The Blackstone Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, The Blackstone Group has acquired 28 companies. It has also invested in 12 others.

The Blackstone Group’s most common sectors for investment are communications (10%) and information technology (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (26%) and secondary buyout (20%). In total, The Blackstone Group has invested in 28 US states and 24 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Caesars Entertainment for $30.7B.

In the last 3 years, The Blackstone Group has exited 25 companies. The Firm’s most common exit type is trade sale (39%). The Blackstone Group’s largest (disclosed) exit occurred in 2019 when it sold Refinitiv for $27.0B.

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M&A Summary

  • M&A Total Activity395
    • M&A Buy Activity265
    • M&A Sell Activity130
  • Total Sectors Invested 53
  • Total Countries Invested 24
  • M&A Buy/Sell Connections 152
  • M&A Advisors 55

The Blackstone Group Inc.

345 Park Avenue,
New York, New York 10154-0191
United States
(212) 583-5000
www.blackstone.com
blackstoneshareholderrelations@blackstone.com

The Blackstone Group LP is a global alternative investment management firm comprised of three business segments. These groups include corporate private equity, real estate, and alternative asset management. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


Investment Criteria

Sectors of Interest: Agriculture, Airlines, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Digital Media, Distribution, E-Commerce, Electrical Equipment, Electronics, Energy Services and Equipment, Environmental, Financial Services, Food, Franchising, Gaming, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 -
Enterprise Value 250 -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (11.2/yr) # 209 16 10 15 12 3 265
vol $301.9B $6.7B $27.6B $18.1B $9.5B $4.4B $368.2B
Sell (5.8/yr) # 102 4 9 8 6 2 131
vol $85.5B $2.0B $10.7B $27.0B $125.3B
  396

Most Recent M&A

Company Date Value Type
Apria Healthcare, Inc. 2021-02-10 - IPO
Lake Forest, California · www.apria.com
Interior Logic Group, Inc. 2021-02-01 1.6B USD Secondary Buyout
Irvine, California · www.interiorlogicgroup.com
Bourne Holidays Ltd. 2021-01-29 - Buyout (LBO, MBO, MBI)
Hertfordshire, United Kingdom · www.bourneleisuresales.co.uk
Allstate Life Insurance Co. 2021-01-26 2.8B USD Divestiture
Northbrook, Illinois
Stearns Lending LLC 2021-01-05 - Add-on Acquisition
Lewisville, Texas · www.stearns.com
Liftoff Mobile, Inc. 2020-12-22 - Growth Capital
Redwood City, California · www.liftoff.io
ISN Software Corp. 2020-12-17 - Growth Capital
Dallas, Texas · www.isnetworld.com
Paysafe Group Holdings Limited 2020-12-07 - Merger
Douglas, United Kingdom · www.paysafe.com
Phoenix Tower do Brasil 2020-11-24 - Add-on Acquisition
São Paulo, Brazil · www.phoenixtower.com.br
Industrie De Nora S.p.A 2020-11-19 - Stake Purchase
Milan, Italy · www.denora.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Diligent Corp. 2016-02-14 STEELE Compliance Solutions, Inc. 2021-02-25 5
New York, New York · www.diligent.com San Francisco, California · www.steeleglobal.com
HealthEdge Software, Inc. 2020-03-09 Altruista Health, Inc. 2020-12-29 2
Burlington, Massachusetts · www.healthedge.com Reston, Virginia · www.altruistahealth.com
Kronos, Inc. 2014-02-21 The Ultimate Software Group, Inc. 2020-02-20 9
Chelmsford, Massachusetts · www.kronos.com Weston, Florida · www.ultimatesoftware.com
International Market Centers LP 2017-07-06 Pharos 2020-01-15 3
Las Vegas, Nevada · www.imcenters.com Chantilly, Virginia · www.pharossuite.com
Kronos, Inc. 2014-02-21 Cadient LLC 2019-06-17 2
Chelmsford, Massachusetts · www.kronos.com Morrisville, North Carolina · www.cadienttalent.com
Clarion Events Ltd. 2017-07-24 Design Shanghai 2019-06-14 3
London, United Kingdom · www.clarionevents.com Shanghai, China · www.designshanghai.com
Clarion Events Ltd. 2017-07-24 Design China Beijing 2019-06-14 2
London, United Kingdom · www.clarionevents.com Beijing, China · www.designchinabeijing.com
IBS Software Services Pvt. Ltd. 2015-12-16 AD OPT Technologies, Inc. 2019-05-19 10
Trivandrum, India · www.ibsplc.com Montreal, Quebec · www.ad-opt.com
Audio Visual Services Group LLC 2018-06-19 Frischkorn Audio-Visual Corp. 2018-10-25 4
Schiller Park, Illinois · www.psav.com Mississauga, Ontario · www.frischkornav.com
EagleClaw Midstream Services LLC 2017-04-17 Caprock Midstream LLC 2018-09-05 1
Midland, Texas · www.eagleclawmidstream.com Humble, Texas · www.caprockmidstream.com

