Secondary Buyout • Business Services

The Blackstone Group Acquires Legence

On November 9, 2020, private equity firm The Blackstone Group acquired business services company Legence from Gemspring Capital

Acquisition Context
  • This is The Blackstone Group’s 12th transaction in the Business Services sector.
  • This is The Blackstone Group’s 171st transaction in the United States.
  • This is The Blackstone Group’s 14th transaction in California.

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M&A Deal Summary

Date November 9, 2020
Target Legence
Sector Business Services
Buyer(s) The Blackstone Group
Sellers(s) Gemspring Capital
Deal Type Secondary Buyout
Advisor(s) Jefferies
Lincoln International (Financial)
McDermott Will & Emery (Legal)

Target Company

Legence

San Jose, California, United States
Legence is a mechanical, electrical, and plumbing services company focused on designing, building, and servicing custom and complex mechanical systems. Legence provides engineering, estimation, design, building information modeling, energy modeling, design-build, specialty HVAC and pipe fabrication, modular skid and process controls, pre-fabrication, and installation work for owners, general contractors, and construction managers in the technology, biopharmaceutical, data center, semiconductor and other industries with complex mechanical requirements. Legence is based in San Jose, California.
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Buyer Overview 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 Context for Buyer #
Overall 276 of 365
Sector: Business Services 12 of 20
Type: Secondary Buyout 55 of 90
State: California 14 of 22
Country: United States 171 of 231
Year: 2020 12 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-15 BioMed Realty

San Diego, California, United States

BioMed Realty invests in the highest quality institutional real estate to meet the needs of the growing demand across the life science industry. The company owns or has interests in properties comprising approximately 18.8 million rentable square feet.

Sell $14.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-19 Industrie De Nora

Milan, Italy

Industrie De Nora S.p.A is a designer, manufacturer and supplier of electrodes, coatings and complete electrochemical solutions to serve diversified markets. Industrie De Nora is based in Milan, Italy.

Sell -

Seller Profile 1

SELLER

Gemspring Capital


Category Private Equity Firm
Founded 2015
PE ASSETS 3.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.


Deal Context for Seller #
Overall 1 of 9
Sector: Business Services 1 of 1
Type: Secondary Buyout 1 of 7
State: California 1 of 3
Country: United States 1 of 9
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-27 Cforia

Westlake Village, California, United States

Cforia is a global enterprise solutions provider, delivering working capital and accounts receivable (A/R) automation software. Its expertly designed, automated order-to-cash platform makes B2B interactions simple, delivering everything clients need to create seamless customer experiences and drive better business results. With intelligent order-to-cash software solutions, the company empowers its clients to make every day an A/R success story. Cforia was founded in 2001 and is based in Westlake Village, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-05 Sigga Technologies

Houston, Texas, United States

Sigga Technologies provides a comprehensive suite of EAM solutions that fully integrate with SAP and enable asset-intensive businesses to more efficiently manage their maintenance and repair operations. Sigga Technologies was founded in 2001 and is based in Houston, Texas.

Buy -