The Blackstone Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, The Blackstone Group has acquired 39 companies. It has also invested in 10 others.

The Blackstone Group’s most common sectors for investment are communications (10%) and information technology (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (27%) 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 24 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 Activity384
    • M&A Buy Activity258
    • M&A Sell Activity126
  • Total Sectors Invested 53
  • Total Countries Invested 24
  • M&A Buy/Sell Connections 150
  • M&A Advisors 53

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (11.8/yr) # 199 10 16 10 15 8 258
vol $291.9B $10.0B $6.7B $27.6B $18.1B $9.5B $363.8B
Sell (5.2/yr) # 100 2 4 9 8 3 126
vol $85.5B $2.0B $10.7B $27.0B $125.3B
  384

Most Recent M&A

Company Date Value Type
Ancestry.com, Inc. 2020-08-05 4.7B USD Secondary Buyout
Provo, Utah · www.ancestry.com
TITUS, Inc. 2020-06-25 - Add-on Acquisition
Ottawa, Ontario · www.titus.com
21Vianet Group, Inc. 2020-06-22 - Stake Purchase
Beijing, China · www.21vianet.com
Medtronic plc 2020-06-12 - Stake Purchase
Dublin, Ireland · www.medtronic.com
ConnectiveRx 2020-03-10 - Recapitalization
Whippany, New Jersey · www.connectiverx.com
HealthEdge Software, Inc. 2020-03-09 - Buyout (LBO, MBO, MBI)
Burlington, Massachusetts · www.healthedge.com
NRStor, Inc. 2020-03-04 - Secondary Buyout
Toronto, Ontario · www.nrstor.com
NIBC Holding N.V. 2020-02-25 - Going Private
The Hague, Netherlands · www.nibc.com
The Ultimate Software Group, Inc. 2020-02-20 - Merger
Weston, Florida · www.ultimatesoftware.com
Alight Solutions 2020-02-10 4.8B USD Divestiture
Lincolnshire, Illinois · www.alight.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Paysafe Group Plc 2017-08-03 Openbucks Corp. 2020-07-27 2
Douglas, United Kingdom · www.paysafe.com Sunnyvale, California · www.openbucks.com
Blue Yonder, Inc. 2016-08-19 Yantriks LLC 2020-07-23 2
Scottsdale, Arizona · www.blueyonder.com Westborough, Massachusetts · www,yantriks.com
HealthEdge Software, Inc. 2020-03-09 The Burgess Group LLC 2020-07-21 1
Burlington, Massachusetts · www.healthedge.com Alexandria, Virginia · www.burgessgroup.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
International Market Centers LP 2017-07-06 RepZio LLC 2020-01-15 2
Las Vegas, Nevada · www.imcenters.com Juno Beach, Florida · www.repzio.com
Audio Visual Services Group LLC 2018-06-19 The eclipse Group 2019-10-31 4
Schiller Park, Illinois · www.psav.com Dubai, United Arab Emirates · www.eclipse.ae
Kronos, Inc. 2014-02-21 Optimum Solutions, Inc. 2019-10-02 8
Chelmsford, Massachusetts · www.kronos.com Nashville, Tennessee · www.optimumhris.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

