NEW YORK–(Business WIRE)–Feb 1, 2021–
Blackstone (NYSE:BX) now declared that private equity funds managed by Blackstone (“Blackstone”) have reached a definitive settlement to acquire Interior Logic Group Holdings, LLC (“ILG”) from Littlejohn & Co. LLC (“Littlejohn”), Platinum Equity and other fairness holders, for a overall transaction benefit of around $1.6 billion.
ILG is a leading, data-driven and technology-enabled provider of interior structure, offer chain and installation administration solutions to various of the nation’s biggest single-spouse and children homebuilders. The firm provides to homebuilders and future householders crucial facts and aid during the journey of going into a new home, and makes use of know-how, details, style and design experience and provider associations to aid empower customers to full their house purchases. ILG operates across 37 states, furnishing its abilities to help enable the completion of approximately 100,000 homes per yr.
Seth Meisel, a Senior Managing Director at Blackstone, mentioned: “We are extremely thrilled about ILG’s long term. Currently an business leader, ILG has huge opportunity to construct on its solid basis supporting homebuilders and owners. We appear ahead to partnering with ILG in the years in advance to help increase its geographic attain, boost its technological innovation, and create new options.”
Vikram Suresh, a Handling Director at Blackstone, added: “ILG’s technologies, interactions and objective posture it very very well in the one-family members authentic estate worth chain. We glimpse ahead to partnering with ILG’s leadership staff and supplying Blackstone’s operational assets and skills to help ILG, its homebuilder customers and future householders.”
Alan Davenport, Chief Government Officer and Chairman of ILG, explained: “This announcement is a testomony to our team’s hard perform and the company we have developed. As we glance to the potential, we consider Blackstone will be an superb strategic companion for our enterprise as we accelerate our prepared growth initiatives and present additional aid and experience to our benefit-included technological innovation options for our shoppers. Also, Littlejohn and Platinum Fairness have been terrific partners, offering significant operational knowledge and sources, and encouraging us create our position as a sector leader.”
Steven Raich, a Managing Director at Littlejohn, said: “ILG is a exceptional instance of Littlejohn’s technique to building corporations. We are very pleased of what we completed by supporting administration, investing in natural and organic advancement and executing strategic M&A, and imagine that ILG’s most effective times are in advance.”
Platinum Equity Companion Jacob Kotzubei and Platinum Equity Running Director Todd Golditch stated: “ILG showcased the ability of Platinum’s operational approach, growing substantially under our stewardship to the advantage of its shoppers, partners, personnel and their communities. It has been an exceptional expense and a testament to the tricky work of every person involved. We desire the firm continued results under new possession.”
The transaction is topic to customary closing conditions, and is predicted to shut in the 2nd quarter of 2021. RBC Funds Marketplaces, LLC served as sole monetary advisor to Blackstone. Kirkland & Ellis LLP is serving as legal advisor to Blackstone. Dedicated credit card debt financing for the transaction is staying provided by Citi and Goldman Sachs & Co. Citi served as direct economic advisor and Goldman Sachs & Co. and BofA Securities also served as economical advisors to ILG. Sheppard, Mullin, Richter & Hampton LLP is serving as lawful advisor to Littlejohn and Platinum Fairness and Alston & Chook LLP is serving as finance counsel.
Blackstone is one of the world’s top investment companies. We look for to develop good economic affect and very long-expression worth for our buyers, the corporations we spend in, and the communities in which we operate. We do this by making use of amazing people today and flexible capital to enable corporations fix troubles. Our $619 billion in assets beneath administration as of December 31, 2020 contain expenditure cars targeted on personal equity, serious estate, community personal debt and fairness, life sciences, progress fairness, opportunistic, non-investment decision grade credit rating, real belongings and secondary cash, all on a international basis. Additional info is offered at www.blackstone.com. Abide by Blackstone on Twitter @Blackstone.
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-centered financial commitment organization centered on private fairness and financial debt investments mostly in center marketplace providers. With roughly $12 billion in regulatory property beneath administration, the firm seeks to establish sustainable accomplishment for its portfolio businesses by a disciplined strategy to engineering modify. For additional information about Littlejohn, take a look at www.littlejohnllc.com.
About Platinum Fairness
Launched in 1995 by Tom Gores, Platinum Fairness is a global expenditure firm with approximately $23 billion of belongings less than administration and a portfolio of somewhere around 40 operating companies that serve shoppers about the world. The firm is currently investing from Platinum Fairness Cash Partners V, a $10 billion world wide buyout fund, and Platinum Equity Modest Cap Fund, a $1.5 billion buyout fund centered on expense possibilities in the decrease center sector. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked method it calls M&A&O® – getting and running businesses in a broad vary of small business marketplaces, which include production, distribution, transportation and logistics, products rental, metals products and services, media and leisure, technological know-how, telecommunications and other industries. Over the earlier 25 decades Platinum Equity has accomplished much more than 300 acquisitions.
Look at source model on businesswire.com:https://www.businesswire.com/information/dwelling/20210201005893/en/
Make contact with: Blackstone Media Get in touch with
(518) 248-7310ILG Media Get hold of
(800) 959-8333Littlejohn Media Contacts
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170Platinum Fairness Media Make contact with
Dan Whelan, Platinum Fairness
Search phrase: NEW YORK UNITED STATES NORTH The usa
Business Search phrase: ARCHITECTURE Building & Property FINANCE Data Management Experienced Expert services Technologies Interior Style Residential Constructing & Real ESTATE
Copyright Enterprise Wire 2021.
PUB: 02/01/2021 04:00 PM/DISC: 02/01/2021 04:01 PM