The Blackstone Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, The Blackstone Group has acquired 39 companies. It has also invested in 13 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) (25%) and secondary buyout (23%). In total, The Blackstone Group has invested in 29 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 23 companies. The Firm’s most common exit type is trade sale (41%). 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 Activity431
    • M&A Buy Activity294
    • M&A Sell Activity137
  • Total Sectors Invested 55
  • Total Countries Invested 27
  • M&A Buy/Sell Connections 167
  • M&A Advisors 57

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (13.0/yr) # 229 13 16 13 23 - 294
vol $308.3B $27.6B $19.9B $9.5B $72.4B $437.7B
Sell (6.6/yr) # 106 10 8 6 9 - 139
vol $87.5B $10.7B $27.0B $12.7B $138.0B
  433

Most Recent M&A

Company Date Value Type
Cloudreach Ltd. 2021-12-07 - Add-on Acquisition
London, United Kingdom · www.cloudreach.com
IRTH Solutions, Inc. 2021-12-01 - Secondary Buyout
Columbus, Ohio · www.irthsolutions.com
Sustana Group 2021-12-01 - Secondary Buyout
De Pere, Wisconsin · www.sustanagroup.com
Aqua Finance, Inc. 2021-11-29 1.0B USD Secondary Buyout
Wausau, Wisconsin · www.aquafinance.com
Everlake Life Insurance 2021-11-01 4.0B USD Divestiture
Northbrook, Illinois · www.everlakelife.com
Spanx, Inc. 2021-10-20 1.2B USD Buyout (LBO, MBO, MBI)
Atlanta, Georgia · www.spanx.com
Beacon Platform, Inc. 2021-10-13 - Venture
New York, New York · www.beacon.io
VF Worldwide Holdings Ltd. 2021-10-07 - Secondary Buyout
Dubai, United Arab Emirates · www.vfsglobal.com
Dynamo Software, Inc. 2021-09-09 - Secondary Buyout
Watertown, Massachusetts · www.dynamosoftware.com
The Chamberlain Group, Inc. 2021-09-07 5.0B USD Divestiture
Oak Brook, Illinois · www.chamberlaingroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
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
Interior Logic Group, Inc. 2021-02-01 L.A.R.K Industries, Inc. 2021-06-30 1
Irvine, California · www.interiorlogicgroup.com Anaheim, California · www.resdesign.com
Alight Solutions 2020-02-10 Aon Hewitt Health Market Insurance Solutions, Inc. 2021-06-03 2
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 7
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 3
Burlington, Massachusetts · www.healthedge.com Reston, Virginia · www.altruistahealth.com
NRStor, Inc. 2020-03-04 Aypa Power LLC 2020-03-04 1
Toronto, Ontario · www.nrstor.com Austin, Texas · www.aypa.com

