Blackstone Group

Infobox_Company
company_name = Blackstone Group
company_
company_type = Public
(nyse|BX)
foundation = 1985
founder = Peter G. Peterson
Stephen A. Schwarzman
location =
key_people = Stephen A. Schwarzman
(Chairman) & (CEO)
Peter G. Peterson
(Senior Chairman)
area_served = Worldwide
num_employees = 1,020 ("2008")
industry = Financial Services
products = Private Equity
Investment management
market c
US$ 3.74 billion ("2008")cite web |url=http://zenobank.com/index.php?symbol=BX&page=quotesearch |title=Company Profile for The Blackstone Group LP (BX) |accessdate=2008-10-02]
revenue = profit US$ 3.050 billion ("2007")
operating_income = loss US$ 285 million ("2007")
net_income = loss US$ 1.623 billion ("2007")
assets = decrease US$ 13.174 billion ("2007")
equity = increase US$ 4.226 billion ("2007")
homepage = [http://www.blackstone.com/ The Blackstone Group] Among the most prestigious private equity and investment management firms in the world,"The Blackstone Group"' (nyse|BX) is a company that provides private equity, financial advisory, and investment management services. The firm is based in New York City, with offices in Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, San Francisco, London, Hamburg, Paris, Mumbai, Tokyo and Hong Kong. One of the world's largest private equity firms, [ [http://dealbook.blogs.nytimes.com/2007/03/16/blackstone-said-to-prepare-for-ipo/ Blackstone Said to Prepare for I.P.O. - Mergers, Acquisitions, Venture Capital, Hedge Funds - DealBook - New York Times ] ] 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.

History

Blackstone Group L.P. was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with $400,000 in seed capital. [cite web |url= http://www.bankersball.com/2005/09/06/blackstone-group/ |title= Blackstone Group company profile |accessdate=2008-06-04 |format= |work= ] "Blackstone" is a cryptogram 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 [http://www.prnewswire.com/gh/cnoc/comp/130238.html| Prime Hospitality] ( [http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-26-2001/0001479160&EDATE=| Wellesley Inns & Suites] ) and Extended Stay America in 2004, La Quinta Inns & Suites in 2005 and Hilton Hotels Corporation in 2007. Extended Stay Hotels was sold to The Lightstone Group in July of 2007 and Wellesley Inns were folded into LaQuinta. [cite web |url= http://blackstone.com/private_equity/portfolio.asp?Order=ByRealizedInvest |title= Corporate Private Equity |accessdate=2008-05-22 |format= |work= ]

Blackstone filed for an initial public offering to raise $4 billion on March 22, 2007. [cite web |url= http://www.sec.gov/Archives/edgar/data/1393818/000104746907002068/a2176832zs-1.htm |title= Blackstone SEC filing |accessdate=2008-06-04 |format= |work= ] Blackstone offered 133.3 million shares priced at $31.00 per unit. The stock began trading on the NYSE on June 22, 2007.

Business segments

Corporate private equity

Blackstone manages or owns holdings in Allied Waste, Graham Packaging, Celanese, Nalco, HealthMarkets, Houghton Mifflin, American Axle, Prime Hospitality, Legoland, Universal Studios Parks, Encore Medical [PR NewsWire: [http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/06-30-2006/0004390588&EDATE= Encore Medical Enters Into Agreement With Blackstone Capital Partners To Go Private for $6.55 Per Share] ] , La Quinta, Luxury Resorts (LXR), Pinnacle Foods, Hilton Hotels Corporation, Apria Healthcare (to be completed by the end of 2008), Travelport, and The Weather Channel.

Real estate

Blackstone holds more than convert|13000000|sqft|m2 of real estate in Boston, New York, San Francisco and Washington, DC.Fact|date=July 2008

Marketable alternative asset management

Blackstone offers private equity, real estate, and hedge funds, first used only for internal investments, but now open to clients.Fact|date=July 2008
*Funds of hedge funds
*Mezzanine funds
*Senior debt vehicles
*Proprietary hedge funds
*Closed-end mutual funds

Financial advisory services

*Corporate and mergers and acquisitions advisory - clients include Microsoft, Procter & Gamble, Verizon, Comcast, Sony and AIG.Fact|date=July 2008
*Restructuring and reorganization advisory - clients include Xerox, Enron, Bally Total Fitness and Global Crossing.Fact|date=July 2008
*Fund placement advisory group

References

External links

* [http://www.blackstone.com/ The Blackstone Group website]