The Blackstone Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, The Blackstone Group has acquired 16 companies. It has also invested in 8 others.

The Blackstone Group’s most common sectors for investment are communications (10%) and media (6%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (27%) and secondary buyout (19%). In total, The Blackstone Group has invested in 28 US states and 23 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 22 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 Activity374
    • M&A Buy Activity249
    • M&A Sell Activity125
  • Total Sectors Invested 53
  • Total Countries Invested 23
  • M&A Buy/Sell Connections 148
  • M&A Advisors 52

The Blackstone Group L.P.

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 (10.0/yr) # 199 9 17 9 15 - 249
vol $291.9B $9.4B $11.5B $27.6B $18.1B $358.4B
Sell (4.8/yr) # 101 2 4 9 8 1 125
vol $85.5B $2.0B $10.7B $27.0B $125.3B
  374

Most Recent M&A

Company Date Value Type
Market Data Insights LLC 2020-02-06 - Add-on Acquisition
New York, New York · www.marketdatainsights.com
Armacell Enterprise GmbH 2019-12-04 - Secondary Buyout
Münster, Germany · www.armacell.com
MagicLab 2019-11-08 3.0B USD Buyout (LBO, MBO, MBI)
London, United Kingdom · www.magiclab.co
Sipartech SAS 2019-10-04 - Stake Purchase
Paris, France · www.sipartech.com
Great Wolf Resorts, Inc. 2019-10-02 - Secondary Buyout
Chicago, Illinois · www.greatwolfresorts.com
NCR Corp. 2019-09-18 - Stake Sale
Duluth, Georgia · www.ncr.com
Vivint, Inc. 2019-09-16 - Merger
Provo, Utah · www.vivint.com
Refinitiv 2019-08-01 27.0B USD Add-on Acquisition
New York, New York · www.refinitiv.com
CRH plc - Europe Distribution Business 2019-07-16 - Divestiture
, Netherlands
Vungle, Inc. 2019-07-15 750M USD Secondary Buyout
San Francisco, California · www.vungle.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 3
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 Talent 2019-06-17 2
Chelmsford, Massachusetts · www.kronos.com Chelmsford, Massachusetts · 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 9
Trivandrum, India · www.ibsplc.com Montreal, Quebec · www.ad-opt.com
Industrie De Nora S.p.A 2017-04-12 Neptune Enterprises LLC 2019-04-01 1
Milan, Italy · www.denora.com Fort Stockton, Texas · www.neptunesc.com
Audio Visual Services Group LLC 2018-06-19 Encore Event Technologies, Inc. 2019-01-14 2
Schiller Park, Illinois · www.psav.com Las Vegas, Nevada · www.encore-us.com

