M&A Deal Summary

The Blackstone Group Acquires Westwood Professional Services

On August 7, 2024, private equity firm The Blackstone Group acquired engineering company Westwood Professional Services from Palm Beach Capital

Acquisition Highlights
  • This is The Blackstone Group’s 3rd transaction in the Engineering sector.
  • This is The Blackstone Group’s 207th transaction in the United States.
  • This is The Blackstone Group’s 2nd transaction in Minnesota.

M&A Deal Summary

Date 2024-08-07
Target Westwood Professional Services
Sector Engineering
Buyer(s) The Blackstone Group
Sellers(s) Palm Beach Capital
Deal Type Secondary Buyout
Advisor(s) Perella Weinberg Partners (Financial)
Gibson, Dunn & Crutcher (Legal)

Target

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.

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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, New York.


DEAL STATS #
Overall 332 of 340
Sector (Engineering) 3 of 3
Type (Secondary Buyout) 78 of 81
State (Minnesota) 2 of 2
Country (United States) 207 of 211
Year (2024) 11 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-18 Symphony Infrastructure Partners

Sydney, Australia

Symphony Infrastructure Partners develops, operates, and owns energy transition infrastructure services platform. Symphony Infrastructure Partners was founded in 2022 and is based in Sydney, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-14 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.

Buy -

Seller(S) 1

SELLER

Palm Beach Capital

West Palm Beach, Florida, United States

Investor


Category Private Equity Firm
Founded 2001
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Palm Beach Capital (PBC) is a generalist private equity firm that specializes in making investments in smaller private companies with at least $5 million in EBITDA. PBC prefers low technology business with high revenue growth rates. Target companies are typically valued between $20 to $300 million. PBC looks to commit $5 to $50 million per investment. Palm Beach Capital was formed in 2001 and is headquartered in Palm Beach, Florida.


DEAL STATS #
Overall 20 of 20
Sector (Engineering) 2 of 2
Type (Secondary Buyout) 9 of 9
State (Minnesota) 1 of 1
Country (United States) 20 of 20
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-20 Pape-Dawson Engineers

San Antonio, Texas, United States

Pape-Dawson is an engineering and consulting services firm that provides a comprehensive range of services, including civil engineering, environmental, and surveying services for development and critical infrastructure projects. Pape-Dawson was formed in 1965 and is based in San Antonio, Texas.

Buy -