M&A by Sector

Sector Current # Value All-time # Value
Communications 2 (2%) - 24 (9%) 28.4B (8%)
Information Technology 8 (8%) 5.6B (8%) 18 (7%) 13.7B (4%)
Media 3 (3%) - 15 (6%) 14.6B (4%)
Leisure 2 (2%) 1.9B (3%) 13 (5%) 37.3B (10%)
Energy Services and Equipment 8 (8%) 5.3B (8%) 13 (5%) 8.2B (2%)
Financial Services 9 (9%) 4.7B (7%) 12 (5%) 8.5B (2%)
Business Services 7 (7%) - 12 (5%) 1.4B (< 1%)
Internet Software and Services 6 (6%) 7.7B (11%) 11 (4%) 19.0B (5%)
Chemicals 3 (3%) 1.9B (3%) 9 (3%) 14.8B (4%)
Insurance 3 (3%) 1.6B (2%) 8 (3%) 4.2B (1%)
Real Estate 4 (4%) 16.4B (24%) 7 (3%) 16.5B (5%)
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 (2%)
Medical Products 2 (2%) - 5 (2%) 13.6B (4%)
Healthcare Services 2 (2%) 1.7B (2%) 5 (2%) 4.0B (1%)
Apparel/Textiles 2 (2%) - 5 (2%) 1.5B (< 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%)
Consumer Products 1 (1%) - 4 (2%) 200M (< 1%)
Information Services 1 (1%) 4.7B (7%) 3 (1%) 37.4B (10%)
Utilities 1 (1%) 3.1B (4%) 3 (1%) 10.5B (3%)
Restaurants 1 (1%) 127M (< 1%) 3 (1%) 7.3B (2%)
Electrical Equipment 2 (2%) 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%)
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%) -
Construction 1 (1%) - 1 (< 1%) -
Education 1 (1%) - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Furniture 1 (1%) - 1 (< 1%) -
Technology Hardware 1 (1%) - 1 (< 1%) -
Total 103 $69.2B 259 $363.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 54 (52%) 58.9B (85%) 159 (62%) 294.0B (81%)
  Texas 8 (8%) 5.8B (8%) 20 (8%) 40.3B (11%)
  New York 8 (8%) 15.3B (22%) 18 (7%) 41.7B (11%)
  California 7 (7%) 10.5B (15%) 15 (6%) 16.1B (4%)
  New Jersey 2 (2%) - 10 (4%) 12.9B (4%)
  Tennessee 3 (3%) 6.1B (9%) 8 (3%) 11.2B (3%)
  Colorado 3 (3%) 5.4B (8%) 8 (3%) 7.5B (2%)
  Illinois 3 (3%) 4.8B (7%) 7 (3%) 9.5B (3%)
  Florida 1 (1%) - 7 (3%) 14.7B (4%)
  Massachusetts 4 (4%) 750M (1%) 6 (2%) 2.7B (1%)
  Georgia - - 5 (2%) 5.5B (2%)
  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 (11%) 8.1B (12%) 23 (9%) 30.1B (8%)
India 11 (11%) 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%)
Italy 1 (1%) - 2 (1%) 237M (< 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%)
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 54 (52%) 58.9B (85%) 159 (62%) 294.0B (81%)
Cross-border 49 (48%) 10.3B (15%) 99 (38%) 69.7B (19%)
Total 103 $69.2B 258 $363.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 16 (16%) 3.8B (5%) 68 (26%) 50.1B (14%)
Secondary Buyout 27 (26%) 24.0B (35%) 50 (19%) 45.4B (13%)
Stake Purchase 15 (15%) - 45 (17%) 23.8B (7%)
Divestiture 10 (10%) 11.2B (16%) 25 (10%) 63.2B (18%)
Growth Capital 15 (15%) - 23 (9%) -
Going Private 9 (9%) 29.5B (43%) 21 (8%) 142.7B (41%)
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 103 $69.2B 259 $348.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 34 (27%) 101.5B (81%)
IPO 34 (27%) -
Trade Sale 17 (13%) 10.3B (8%)
Secondary Sale 16 (13%) 3.5B (3%)
Merger 5 (4%) 9.6B (8%)
Bankruptcy 5 (4%) -
Stake Sale 5 (4%) -
Sold to Management 4 (3%) -
Divestiture 3 (2%) -
Unknown 2 (2%) -
Recapitalization 1 (1%) -
Total 126 $124.9B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch
16
Credit Suisse Investment Banking
13
Deutsche Bank Corporate & Investment Banking
12
Legal Deals
Simpson Thacher & Bartlett LLP
41
Kirkland & Ellis LLP
11
Ropes & Gray LLP
5

Deal Values

buy # Total
> $1B 70 $330.6B
$100M to $1B 69 $32.8B
< $100M 8 $367M
TOTAL $363.8B
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
PE Firm(s)
76%
75 76%
Strategic(s)
24%
24 24%
Exited to
PE Firm(s)
27%
22 27%
Strategic(s)
73%
60 73%

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