The Blackstone Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, The Blackstone Group has acquired 36 companies. It has also invested in 13 others.

The Blackstone Group’s most common sectors for investment are communications (9%) and information technology (7%). 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 26 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 29 companies. The Firm’s most common exit type is trade sale (40%). 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 Activity408
    • M&A Buy Activity275
    • M&A Sell Activity133
  • Total Sectors Invested 53
  • Total Countries Invested 26
  • M&A Buy/Sell Connections 159
  • 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 (13.2/yr) # 209 17 11 16 12 10 275
vol $301.9B $6.7B $27.6B $19.9B $9.5B $56.1B $421.7B
Sell (6.6/yr) # 102 4 10 8 6 5 135
vol $85.5B $2.0B $10.7B $27.0B $9.5B $134.8B
  410

Most Recent M&A

Company Date Value Type
QTS Realty Trust, Inc. 2021-06-07 10.0B USD Going Private
Overland Park, Kansas · www.qtsdatacenters.com
Medline Industries, Inc. 2021-06-05 34.0B USD Buyout (LBO, MBO, MBI)
Northfield, Illinois · www.medline.com
International Data Group, Inc. 2021-06-03 1.3B USD Divestiture
Needham, Massachusetts · www.idg.com
Lionpoint Group 2021-05-20 - Add-on Acquisition
New York, New York · www.lionpointgroup.com
Entertainment One Ltd. 2021-04-26 385M USD Divestiture
Toronto, Ontario · www.entertainmentone.com
Blue Yonder, Inc. 2021-04-23 8.5B USD Add-on Acquisition
Scottsdale, Arizona · www.blueyonder.com
Sabre Industries, Inc. 2021-04-13 - Secondary Buyout
Alvarado, Texas · www.sabreindustriesinc.com
Aakash Educational Services Limited 2021-04-05 1.0B USD Add-on Acquisition
New Delhi, India · www.aakash.ac.in
Desotec N.V 2021-03-18 - Secondary Buyout
Roeselare, Belgium · www.desotec.com
Extended Stay America, Inc. 2021-03-15 6.0B USD Going Private
Charlotte, North Carolina · www.extendedstayamerica.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Alight Solutions 2020-02-10 Aon Hewitt Health Market Insurance Solutions, Inc. 2021-06-03 1
Lincolnshire, Illinois · www.alight.com Chicago, Illinois · www.retiree.aon.com
Building Materials Europe B.V. 2019-07-16 Compañía Española De Aislamientos SA 2021-04-15 1
Schiphol, Netherlands · www.bme-group.com Barcelona, Spain · www.isolana.es
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

