M&A Deal Summary

The Blackstone Group Acquires Chartis

On August 14, 2024, private equity firm The Blackstone Group acquired business services company Chartis from Audax Private Equity

Acquisition Highlights
  • This is The Blackstone Group’s 16th transaction in the Business Services sector.
  • This is The Blackstone Group’s 208th transaction in the United States.
  • This is The Blackstone Group’s 11th transaction in Illinois.

M&A Deal Summary
Date 2024-08-14
Target Chartis
Sector Business Services
Buyer(s) The Blackstone Group
Sellers(s) Audax Private Equity
Deal Type Secondary Buyout
Advisor(s) Lincoln International
BofA Securities (Financial)
Ropes & Gray
Winston & Strawn (Legal)

Target

Chartis

Chicago, Illinois, United States
Chartis is a healthcare advisory firm that develops and activates transformative strategies, operating models, and organizational enterprises. The company helps providers, payers, technology innovators, retail companies, and investors create and embrace solutions that radically reshape healthcare for the better. Its family of brands includes Chartis, Jarrard, Greeley, and HealthScape Advisors. Chartis was founded in 2002 and is based in Chicago, Illinois.

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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 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 City.

DEAL STATS #
Overall 332 of 335
Sector (Business Services) 16 of 16
Type (Secondary Buyout) 79 of 80
State (Illinois) 11 of 11
Country (United States) 208 of 210
Year (2024) 12 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-07 Westwood Professional Services

Minneapolis, Minnesota, United States

Westwood Professional Services is a multi-disciplined survey and engineering firm providing services to support commercial and residential development, wind and solar energy, power delivery, and oil and gas projects nationwide. Westwood Professional Services was founded in 1972 and is based in Minneapolis, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-15 M3

Lawrenceville, Georgia, United States

M3 is a cloud-based financial platform and services company serving over 8,000 properties across North America’s hospitality industry helping drive cost savings, revenue enhancement, and business insight. M3 was formed in 1998 and is headquartered in Lawrenceville, Georgia.

Buy -

Seller(S) 1

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 101 of 102
Sector (Business Services) 8 of 8
Type (Secondary Buyout) 55 of 55
State (Illinois) 8 of 8
Country (United States) 96 of 97
Year (2024) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-21 ELM

East Brunswick, New Jersey, United States

ELM provides home and building solutions to consumers, contractors, distributors, and fabricators. ELM was formed in 1966 and is based in East Brunswick, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-16 Avantor s Clinical Services

Radnor, Pennsylvania, United States

Avantor's Clinical Services provides clinical trial and laboratory supply chain services to pharmaceutical and biotechnology companies, contract research organizations (CROs), and diagnostic laboratories. The company maintains a global logistics and equipment services network that distinguishes the business as a partner of choice to help its clients manage complex and evolving supply chain needs.

Buy -
Mergr

Product

Company

Legal