M&A Deal Summary

The Blackstone Group Acquires Hill Top Energy Center

On September 15, 2025, private equity firm The Blackstone Group acquired energy services and equipment company Hill Top Energy Center from Ardian for 1.0B USD

Acquisition Highlights
  • This is The Blackstone Group’s 9th transaction in the Energy Services and Equipment sector.
  • This is The Blackstone Group’s 101st largest (disclosed) transaction.
  • This is The Blackstone Group’s 227th transaction in the United States.
  • This is The Blackstone Group’s 6th transaction in Pennsylvania.

M&A Deal Summary

Date 2025-09-15
Target Hill Top Energy Center
Sector Energy Services and Equipment
Buyer(s) The Blackstone Group
Sellers(s) Ardian
Deal Type Secondary Buyout
Deal Value 1.0B USD

Target

Hill Top Energy Center

Carmichaels, Pennsylvania, United States
Hill Top Energy Center is a natural gas-fired combined cycle project. The 620-megawatt natural gas-fired Hill Top Energy Center enables the energy project to sell capacity and energy to the Pennsylvania-Jersey-Maryland (PJM) regional transmission organization, the largest competitive power market in the United States. Hill Top Energy Center is based in Carmichaels, Pennsylvania.

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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 358 of 362
Sector: Energy Services and Equipment M&A 9 of 9
Type: Secondary Buyout M&A Deals 89 of 90
State: Pennsylvania M&A 6 of 6
Country: United States M&A 227 of 230
Year: 2025 M&A 12 of 16
Size (of disclosed) 101 of 183
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-28 Walker Edison

West Jordan, Utah, United States

Walker Edison is a provider of innovative, affordable home furnishings to global e-commerce platforms. global e-commerce platforms to provide innovative home furnishings at affordable prices. Walker Edison was founded in 2006 and is based in West Jordan, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-16 7 Brew

Springdale, Arkansas, United States

7 Brew is a coffee brand that serves espresso-based coffee, chillers, teas, infused energy, sodas, and more. 7 Brew was founded in 2017 and is based in Springdale, Arkansas.

Sell -

Seller(S) 1

SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 246 of 247
Sector: Energy Services and Equipment M&A 2 of 2
Type: Secondary Buyout M&A Deals 92 of 92
State: Pennsylvania M&A 4 of 4
Country: United States M&A 29 of 29
Year: 2025 M&A 4 of 5
Size (of disclosed) 15 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-09 Alvest

Paris, France

Alvest designs, manufactures, and distributes technical products for the aviation industry, which include aviation ground support equipment, spare parts and services, and technical adhesives and markings for the aerospace and industrial markets. Alvest was founded in 2006 and is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-18 ISC

Carlsbad, California, United States

ISC is a multi-line insurance distributor that builds end-to-end insurance products utilizing advanced artificial intelligence (AI) engineering and data analytics. ISC has built an end-to-end insurance platform by connecting a broad network of insurance markets and distribution channels with proprietary data analytics capabilities. ISC was founded in 2017 and is based in Carlsbad, California.

Buy -