The Blackstone Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Blackstone Group has acquired 35 companies. It has also invested in 11 others.

The Blackstone Group’s most common sectors for investment arecommunications (9%) and information technology (7%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (24%) and secondary buyout (23%). In total, The Blackstone Group has invested in 27 US states and 27 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Medline Industries for $34.0B.

In the last 3 years, The Blackstone Group has exited 31 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 Activity468
    • M&A Buy Activity304
    • M&A Sell Activity164
  • Total Sectors Invested 55
  • Total Countries Invested 27
  • M&A Buy/Sell Connections 163
  • M&A Advisors 65

The Blackstone Group

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

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. 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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (12.2/yr) # 243 15 12 24 10 - 304
vol $345.5B $19.9B $4.7B $69.6B $26.8B $466.5B
Sell (7.8/yr) # 128 8 8 16 7 - 167
vol $107.9B $27.0B $14.6B $13.2B $6.3B $169.0B
  471

Most Recent M&A

Company Date Value Type
R Systems International Ltd. 2022-11-17 - Stake Purchase
Noida, India · www.rsystems.com
Emerson Climate Technologies, Inc. 2022-10-31 14.0B USD Divestiture
Sidney, Ohio
Tangerine Confectionery Ltd. 2022-08-22 154M GBP Trade Sale
Pontefract, United Kingdom · www.tangerineuk.net
Partners Life Ltd. 2022-08-12 - Add-on Acquisition
Auckland, New Zealand · www.partnerslife.co.nz
Xpansiv Ltd. 2022-07-06 - Growth Capital
San Francisco, California · www.xpansiv.com
Kensington Mortgage Co., Ltd. 2022-06-24 3.5B GBP Add-on Acquisition
Maidenhead, United Kingdom · www.kmc.co.uk
Advarra, Inc. 2022-06-10 - Secondary Buyout
Columbia, Maryland · www.advarra.com
Acrisure LLC 2022-06-01 - Stake Purchase
Caledonia, Michigan · www.acrisure.com
Geosyntec Consultants, Inc. 2022-05-10 - Growth Capital
Boca Raton, Florida · www.geosyntec.com
American Campus Communities, Inc. 2022-04-19 12.8B USD Going Private
Austin, Texas · www.americancampus.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Simplilearn Solutions Pvt. Ltd. 2021-07-19 Fullstack Academy, Inc. 2022-11-28 1
Bangalore , India · www.simplilearn.com New York, New York · www.fullstackacademy.com
Schenck Process Holding GmbH 2017-09-21 SP Mining 2022-05-09 1
Darmstadt, Germany · www.schenckprocess.com , Australia
Medline Industries, Inc. 2021-06-05 Asid Bonz GmbH 2022-04-04 1
Northfield, Illinois · www.medline.com Herrenberg, Germany · www.asid-bonz.de
UKG, Inc. 2007-03-23 Ascentis Corp. 2022-03-09 21
Chelmsford, Massachusetts · www.ukg.com Eden Prairie, Minnesota · www.ascentis.com
Ellucian Co. L.P. 2021-06-14 CampusLogic, Inc. 2022-01-11 1
Reston, Virginia · www.ellucian.com Chandler, Arizona · www.campuslogic.com
Aypa Power LLC 2020-03-04 Eolus Vind AB - Cald (stand-alone battery energy storage project) 2022-01-01 1
Austin, Texas · www.aypa.com Los Angeles, California
ConnectiveRx 2020-03-10 Medicom Digital - Rx Savings Assistant 2021-12-09 1
Whippany, New Jersey · www.connectiverx.com Minneapolis, Minnesota
HealthEdge Software, Inc. 2020-03-09 Wellframe, Inc. 2021-10-19 3
Burlington, Massachusetts · www.healthedge.com Boston, Massachusetts · www.wellframe.com
SESAC Performing Rights LLC 2017-01-04 Audiam, Inc. 2021-08-19 1
Nashville, Tennessee · www.sesac.com New York, New York · www.audiam.com
Tallgrass Energy Partners LP 2019-01-31 Escalante H2 Power 2021-08-09 1
Overland Park, Kansas · www.tallgrassenergylp.com Prewitt, New Mexico · www.eh2power.com

