36 Facts About Blackstone Group


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

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

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

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

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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.

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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.

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

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

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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.

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

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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 .

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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.

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

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

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

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

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

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

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

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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.

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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.

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

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

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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.

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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.

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

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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.

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

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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.

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

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

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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".

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

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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.

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