M&A by Sector

Sector Current # Value All-time # Value
Communications 2 (2%) - 24 (9%) 28.4B (8%)
Information Technology 9 (8%) 5.6B (8%) 19 (7%) 13.7B (4%)
Media 3 (3%) - 15 (6%) 14.6B (4%)
Leisure 3 (3%) 1.9B (3%) 14 (5%) 37.3B (10%)
Financial Services 8 (8%) 4.7B (7%) 13 (5%) 12.4B (3%)
Energy Services and Equipment 8 (8%) 5.3B (8%) 13 (5%) 8.2B (2%)
Business Services 8 (8%) - 13 (5%) 1.4B (< 1%)
Internet Software and Services 6 (6%) 3.8B (6%) 11 (4%) 15.1B (4%)
Chemicals 3 (3%) 1.9B (3%) 9 (3%) 14.8B (4%)
Insurance 4 (4%) 4.4B (6%) 9 (3%) 7.0B (2%)
Real Estate 4 (4%) 16.4B (24%) 7 (3%) 16.5B (4%)
Oil/Gas Exploration 3 (3%) - 7 (3%) 1.7B (< 1%)
Transportation 4 (4%) - 7 (3%) 1.1B (< 1%)
Software 2 (2%) - 6 (2%) 12.2B (3%)
Life Science 2 (2%) - 6 (2%) 5.5B (1%)
Medical Products 2 (2%) - 5 (2%) 13.6B (4%)
Healthcare Services 1 (1%) - 5 (2%) 4.0B (1%)
Apparel/Textiles 2 (2%) - 5 (2%) 1.5B (< 1%)
Consumer Products 2 (2%) - 5 (2%) 200M (< 1%)
Staffing 2 (2%) 6.1B (9%) 4 (2%) 7.3B (2%)
Food 1 (1%) 177M (< 1%) 4 (2%) 5.8B (2%)
Automotive 1 (1%) - 4 (2%) 5.6B (2%)
Packaging 1 (1%) - 4 (2%) 4.3B (1%)
Building Materials 2 (2%) - 4 (2%) 780M (< 1%)
Information Services 1 (1%) 4.7B (7%) 3 (1%) 37.4B (10%)
Utilities 1 (1%) 3.1B (5%) 3 (1%) 10.5B (3%)
Restaurants 1 (1%) 127M (< 1%) 3 (1%) 7.3B (2%)
Electrical Equipment 1 (1%) 5.4B (8%) 3 (1%) 6.6B (2%)
Retail - - 3 (1%) 6.4B (2%)
Safety/Security 1 (1%) - 3 (1%) 2.8B (1%)
Metals/Mining - - 3 (1%) 1.8B (< 1%)
Environmental 1 (1%) - 3 (1%) 590M (< 1%)
Gaming 1 (1%) - 2 (1%) 30.7B (8%)
Publishing - - 2 (1%) 3.7B (1%)
Renewable Energy 2 (2%) 2.2B (3%) 2 (1%) 2.2B (1%)
Construction 2 (2%) 1.6B (2%) 2 (1%) 1.6B (< 1%)
Distribution 1 (1%) - 2 (1%) 1.4B (< 1%)
Electronics 1 (1%) - 2 (1%) 16M (< 1%)
Machinery 2 (2%) - 2 (1%) -
Manufacturing 1 (1%) - 2 (1%) -
Semiconductors - - 1 (< 1%) 17.6B (5%)
Beverages - - 1 (< 1%) 2.6B (1%)
Digital Media 1 (1%) 750M (1%) 1 (< 1%) 750M (< 1%)
Consumer Services - - 1 (< 1%) 608M (< 1%)
Franchising - - 1 (< 1%) 454M (< 1%)
Marine - - 1 (< 1%) 177M (< 1%)
Aerospace 1 (1%) - 1 (< 1%) -
Agriculture 1 (1%) - 1 (< 1%) -
Airlines - - 1 (< 1%) -
Education 1 (1%) - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Furniture 1 (1%) - 1 (< 1%) -
Technology Hardware 1 (1%) - 1 (< 1%) -
Total 106 $68.0B 266 $368.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 58 (55%) 61.6B (91%) 165 (62%) 298.4B (81%)
  Texas 9 (8%) 5.8B (8%) 22 (8%) 40.3B (11%)
  California 9 (8%) 10.4B (15%) 18 (7%) 17.7B (5%)
  New York 8 (8%) 15.3B (23%) 18 (7%) 41.7B (11%)
  New Jersey 2 (2%) - 10 (4%) 12.9B (4%)
  Illinois 4 (4%) 7.6B (11%) 8 (3%) 12.3B (3%)
  Tennessee 3 (3%) 6.1B (9%) 8 (3%) 11.2B (3%)
  Colorado 3 (3%) 5.4B (8%) 8 (3%) 7.5B (2%)
  Florida 1 (1%) - 7 (3%) 14.7B (4%)
  Massachusetts 4 (4%) 750M (1%) 6 (2%) 2.7B (1%)
  Georgia - - 5 (2%) 5.5B (1%)
  Pennsylvania 1 (1%) 155M (< 1%) 4 (2%) 14.6B (4%)
  North Carolina 1 (1%) - 4 (2%) 5.2B (1%)
  Maryland 1 (1%) - 4 (2%) 1.0B (< 1%)
  Virginia - - 4 (2%) 29.0B (8%)
  Connecticut - - 4 (2%) 2.1B (1%)
  Michigan 1 (1%) - 3 (1%) 5.6B (2%)
  Ohio 1 (1%) - 3 (1%) -
  Nevada 1 (1%) - 2 (1%) 30.7B (8%)
  Utah 1 (1%) 4.7B (7%) 2 (1%) 6.7B (2%)
  Iowa 1 (1%) - 2 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  Indiana - - 2 (1%) 11.6B (3%)
  Kansas 1 (1%) 3.3B (5%) 1 (< 1%) 3.3B (1%)
  Washington 1 (1%) - 1 (< 1%) -
  North Dakota 1 (1%) - 1 (< 1%) -
  Minnesota 1 (1%) - 1 (< 1%) -
  Louisiana 1 (1%) - 1 (< 1%) -
United Kingdom 11 (10%) 4.2B (6%) 24 (9%) 30.1B (8%)
India 11 (10%) 170M (< 1%) 15 (6%) 966M (< 1%)
Germany 5 (5%) 1.1B (2%) 13 (5%) 10.9B (3%)
China 5 (5%) - 8 (3%) 16M (< 1%)
Canada 2 (2%) - 5 (2%) 409M (< 1%)
  Quebec 1 (1%) - 2 (1%) 200M (< 1%)
  Ontario 1 (1%) - 2 (1%) -
  Alberta - - 1 (< 1%) 209M (< 1%)
Netherlands 3 (3%) - 4 (2%) 908M (< 1%)
France 2 (2%) - 4 (2%) 2.6B (1%)
Bermuda - - 4 (2%) 1.4B (< 1%)
New Zealand 2 (2%) 127M (< 1%) 2 (1%) 127M (< 1%)
Australia 1 (1%) 750M (1%) 2 (1%) 1.3B (< 1%)
Japan 1 (1%) - 2 (1%) -
Maldives 1 (1%) - 2 (1%) -
Switzerland - - 2 (1%) 2.2B (1%)
Brazil - - 2 (1%) 800M (< 1%)
Mexico - - 2 (1%) 732M (< 1%)
Italy - - 2 (1%) 237M (< 1%)
Ireland 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Luxembourg 1 (1%) - 1 (< 1%) -
Malta 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (4%)
Spain - - 1 (< 1%) 1.3B (< 1%)
Argentina - - 1 (< 1%) -
Domestic 58 (55%) 61.6B (91%) 165 (62%) 298.4B (81%)
Cross-border 48 (45%) 6.4B (9%) 100 (38%) 69.7B (19%)
Total 106 $68.0B 265 $368.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 16 (15%) 3.8B (6%) 69 (26%) 50.1B (14%)
Secondary Buyout 29 (27%) 25.6B (38%) 52 (20%) 47.0B (13%)
Stake Purchase 15 (14%) - 45 (17%) 23.8B (7%)
Divestiture 10 (9%) 14.0B (21%) 26 (10%) 66.0B (19%)
Growth Capital 18 (17%) - 26 (10%) -
Going Private 7 (7%) 23.9B (35%) 21 (8%) 142.7B (40%)
PIPE 5 (5%) - 13 (5%) 19.5B (6%)
Recapitalization 4 (4%) 750M (1%) 6 (2%) 2.8B (1%)
Venture - - 5 (2%) 421M (< 1%)
Consolidation - - 1 (< 1%) 466M (< 1%)
Joint Venture 1 (1%) - 1 (< 1%) -
Special Situations/Distressed 1 (1%) - 1 (< 1%) -
Total 106 $68.0B 266 $352.9B