M&A by Sector

Sector Current # Value All-time # Value
Communications 2 (2%) - 25 (8%) 28.4B (6%)
Information Technology 8 (8%) 14.4B (10%) 21 (7%) 24.9B (5%)
Internet Software and Services 11 (11%) 2.4B (2%) 18 (6%) 16.7B (4%)
Leisure 4 (4%) 7.9B (6%) 16 (5%) 47.2B (10%)
Financial Services 7 (7%) 4.2B (3%) 15 (5%) 12.2B (3%)
Business Services 7 (7%) 14.0B (10%) 14 (5%) 15.4B (3%)
Media 2 (2%) 385M (< 1%) 14 (5%) 15.0B (3%)
Insurance 3 (3%) 5.6B (4%) 10 (3%) 8.2B (2%)
Real Estate 5 (5%) 21.2B (15%) 9 (3%) 29.3B (6%)
Chemicals 1 (1%) 1.1B (1%) 9 (3%) 14.8B (3%)
Energy Services and Equipment 3 (3%) 3.3B (2%) 9 (3%) 8.2B (2%)
Software 2 (2%) - 8 (3%) 12.2B (3%)
Life Science 4 (4%) - 8 (3%) 5.5B (1%)
Oil/Gas Exploration 1 (1%) - 8 (3%) 1.7B (< 1%)
Healthcare Services 2 (2%) - 6 (2%) 4.0B (1%)
Apparel/Textiles 1 (1%) 1.2B (1%) 6 (2%) 2.7B (1%)
Transportation 1 (1%) - 6 (2%) 1.1B (< 1%)
Medical Products 2 (2%) 34.0B (25%) 5 (2%) 47.6B (10%)
Education 3 (3%) - 5 (2%) 1.7B (< 1%)
Environmental 2 (2%) - 5 (2%) 590M (< 1%)
Consumer Products 2 (2%) - 5 (2%) 200M (< 1%)
Information Services 2 (2%) 6.0B (4%) 4 (1%) 38.7B (8%)
Utilities 1 (1%) 3.1B (2%) 4 (1%) 10.5B (2%)
Staffing 2 (2%) 6.1B (4%) 4 (1%) 7.3B (2%)
Retail - - 4 (1%) 6.4B (1%)
Food - - 4 (1%) 5.8B (1%)
Automotive 1 (1%) - 4 (1%) 5.6B (1%)
Packaging 1 (1%) - 4 (1%) 4.3B (1%)
Renewable Energy 2 (2%) - 4 (1%) 2.2B (< 1%)
Electrical Equipment 2 (2%) - 4 (1%) 1.2B (< 1%)
Building Materials 1 (1%) - 4 (1%) 780M (< 1%)
Restaurants - - 3 (1%) 7.3B (2%)
Manufacturing - - 3 (1%) 5.4B (1%)
Electronics 2 (2%) 5.0B (4%) 3 (1%) 5.0B (1%)
Distribution 2 (2%) 1.8B (1%) 3 (1%) 3.2B (1%)
Safety/Security 1 (1%) - 3 (1%) 2.8B (1%)
Metals/Mining - - 3 (1%) 1.8B (< 1%)
Gaming 1 (1%) - 2 (1%) 30.7B (7%)
Aerospace 2 (2%) 4.7B (3%) 2 (1%) 4.7B (1%)
Construction 1 (1%) 1.6B (1%) 2 (1%) 1.6B (< 1%)
Digital Media 2 (2%) - 2 (1%) -
Engineering 2 (2%) - 2 (1%) -
Furniture 2 (2%) - 2 (1%) -
Machinery 1 (1%) - 2 (1%) -
Semiconductors - - 1 (< 1%) 17.6B (4%)
Publishing - - 1 (< 1%) 2.1B (< 1%)
Beverages - - 1 (< 1%) 2.0B (< 1%)
Marketing - - 1 (< 1%) 750M (< 1%)
Consumer Services - - 1 (< 1%) 608M (< 1%)
Franchising - - 1 (< 1%) 454M (< 1%)
Marine - - 1 (< 1%) 177M (< 1%)
Agriculture - - 1 (< 1%) -
Airlines - - 1 (< 1%) -
E-Commerce 1 (1%) - 1 (< 1%) -
Forest Products 1 (1%) - 1 (< 1%) -
Total 103 $138.0B 305 $466.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 67 (65%) 129.2B (94%) 193 (63%) 393.0B (84%)
  Texas 11 (11%) 16.3B (12%) 30 (10%) 55.8B (12%)
  New York 6 (6%) 15.3B (11%) 20 (7%) 54.4B (12%)
  California 7 (7%) 1.6B (1%) 18 (6%) 16.0B (3%)
  Illinois 6 (6%) 44.4B (32%) 11 (4%) 53.9B (12%)
  Florida 3 (3%) - 9 (3%) 14.7B (3%)
  New Jersey 1 (1%) - 9 (3%) 12.9B (3%)
  Massachusetts 6 (6%) 3.1B (2%) 8 (3%) 5.0B (1%)
  Tennessee 4 (4%) 9.1B (7%) 8 (3%) 11.2B (2%)
  Colorado - - 7 (2%) 7.5B (2%)
  Maryland 3 (3%) - 6 (2%) 1.0B (< 1%)
  North Carolina 1 (1%) 6.0B (4%) 6 (2%) 15.1B (3%)
  Georgia 1 (1%) 1.2B (1%) 6 (2%) 6.7B (1%)
  Ohio 3 (3%) 14.0B (10%) 5 (2%) 14.0B (3%)
  Pennsylvania 2 (2%) 155M (< 1%) 5 (2%) 14.6B (3%)
  Virginia 1 (1%) - 5 (2%) 29.0B (6%)