M&A by Sector

Sector Current # Value All-time # Value
Communications 2 (2%) - 24 (8%) 28.4B (6%)
Information Technology 10 (8%) 17.0B (13%) 20 (7%) 25.1B (6%)
Media 4 (3%) 385M (< 1%) 16 (5%) 15.0B (3%)
Business Services 10 (8%) - 16 (5%) 1.4B (< 1%)
Leisure 4 (3%) 7.9B (6%) 15 (5%) 43.3B (10%)
Internet Software and Services 8 (6%) 3.8B (3%) 14 (5%) 15.1B (3%)
Financial Services 7 (6%) 4.4B (3%) 13 (4%) 12.2B (3%)
Energy Services and Equipment 8 (6%) 5.3B (4%) 13 (4%) 8.2B (2%)
Insurance 5 (4%) 8.4B (6%) 10 (3%) 11.0B (3%)
Chemicals 3 (2%) 1.9B (1%) 9 (3%) 14.8B (3%)
Oil/Gas Exploration 3 (2%) - 8 (3%) 1.7B (< 1%)
Real Estate 4 (3%) 16.4B (13%) 7 (2%) 16.5B (4%)
Software 2 (2%) - 7 (2%) 12.2B (3%)
Life Science 3 (2%) - 7 (2%) 5.5B (1%)
Transportation 4 (3%) - 7 (2%) 1.1B (< 1%)
Medical Products 3 (2%) 34.0B (26%) 6 (2%) 47.6B (11%)
Healthcare Services 2 (2%) - 6 (2%) 4.0B (1%)
Apparel/Textiles 3 (2%) 1.2B (1%) 6 (2%) 2.7B (1%)
Consumer Products 3 (2%) - 6 (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%)
Education 3 (2%) - 4 (1%) -
Utilities 1 (1%) 3.1B (2%) 3 (1%) 10.5B (2%)
Restaurants 1 (1%) 127M (< 1%) 3 (1%) 7.3B (2%)
Retail - - 3 (1%) 6.4B (1%)
Manufacturing 1 (1%) - 3 (1%) 5.4B (1%)
Distribution 2 (2%) 1.8B (1%) 3 (1%) 3.2B (1%)
Safety/Security 1 (1%) - 3 (1%) 2.8B (1%)
Renewable Energy 2 (2%) - 3 (1%) 2.2B (< 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%)
Technology Hardware 2 (2%) 5.0B (4%) 2 (1%) 5.0B (1%)
Aerospace 2 (2%) 4.7B (4%) 2 (1%) 4.7B (1%)
Publishing - - 2 (1%) 3.7B (1%)
Construction 2 (2%) 1.6B (1%) 2 (1%) 1.6B (< 1%)
Electronics 1 (1%) - 2 (1%) 16M (< 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%)
Agriculture 1 (1%) - 1 (< 1%) -
Airlines - - 1 (< 1%) -
E-Commerce 1 (1%) - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Forest Products 1 (1%) - 1 (< 1%) -
Total 127 $130.0B 295 $437.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 73 (57%) 116.7B (90%) 186 (63%) 361.0B (82%)
  Texas 12 (9%) 5.5B (4%) 27 (9%) 40.0B (9%)
  New York 8 (6%) 15.3B (12%) 19 (6%) 41.7B (10%)
  California 9 (7%) 10.4B (8%) 17 (6%) 16.0B (4%)
  Illinois 8 (6%) 52.0B (40%) 12 (4%) 56.7B (13%)
  New Jersey 2 (2%) - 10 (3%) 12.9B (3%)
  Massachusetts 6 (5%) 2.1B (2%) 8 (3%) 4.0B (1%)
  Tennessee 3 (2%) 6.1B (5%) 8 (3%) 11.2B (3%)
  Colorado 2 (2%) - 8 (3%) 7.5B (2%)
  Florida 1 (1%) - 7 (2%) 14.7B (3%)
  Georgia 1 (1%) 1.2B (1%) 6 (2%) 6.7B (2%)
  North Carolina 2 (2%) 6.0B (5%) 5 (2%) 11.2B (3%)
  Maryland 2 (2%) - 5 (2%) 1.0B (< 1%)
  Virginia 1 (1%) - 5 (2%) 29.0B (7%)
  Ohio 2 (2%) - 4 (1%) -
  Pennsylvania 1 (1%) 155M (< 1%) 4 (1%) 14.6B (3%)
  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%)
  Indiana - - 3 (1%) 13.3B (3%)
  Kansas 2 (2%) 13.3B (10%) 2 (1%) 13.3B (3%)
  Wisconsin 2 (2%) - 2 (1%) -
  Nevada 1 (1%) - 2 (1%) 30.7B (7%)
  Iowa 1 (1%) - 2 (1%) -
  Arizona - - 2 (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 (9%) 9.0B (7%) 24 (8%) 30.9B (7%)
India 12 (9%) 170M (< 1%) 17 (6%) 966M (< 1%)
Germany 5 (4%) 1.1B (1%) 13 (4%) 10.9B (2%)
China 6 (5%) - 9 (3%) 16M (< 1%)
Canada 3 (2%) 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%)
Bermuda - - 5 (2%) 5.3B (1%)
Netherlands 3 (2%) 1.8B (1%) 4 (1%) 2.8B (1%)
France 2 (2%) - 4 (1%) 2.6B (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%) -
United Arab Emirates 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (4%)
Spain - - 1 (< 1%) 1.3B (< 1%)
Argentina - - 1 (< 1%) -
Domestic 73 (57%) 116.7B (90%) 186 (63%) 361.0B (82%)
Cross-border 54 (43%) 13.4B (10%) 108 (37%) 76.7B (18%)
Total 127 $130.0B 294 $437.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 18 (14%) 39.0B (30%) 72 (24%) 85.3B (20%)
Secondary Buyout 40 (31%) 21.3B (16%) 65 (22%) 48.1B (11%)
Stake Purchase 15 (12%) - 47 (16%) 23.8B (6%)
Divestiture 14 (11%) 24.3B (19%) 31 (11%) 78.6B (19%)
Growth Capital 18 (14%) - 27 (9%) -
Going Private 11 (9%) 44.7B (34%) 25 (8%) 163.4B (39%)
PIPE 5 (4%) - 13 (4%) 19.5B (5%)
Recapitalization 3 (2%) 750M (1%) 6 (2%) 2.8B (1%)
Venture 1 (1%) - 6 (2%) 421M (< 1%)
Consolidation - - 1 (< 1%) 466M (< 1%)
Joint Venture 1 (1%) - 1 (< 1%) -
Special Situations/Distressed 1 (1%) - 1 (< 1%) -
Total 127 $130.0B 295 $422.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 38 (27%) 112.2B (82%)
IPO 36 (26%) -
Trade Sale 20 (14%) 11.3B (8%)
Secondary Sale 18 (13%) 4.5B (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 139 $137.6B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
20
Citigroup Investment Banking
16
Credit Suisse Investment Banking
14
Legal Deals
Simpson Thacher & Bartlett LLP
49
Kirkland & Ellis LLP
13
Weil Gotshal & Manges LLP
6

Deal Values

buy # Total
> $1B 82 $404.4B
$100M to $1B 69 $32.9B
< $100M 8 $367M
TOTAL $437.7B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 35 $134.7B
$100M to $1B 6 $3.2B
< $100M 2 $92M
TOTAL $138.0B
Largest Refinitiv
$27.0B (2019-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
23%
68 (23%)
Strategic(s)
10%
30 (10%)
Exited to
Investor(s)
13%
18 (13%)
Strategic(s)
48%
67 (48%)

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