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M&A Deal Summary

The Blackstone Group Acquires Apria

On October 28, 2008, private equity firm The Blackstone Group acquired healthcare services company Apria for 1.7B USD

Acquisition Highlights
  • This is The Blackstone Group’s 3rd transaction in the Healthcare Services sector.
  • This is The Blackstone Group’s 72nd largest (disclosed) transaction.
  • This is The Blackstone Group’s 92nd transaction in the United States.
  • This is The Blackstone Group’s 3rd transaction in Indiana.
Investment Fate
  • Apria went public in 2021.
  • Apria was sold to a strategic buyer in 2022 for 1.6B USD.

M&A Deal Summary
Date 2008-10-28
Target Apria
Sector Healthcare Services
Buyer(s) The Blackstone Group
Deal Type Going Private
Deal Value 1.7B USD
Advisor(s) Goldman Sachs (Financial)
Gibson, Dunn & Crutcher (Legal)

Target

Apria

Indianapolis, Indiana, United States
Apria is a provider of integrated home healthcare equipment and related services in the United States. The company offers a comprehensive range of products and services for in-home care and delivery across three core service lines: home respiratory therapy (including home oxygen and non-invasive ventilation (“NIV”) services), obstructive sleep apnea (“OSA”) treatment (including continuous positive airway pressure (“CPAP”) and bi-level positive airway pressure devices, and patient support services), and negative pressure wound therapy (“NPWT”). Additionally, it supplies a wide range of home medical equipment and other products and services to help improve the quality of life for patients with home care needs. Apria was formed in 1924 and is based in Lake Forest, California.

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Buyer(S) 1

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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, New York.

DEAL STATS #
Overall 132 of 362
Sector: Healthcare Services M&A 3 of 6
Type: Going Private M&A Deals 13 of 41
State: Indiana M&A 3 of 3
Country: United States M&A 92 of 230
Year: 2008 M&A 13 of 14
Size (of disclosed) 72 of 183
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-06 China National BlueStar

Beijing, China

China National BlueStar is a Chinese specialty chemicals company focused on manufacturing plants and its marketing network covers over 140 countries. China National Bluestar is based in Beijing.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-07 Centennial Communications

Wall, New Jersey, United States

Centennial Communications Corp. was an independent cellular telephone operator in the U.S. and an operator of both wireless and wireline systems in the Caribbean. Centennial Communications was formed in 1988 and was based in Wall, New Jersey.

Sell $944M
Mergr

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