36 Facts About Blackstone Group

Blackstone Group Inc is an American alternative investment management company based in New York City.

In 2019, Blackstone Group converted from a publicly traded partnership into a C-type corporation.

The founders named their firm "Blackstone Group, " using a cryptogram derived from the names of the two founders .

Blackstone Group was originally formed as a mergers and acquisitions advisory boutique.

Blackstone Group finalized fundraising for its first private equity fund in the aftermath of the October 1987 stock market crash.

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In June 1989, Blackstone Group acquired freight railroad operator, CNW Corporation.

That same year, Blackstone Group partnered with Salomon Brothers to raise $600 million to acquire distressed thrifts in the midst of the savings and loan crisis.

In 1990, Blackstone Group launched its hedge funds business, initially intended to manage investments for Blackstone Group senior management.

That same year, Blackstone formed a partnership with J O Hambro Magan in the UK and Indosuez in France.

In 1991, Blackstone Group created its Europe unit and launched its real estate investment business with the acquisition of a series of hotel businesses under the leadership of Henry Silverman.

Silverman would ultimately leave Blackstone Group to serve as CEO of HFS, which would later become Cendant Corporation.

Blackstone Group made a number of notable investments in the early and mid-1990s, including Great Lakes Dredge and Dock Company, Six Flags, US Radio, Centerplate, MEGA Brands .

Also, in 1996, Blackstone partnered with the Loewen Group, the second largest funeral home and cemetery operator in North America, to acquire funeral home and cemetery businesses.

In 1995, Blackstone Group sold its stake in BlackRock to PNC Financial Services for $250 million.

In 1997, Blackstone Group completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments and a $1.

In 1999, Blackstone Group partnered, together with Apollo Management to provide capital for Allied Waste's acquisition of Browning-Ferris Industries.

In October 2000, Blackstone Group acquired the mortgage for 7 World Trade Center from the Teachers Insurance and Annuity Association.

Blackstone Group serves on the firm's executive and management committees, and its board of directors.

TRW's parent was acquired by Northrop Grumman, while Blackstone Group purchased its automotive parts business, a major supplier of automotive systems.

Blackstone Group purchased a majority interest in Columbia House, a music-buying club, in mid-2002.

Two years later, in 2005, Blackstone Group was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $11.

In December 2008, Blackstone Group announced that Kailix would be spun off to its management team to form a new fund as an independent entity backed by Blackstone Group.

Blackstone Group acquired Prime Hospitality and Extended Stay America in 2004.

In 2004, Blackstone Group had explored the possibility of creating a business development company, Blackridge Investments, similar to vehicles pursued by Apollo Management.

However, Blackstone Group failed to raise capital through an initial public offering that summer and the project were shelved.

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In 2007, Blackstone Group acquired Alliant Insurance Services, an insurance brokerage firm.

In January 2008, Blackstone Group made a small co-investment alongside TPG Capital and Apollo Management in their buyout of Harrah's Entertainment, although that transaction had been announced during the buyout boom period.

In December 2009, Blackstone Group acquired Busch Entertainment Corporation from Anheuser-Busch InBev for $2.

In November 2013, Merlin Entertainments, owned in part by Blackstone Group, became a public company via an initial public offering on the London Stock Exchange.

Blackstone Group operates through four primary departments: private equity; real estate; hedge funds; and credit.

Blackstone Group has primarily relied on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and other institutional investors.

From 1987 to its IPO in 2007, Blackstone Group invested approximately $20 billion in 109 private equity transactions.

In 2012, Blackstone Group acquired a controlling interest in Utah-based Vivint, Inc, a home automation, security, and energy company.

Part of the purchase involved splitting the business into a property company, NHP, and a nursing home business, which Blackstone Group claimed would become "the leading company in the elderly care market".

In 1990, Blackstone Group created a fund of hedge funds business to manage internal assets for Blackstone Group and its senior managers.

In March 2008, Blackstone Group acquired GSO Capital Partners, a credit-oriented alternative asset manager, for $620 million in cash and stock and up to $310 million through an earnout over the next five years based on earnings targets.