M&A by Sector

Sector Current # Value All-time # Value
Communications 2 (2%) - 24 (9%) 28.4B (7%)
Information Technology 9 (8%) 15.6B (13%) 19 (7%) 23.7B (6%)
Media 4 (4%) 385M (< 1%) 16 (6%) 15.0B (4%)
Leisure 4 (4%) 7.9B (7%) 15 (5%) 43.3B (10%)
Business Services 9 (8%) - 15 (5%) 1.4B (< 1%)
Financial Services 8 (7%) 4.7B (4%) 13 (5%) 12.4B (3%)
Energy Services and Equipment 8 (7%) 5.3B (5%) 13 (5%) 8.2B (2%)
Internet Software and Services 6 (5%) 3.8B (3%) 11 (4%) 15.1B (4%)
Chemicals 3 (3%) 1.9B (2%) 9 (3%) 14.8B (4%)
Insurance 4 (4%) 4.4B (4%) 9 (3%) 7.0B (2%)
Real Estate 4 (4%) 16.4B (14%) 7 (3%) 16.5B (4%)
Oil/Gas Exploration 3 (3%) - 7 (3%) 1.7B (< 1%)
Transportation 4 (4%) - 7 (3%) 1.1B (< 1%)
Medical Products 3 (3%) 34.0B (29%) 6 (2%) 47.6B (11%)
Software 1 (1%) - 6 (2%) 12.2B (3%)
Life Science 2 (2%) - 6 (2%) 5.5B (1%)
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%)
Information Services 2 (2%) 6.0B (5%) 4 (1%) 38.7B (9%)
Staffing 2 (2%) 6.1B (5%) 4 (1%) 7.3B (2%)
Food 1 (1%) 177M (< 1%) 4 (1%) 5.8B (1%)
Automotive 1 (1%) - 4 (1%) 5.6B (1%)
Packaging 1 (1%) - 4 (1%) 4.3B (1%)
Environmental 2 (2%) - 4 (1%) 590M (< 1%)
Utilities 1 (1%) 3.1B (3%) 3 (1%) 10.5B (2%)
Restaurants 1 (1%) 127M (< 1%) 3 (1%) 7.3B (2%)
Retail - - 3 (1%) 6.4B (2%)
Manufacturing 1 (1%) - 3 (1%) 5.4B (1%)
Distribution 2 (2%) 1.8B (2%) 3 (1%) 3.2B (1%)
Safety/Security 1 (1%) - 3 (1%) 2.8B (1%)
Metals/Mining - - 3 (1%) 1.8B (< 1%)
Electrical Equipment 1 (1%) - 3 (1%) 1.2B (< 1%)
Building Materials 1 (1%) - 3 (1%) 780M (< 1%)
Gaming 1 (1%) - 2 (1%) 30.7B (7%)
Publishing - - 2 (1%) 3.7B (1%)
Renewable Energy 2 (2%) 2.2B (2%) 2 (1%) 2.2B (1%)
Construction 2 (2%) 1.6B (1%) 2 (1%) 1.6B (< 1%)
Electronics 1 (1%) - 2 (1%) 16M (< 1%)
Education 1 (1%) - 2 (1%) -
Furniture 2 (2%) - 2 (1%) -
Machinery 2 (2%) - 2 (1%) -
Semiconductors - - 1 (< 1%) 17.6B (4%)
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%) -
Engineering 1 (1%) - 1 (< 1%) -
Technology Hardware 1 (1%) - 1 (< 1%) -
Total 112 $116.2B 276 $421.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 61 (54%) 107.5B (93%) 171 (62%) 349.7B (83%)
  Texas 10 (9%) 5.8B (5%) 23 (8%) 40.3B (10%)
  California 9 (8%) 10.4B (9%) 18 (7%) 17.7B (4%)
  New York 7 (6%) 15.3B (13%) 18 (7%) 41.7B (10%)
  New Jersey 2 (2%) - 10 (4%) 12.9B (3%)
  Illinois 5 (4%) 41.6B (36%) 9 (3%) 46.3B (11%)
  Tennessee 3 (3%) 6.1B (5%) 8 (3%) 11.2B (3%)
  Colorado 2 (2%) - 8 (3%) 7.5B (2%)
  Massachusetts 5 (4%) 2.1B (2%) 7 (3%) 4.0B (1%)
  Florida 1 (1%) - 7 (3%) 14.7B (3%)
  North Carolina 2 (2%) 6.0B (5%) 5 (2%) 11.2B (3%)
  Georgia - - 5 (2%) 5.5B (1%)
  Pennsylvania 1 (1%) 155M (< 1%) 4 (1%) 14.6B (3%)
  Maryland 1 (1%) - 4 (1%) 1.0B (< 1%)
  Virginia - - 4 (1%) 29.0B (7%)
  Connecticut - - 4 (1%) 2.1B (< 1%)