M&A by Sector

Sector Current # Value All-time # Value
Communications 2 (2%) - 24 (10%) 28.4B (8%)
Media 2 (2%) - 14 (6%) 14.6B (4%)
Information Technology 5 (5%) 170M (< 1%) 14 (6%) 8.3B (2%)
Leisure 2 (2%) 1.9B (3%) 13 (5%) 37.3B (10%)
Energy Services and Equipment 8 (8%) 5.3B (7%) 13 (5%) 8.2B (2%)
Business Services 7 (7%) - 12 (5%) 1.4B (< 1%)
Financial Services 8 (8%) 4.7B (6%) 11 (4%) 8.5B (2%)
Internet Software and Services 6 (6%) 18.7B (25%) 10 (4%) 19.0B (5%)
Chemicals 3 (3%) 1.9B (2%) 9 (4%) 14.8B (4%)
Insurance 3 (3%) 1.6B (2%) 8 (3%) 4.2B (1%)
Software 3 (3%) 4.8B (6%) 7 (3%) 17.0B (5%)
Real Estate 4 (4%) 16.4B (22%) 7 (3%) 16.5B (5%)
Oil/Gas Exploration 4 (4%) 209M (< 1%) 7 (3%) 1.7B (< 1%)
Transportation 4 (4%) - 7 (3%) 1.1B (< 1%)
Life Science 2 (2%) - 6 (2%) 5.5B (2%)
Healthcare Services 2 (2%) 1.7B (2%) 6 (2%) 4.2B (1%)
Apparel/Textiles 2 (2%) - 5 (2%) 1.5B (< 1%)
Medical Products 1 (1%) - 4 (2%) 13.6B (4%)
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%)
Utilities 1 (1%) 3.1B (4%) 3 (1%) 10.5B (3%)
Restaurants 1 (1%) 127M (< 1%) 3 (1%) 7.3B (2%)
Staffing 2 (2%) 6.1B (8%) 3 (1%) 7.1B (2%)
Electrical Equipment 2 (2%) 5.4B (7%) 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%)
Information Services - - 2 (1%) 32.7B (9%)
Gaming 1 (1%) - 2 (1%) 30.7B (9%)
Publishing - - 2 (1%) 3.7B (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%)
Renewable Energy 1 (1%) 2.2B (3%) 1 (< 1%) 2.2B (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 97 $75.1B 250 $358.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 49 (51%) 59.8B (80%) 153 (61%) 283.9B (79%)
  Texas 8 (8%) 5.8B (8%) 20 (8%) 40.3B (11%)
  New York 7 (7%) 14.7B (20%) 17 (7%) 41.1B (11%)
  California 7 (7%) 10.5B (14%) 15 (6%) 16.1B (4%)
  New Jersey 1 (1%) - 9 (4%) 12.9B (4%)
  Tennessee 3 (3%) 6.1B (8%) 8 (3%) 11.2B (3%)
  Colorado 3 (3%) 5.4B (7%) 8 (3%) 7.5B (2%)
  Florida 2 (2%) 11.0B (15%) 7 (3%) 14.7B (4%)
  Illinois 2 (2%) - 6 (2%) 4.7B (1%)
  Massachusetts 3 (3%) 750M (1%) 5 (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 (9%)
  Arizona 1 (1%) - 2 (1%) -
  Indiana - - 2 (1%) 11.6B (3%)
  Kansas 1 (1%) 3.3B (4%) 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%) -
  Utah - - 1 (< 1%) 2.0B (1%)
  Iowa - - 1 (< 1%) -
United Kingdom 12 (12%) 12.9B (17%) 24 (10%) 34.9B (10%)
India 11 (11%) 170M (< 1%) 15 (6%) 966M (< 1%)
Germany 5 (5%) 1.1B (2%) 13 (5%) 10.9B (3%)
China 4 (4%) - 7 (3%) 16M (< 1%)
Canada 3 (3%) 209M (< 1%) 4 (2%) 409M (< 1%)
  Quebec 1 (1%) - 2 (1%) 200M (< 1%)
  Alberta 1 (1%) 209M (< 1%) 1 (< 1%) 209M (< 1%)
  Ontario 1 (1%) - 1 (< 1%) -
France 2 (2%) - 4 (2%) 2.6B (1%)
Bermuda - - 4 (2%) 1.4B (< 1%)
Netherlands 2 (2%) - 3 (1%) 908M (< 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%)
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 49 (51%) 59.8B (80%) 153 (61%) 283.9B (79%)
Cross-border 48 (49%) 15.3B (20%) 96 (39%) 74.5B (21%)
Total 97 $75.1B 249 $358.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 17 (18%) 4.0B (5%) 67 (27%) 50.1B (15%)
Secondary Buyout 24 (25%) 19.3B (26%) 47 (19%) 40.7B (12%)
Stake Purchase 13 (13%) - 43 (17%) 23.8B (7%)
Divestiture 10 (10%) 11.2B (15%) 25 (10%) 63.2B (18%)
Growth Capital 15 (15%) - 23 (9%) -
Going Private 8 (8%) 39.9B (53%) 19 (8%) 142.1B (41%)
PIPE 5 (5%) - 13 (5%) 19.5B (6%)
Recapitalization 3 (3%) 750M (1%) 5 (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 97 $75.1B 250 $343.1B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 34 (27%) 101.5B (81%)
IPO 34 (27%) -
Secondary Sale 17 (14%) 3.5B (3%)
Trade Sale 16 (13%) 10.3B (8%)
Bankruptcy 5 (4%) -
Stake Sale 5 (4%) -
Merger 4 (3%) 9.6B (8%)
Sold to Management 4 (3%) -
Divestiture 3 (2%) -
Unknown 2 (2%) -
Recapitalization 1 (1%) -
Total 125 $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 69 $325.9B
$100M to $1B 68 $32.2B
< $100M 8 $367M
TOTAL $358.4B
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)
73%
69 73%
Strategic(s)
27%
25 27%
Exited to
PE Firm(s)
30%
25 30%
Strategic(s)
70%
58 70%

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