Exits by Deal Type

Type Total # Value
IPO 35 (27%) -
Trade Sale - Public Company 34 (26%) 101.5B (81%)
Trade Sale 19 (15%) 10.3B (8%)
Secondary Sale 16 (12%) 3.5B (3%)
Stake Sale 6 (5%) -
Merger 5 (4%) 9.6B (8%)
Bankruptcy 5 (4%) -
Sold to Management 4 (3%) -
Divestiture 3 (2%) -
Unknown 2 (2%) -
Recapitalization 1 (1%) -
SPAC 1 (1%) -
Total 131 $124.9B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
17
Credit Suisse Investment Banking
14
Deutsche Bank Corporate & Investment Banking
12
Legal Deals
Simpson Thacher & Bartlett LLP
41
Kirkland & Ellis LLP
12
Ropes & Gray LLP
5

Deal Values

buy # Total
> $1B 72 $335.0B
$100M to $1B 69 $32.8B
< $100M 8 $367M
TOTAL $368.2B
Largest Caesars Entertainment Corp.
$30.7B (2008-01-01)
sell # Total
> $1B 31 $122.0B
$100M to $1B 6 $3.2B
< $100M 2 $92M
TOTAL $125.3B
Largest Refinitiv
$27.0B (2019-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
21%
55 (21%)
Strategic(s)
9%
25 (9%)
Exited to
Investor(s)
12%
16 (12%)
Strategic(s)
47%
61 (47%)

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