  Utah 2 (2%) 4.7B (4%) 3 (1%) 6.7B (2%)
  Michigan 1 (1%) - 3 (1%) 5.6B (1%)
  Ohio 1 (1%) - 3 (1%) -
  Kansas 2 (2%) 13.3B (11%) 2 (1%) 13.3B (3%)
  Nevada 1 (1%) - 2 (1%) 30.7B (7%)
  Iowa 1 (1%) - 2 (1%) -
  Indiana - - 2 (1%) 11.6B (3%)
  Arizona - - 2 (1%) -
  Louisiana 1 (1%) - 1 (< 1%) -
  Washington 1 (1%) - 1 (< 1%) -
  North Dakota 1 (1%) - 1 (< 1%) -
  Minnesota 1 (1%) - 1 (< 1%) -
United Kingdom 11 (10%) 4.2B (4%) 24 (9%) 30.1B (7%)
India 11 (10%) 170M (< 1%) 16 (6%) 966M (< 1%)
Germany 5 (4%) 1.1B (1%) 13 (5%) 10.9B (3%)
China 5 (4%) - 8 (3%) 16M (< 1%)
Canada 3 (3%) 385M (< 1%) 6 (2%) 794M (< 1%)
  Ontario 2 (2%) 385M (< 1%) 3 (1%) 385M (< 1%)
  Quebec 1 (1%) - 2 (1%) 200M (< 1%)
  Alberta - - 1 (< 1%) 209M (< 1%)
Netherlands 3 (3%) 1.8B (2%) 4 (1%) 2.8B (1%)
France 2 (2%) - 4 (1%) 2.6B (1%)
Bermuda - - 4 (1%) 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%)
Belgium 1 (1%) - 1 (< 1%) -
Ireland 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Luxembourg 1 (1%) - 1 (< 1%) -
Malta 1 (1%) - 1 (< 1%) -
Sweden 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (4%)
Spain - - 1 (< 1%) 1.3B (< 1%)
Argentina - - 1 (< 1%) -
Domestic 61 (54%) 107.5B (93%) 171 (62%) 349.7B (83%)
Cross-border 51 (46%) 8.6B (7%) 104 (38%) 71.9B (17%)
Total 112 $116.2B 275 $421.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 17 (15%) 37.8B (33%) 70 (25%) 84.1B (21%)
Secondary Buyout 31 (28%) 20.2B (17%) 55 (20%) 47.0B (12%)
Stake Purchase 15 (13%) - 46 (17%) 23.8B (6%)
Divestiture 12 (11%) 17.5B (15%) 28 (10%) 69.6B (17%)
Growth Capital 18 (16%) - 27 (10%) -
Going Private 9 (8%) 39.9B (34%) 23 (8%) 158.7B (39%)
PIPE 5 (4%) - 13 (5%) 19.5B (5%)
Recapitalization 3 (3%) 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 112 $116.2B 276 $406.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 36 (27%) 110.0B (82%)
IPO 36 (27%) -
Trade Sale 20 (15%) 11.3B (8%)
Secondary Sale 16 (12%) 3.5B (3%)
Stake Sale 6 (4%) -
Bankruptcy 5 (4%) -
Merger 4 (3%) 9.6B (7%)
Sold to Management 4 (3%) -
Divestiture 3 (2%) -
SPAC 2 (1%) -
Unknown 2 (1%) -
Recapitalization 1 (1%) -
Total 135 $134.4B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
18
Citigroup Investment Banking
15
Credit Suisse Investment Banking
14
Legal Deals
Simpson Thacher & Bartlett LLP
45
Kirkland & Ellis LLP
12
Ropes & Gray LLP
5

Deal Values

buy # Total
> $1B 77 $388.1B
$100M to $1B 70 $33.2B
< $100M 8 $367M
TOTAL $421.7B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 33 $131.5B
$100M to $1B 6 $3.2B
< $100M 2 $92M
TOTAL $134.8B
Largest Refinitiv
$27.0B (2019-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
21%
58 (21%)
Strategic(s)
10%
27 (10%)
Exited to
Investor(s)
12%
16 (12%)
Strategic(s)
47%
64 (47%)

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