  Michigan 1 (1%) - 4 (1%) 5.6B (1%)
  Connecticut - - 4 (1%) 2.1B (< 1%)
  Wisconsin 3 (3%) - 3 (1%) -
  Utah 2 (2%) 4.7B (3%) 3 (1%) 6.7B (1%)
  Indiana - - 3 (1%) 13.3B (3%)
  Kansas 2 (2%) 13.3B (10%) 2 (1%) 13.3B (3%)
  Nevada 1 (1%) - 2 (1%) 30.7B (7%)
  Iowa 1 (1%) - 2 (1%) -
  Arizona - - 2 (1%) -
  Louisiana 1 (1%) - 1 (< 1%) -
  Washington 1 (1%) - 1 (< 1%) -
United Kingdom 6 (6%) 5.5B (4%) 23 (8%) 27.9B (6%)
India 5 (5%) - 19 (6%) 796M (< 1%)
Germany 3 (3%) - 12 (4%) 9.7B (2%)
China 4 (4%) - 9 (3%) 641M (< 1%)
Canada 3 (3%) 385M (< 1%) 7 (2%) 794M (< 1%)
  Ontario 2 (2%) 385M (< 1%) 3 (1%) 385M (< 1%)
  Quebec - - 2 (1%) 200M (< 1%)
  British Columbia 1 (1%) - 1 (< 1%) -
  Alberta - - 1 (< 1%) 209M (< 1%)
Netherlands 3 (3%) 1.8B (1%) 5 (2%) 4.7B (1%)
Bermuda - - 5 (2%) 5.3B (1%)
France 3 (3%) - 4 (1%) -
Switzerland 1 (1%) 1.1B (1%) 3 (1%) 3.3B (1%)
Australia - - 3 (1%) 1.3B (< 1%)
Japan 1 (1%) - 2 (1%) -
Brazil - - 2 (1%) 800M (< 1%)
Mexico - - 2 (1%) 732M (< 1%)
Italy - - 2 (1%) 237M (< 1%)
New Zealand - - 2 (1%) 127M (< 1%)
Belgium 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Luxembourg 1 (1%) - 1 (< 1%) -
Malta 1 (1%) - 1 (< 1%) -
Singapore 1 (1%) - 1 (< 1%) -
Sweden 1 (1%) - 1 (< 1%) -
United Arab Emirates 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (3%)
Spain - - 1 (< 1%) 1.3B (< 1%)
Argentina - - 1 (< 1%) -
Maldives - - 1 (< 1%) -
Domestic 67 (65%) 129.2B (94%) 193 (63%) 393.0B (84%)
Cross-border 36 (35%) 8.9B (6%) 111 (37%) 73.5B (16%)
Total 103 $138.0B 304 $466.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 12 (12%) 36.0B (26%) 71 (23%) 84.7B (19%)
Secondary Buyout 36 (35%) 14.8B (11%) 68 (22%) 44.6B (10%)
Stake Purchase 10 (10%) - 49 (16%) 23.8B (5%)
Divestiture 11 (11%) 29.7B (22%) 31 (10%) 89.8B (20%)
Growth Capital 15 (15%) - 30 (10%) -
Going Private 14 (14%) 57.6B (42%) 29 (10%) 181.9B (40%)
PIPE - - 12 (4%) 19.5B (4%)
Venture 1 (1%) - 6 (2%) 421M (< 1%)
Recapitalization 2 (2%) - 5 (2%) 2.1B (< 1%)
Special Situations/Distressed 2 (2%) - 3 (1%) 3.9B (1%)
Consolidation - - 1 (< 1%) 466M (< 1%)
Total 103 $138.0B 305 $451.2B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 43 (26%) 114.6B (68%)
IPO 39 (23%) -
Trade Sale 25 (15%) 25.4B (15%)
Secondary Sale 17 (10%) 4.5B (3%)
Stake Sale 14 (8%) -
Merger 8 (5%) 9.6B (6%)
Bankruptcy 6 (4%) -
Sold to Management 4 (2%) -
Divestiture 3 (2%) -
SPAC 3 (2%) -
Sold to Existing Investors 2 (1%) 14.6B (9%)
Unknown 2 (1%) -
Recapitalization 1 (1%) -
Total 167 $168.7B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
22
Citigroup Investment Banking
17
Barclays Investment Bank
15
Legal Deals
Simpson Thacher & Bartlett LLP
55
Kirkland & Ellis LLP
13
Weil Gotshal & Manges LLP
6

Deal Values

buy # Total
> $1B 85 $433.5B
$100M to $1B 68 $32.6B
< $100M 8 $367M
TOTAL $466.5B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 40 $163.5B
$100M to $1B 11 $5.5B
< $100M 2 $92M
TOTAL $169.0B
Largest Refinitiv
$27.0B (2019-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
24%
72 (24%)
Strategic(s)
10%
30 (10%)
Exited to
Investor(s)
11%
19 (11%)
Strategic(s)
49%
82 (49%)

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