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  6. The Blackstone Group and Vista Equity Partners Acquire Smartsheet

M&A Deal Summary

The Blackstone Group and Vista Equity Partners Acquire Smartsheet

On September 24, 2024, private equity firms The Blackstone Group and Vista Equity Partners acquired internet software and services company Smartsheet for 8.4B USD

Acquisition Highlights
  • This is The Blackstone Group’s 23rd and Vista Equity Partners’ 49th transaction in the Internet Software and Services sector.
  • This is The Blackstone Group’s 17th and Vista Equity Partners’ 3rd largest (disclosed) transaction.
  • This is The Blackstone Group’s 210th and Vista Equity Partners’ 138th transaction in the United States.
  • This is The Blackstone Group’s 3rd and Vista Equity Partners’ 4th transaction in Washington.

M&A Deal Summary
Date 2024-09-24
Target Smartsheet
Sector Internet Software and Services
Buyer(s) The Blackstone Group
Vista Equity Partners
Deal Type Going Private
Deal Value 8.4B USD
Advisor(s) Qatalyst Partners (Financial)
Fenwick & West (Legal)

Target

Smartsheet

Bellevue, Washington, United States
Smartsheet is a SaaS platform for managing and automating collaborative work. The company delivers solutions for tens of thousands of paying customers and millions of information workers across more than 190 countries. Smartsheet was founded in 2005 and is based in Bellevue, Washington.

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Buyer(S) 2

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B 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 336 of 348
Sector (Internet Software and Services) 23 of 23
Type (Going Private) 36 of 36
State (Washington) 3 of 3
Country (United States) 210 of 217
Year (2024) 14 of 18
Size (of disclosed) 17 of 175
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-20 G6 Hospitality

Carrollton, Texas, United States

G6 Hospitality owns, operates and franchises economy lodging locations under the Motel 6 brand and the Studio 6 Extended Stay brand. G6 Hospitality is based in Carrollton, Texas.

Sell $525M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-19 Jersey Mike s Subs

Manasquan, New Jersey, United States

Jersey Mike’s Subs is a franchisor of sub sandwich restaurants. The Company serves fresh sliced/fresh grilled subs on in-store freshly baked bread. Jersey Mike's Subs was formed in 1956 and is based in Manasquan, New Jersey.

Buy $8.0B
Buyer

Vista Equity Partners

Austin, Texas, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.

DEAL STATS #
Overall 149 of 149
Sector (Internet Software and Services) 49 of 49
Type (Going Private) 25 of 25
State (Washington) 4 of 4
Country (United States) 138 of 138
Year (2024) 7 of 7
Size (of disclosed) 3 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-23 Gnosis Freight

Charleston, South Carolina, United States

Gnosis Freight provides supply chain visibility and execution software, made available through its proprietary Container Lifecycle Management (CLM) platform focused on the full lifecycle of your shipping containers. The company's global footprint encompasses a diverse customer base, including top cargo owners (BCOs), ocean carriers, forwarders, truckers, 3PLs, technology providers, and other critical supply chain partners utilizing CLM platform to achieve new levels of efficiency, cost savings, and collaboration within their supply chain. Gnosis Freight is based in Charleston, South Carolina.

Buy -
Mergr

Product

Company

Legal