $6.6B.

In the last 3 years, Blackstone Credit has exited 4 companies. The Firm’s most common exit type is trade sale (60%). Blackstone Credit’s largest (disclosed) exit occurred in 2021 when it sold DoublePoint Energy for $6.4B.

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M&A Summary

  • M&A Total Activity20
    • M&A Buy Activity10
    • M&A Sell Activity10
  • Total Sectors Invested 10
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 12
  • M&A Advisors 4

Blackstone Credit

345 Park Avenue, 31st Floor,
New York, New York 10154
United States
(212) 503-2100
www.blackstone.com/our-businesses/credit/

Blackstone Credit is the lending arm of alternative asset management firm The Blackstone Group. Blackstone Credit looks to provide a variety of capital needs, including loans, high yield and investment grade bonds, structured credit, mezzanine lending, and opportunistic financings. The Blackstone Group acquired lender GSO Capital Partners in 2008 which formed the foundation for Blackstone Credit. Blackstone Credit is based in New York City.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Business Services, Communications, Consumer Products, Consumer Services, Digital Media, E-Commerce, Energy Services and Equipment, Food, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Oil/Gas Exploration, Real Estate, Retail, Software, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Special Situations/Distressed, Acquisition Financing, Secondary Buyout, Joint Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (0.8/yr) # 6 2 - 1 1 - 10
vol $329M $6.6B $6.9B
Sell (0.8/yr) # 6 - 1 2 1 - 10
vol $1.5B $6.4B $7.9B
  20

Most Recent M&A

Company Date Value Type
Elba Liquefaction Co. LLC 2022-05-20 - Stake Purchase
Savannah, Georgia
XLN Telecom Ltd. 2022-02-17 - Add-on Acquisition
London, United Kingdom · www.xlntelecom.co.uk
Auctane 2021-07-09 6.6B USD Going Private
Austin, Texas · www.auctane.com
DoublePoint Energy 2021-04-01 6.4B USD Add-on Acquisition
Fort Worth, Texas
Produits Jock SAS 2021-03-16 - Secondary Buyout
Bordeaux, France · www.jock.fr
Fairway Group Holdings Corp. 2020-01-20 - Bankruptcy
New York, New York · www.fairwaymarket.com
LindFast Solutions Group 2019-04-08 - Buyout (LBO, MBO, MBI)
Blaine, Minnesota · www.lindstromfasteners.com
Targa Badlands LLC 2019-02-19 - Joint Venture
Houston, Texas
Karix Mobile Pvt. Ltd. 2018-08-01 51M INR Add-on Acquisition
Mumbai, India · www.karix.com
Miller Homes Ltd. 2017-08-02 1.0B GBP Secondary Buyout
Edinburgh, United Kingdom · www.millerhomes.co.uk
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 1 (25%) 6.6B (100%) 1 (10%) 6.6B (95%)
Plastics - - 1 (10%) 175M (3%)
Communications - - 1 (10%) 154M (2%)
Chemicals - - 1 (10%) -
Distribution 1 (25%) - 1 (10%) -
Energy Services and Equipment 1 (25%) - 1 (10%) -
Life Science - - 1 (10%) -
Machinery - - 1 (10%) -
Oil/Gas Exploration 1 (25%) - 1 (10%) -
Retail - - 1 (10%) -
Total 4 $6.6B 10 $6.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (100%) 6.6B (100%) 8 (80%) 6.8B (98%)
  Texas 2 (50%) 6.6B (100%) 2 (20%) 6.6B (95%)
  Minnesota 1 (25%) - 1 (10%) -
  Georgia 1 (25%) - 1 (10%) -
  Ohio - - 1 (10%) 175M (3%)
  New York - - 1 (10%) -
  Florida - - 1 (10%) -
  Colorado - - 1 (10%) -
United Kingdom - - 2 (20%) 154M (2%)
Total 4 $6.6B 10 $6.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout - - 4 (40%) 154M (2%)
Buyout (LBO, MBO, MBI) 1 (25%) - 2 (20%) 175M (3%)
Going Private 1 (25%) 6.6B (100%) 1 (10%) 6.6B (95%)
Joint Venture 1 (25%) - 1 (10%) -
Special Situations/Distressed - - 1 (10%) -
Stake Purchase 1 (25%) - 1 (10%) -
Total 4 $6.6B 10 $6.9B

Exits by Deal Type

Type Total # Value
Trade Sale 4 (40%) 51M (1%)
Secondary Sale 3 (30%) 1.0B (13%)
Trade Sale - Public Company 2 (20%) 6.9B (87%)
Bankruptcy 1 (10%) -
Total 10 $7.9B

Top M&A Advisors

Financial Deals
J.P. Morgan Securities LLC
 1
Legal Deals
White & Case LLP
 2
Ashurst LLP
 1
Milbank, Tweed, Hadley & McCloy LLP
 1

Deal Values

buy # Total
> $1B 1 $6.6B
$100M to $1B 2 $329M
TOTAL $6.9B
Largest Auctane
$6.6B (2021-07-09)
sell # Total
> $1B 2 $7.4B
$100M to $1B 1 $486M
< $100M 1 $51M
TOTAL $7.9B
Largest DoublePoint Energy
$6.4B (2021-04-01)

M&A Connections

Deals
Acquired from
Investor(s)
50%
5 (50%)
Exited to
Investor(s)
30%
3 (30%)
Strategic(s)
60%
6 (60%)

Investor Summary

Investor Type

Lender

Size

Mega

Established

2004

Specialist/Generalist

Generalist

Subsidiary of

The Blackstone Group

Leadership

Stephen Schwarzman

Chairman, CEO & Co-Founder

Thomas John

Managing Director

Adam Dwinells

Senior Managing Director

Alex Leonard

Senior Managing Director

Andrea Valeri

Senior Managing Director

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