Blackstone Group
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This article may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can. (April 2008) |
| Blackstone Group | |
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| Type | Public NYSE: BX |
| Founded | 1985 |
| Headquarters |  New York, NY, U.S. |
| Key people | Peter G. Peterson Stephen A. Schwarzman |
| Industry | Financial Services |
| Products | Private Equity Investment Banking Investment management |
| Revenue | NA |
| Net income | NA |
| Employees | NA |
| Website | The Blackstone Group |
Blackstone Group (NYSE: BX) is a company that provides private equity, financial advisory, and investment management services. The company is based in New York City, with offices in Atlanta, Boston, London, Hamburg, Paris, Mumbai and Hong Kong. One of the world's largest private equity firms,[1] it is part of the migration of companies from public to private hands — a total of some US$370 billion in deals in the United States in 2006.
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[edit] History
Blackstone Group L.P. was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with $400,000 in seed capital.[2] "Blackstone" is a wordplay on the founders' names, Stephen A. Schwarzman and Peter G. Peterson. Schwarz is German for black. Peter, or Petra in Greek, means stone or rock.
Blackstone ventures into hotels include acquiring Prime Hospitality (Wellesley Inns & Suites) and Extended Stay America in 2004, La Quinta Inns & Suites in 2005 and Hilton Hotels Corporation in 2007.[3]
Blackstone filed for an initial public offering to raise $4 billion on March 22, 2007.[4] Blackstone offered 133.3 million shares priced at $31.00 per unit. The stock began trading on the NYSE on July 22, 2007.
[edit] Business segments
[edit] Corporate private equity
Blackstone manages holdings in Allied Waste, Graham Packaging, Celanese, Nalco, HealthMarkets, Houghton Mifflin, American Axle, Prime Hospitality, Legoland, Universal Studios Florida, La Quinta, Hilton Hotels Corporation and Travelport.
[edit] Real estate
Blackstone holds more than 13,000,000 square feet (1,200,000 m²) of real estate in Boston, New York, San Francisco and Washington, DC.
[edit] Marketable alternative asset management
Blackstone offers private equity, real estate, and hedge funds, first used only for internal investments, but now open to clients.
- Funds of hedge funds
- Mezzanine funds
- Senior debt vehicles
- Proprietary hedge funds
- Closed-end mutual funds
[edit] Financial advisory services
- Corporate and mergers and acquisitions advisory - clients include Microsoft, Procter & Gamble, Verizon, Comcast, and Sony.
- Restructuring and reorganization advisory - clients include Xerox, Enron, Bally Total Fitness and Global Crossing.
- Fund placement advisory group
[edit] References
- ^ Blackstone Said to Prepare for I.P.O. - Mergers, Acquisitions, Venture Capital, Hedge Funds - DealBook - New York Times
- ^ Blackstone Group company profile. Retrieved on 2008-06-04.
- ^ Corporate Private Equity. Retrieved on 2008-05-22.
- ^ Blackstone SEC filing. Retrieved on 2008-06-04.
