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Blackstone is poised to become majority owner of Jersey Mike's through a deal the investment firm announced Tuesday.
The investment firm, run by CEO Stephen Schwartzman, plans to close on the sandwich chain early next year, when it plans to close on the sandwich chain through its latest flagship private equity vehicle and other funds it manages. , will own a majority stake in Jersey Mike's,” Blackstone said. .
Blackstone acquires Jersey Mike's sandwich chain
The popular Jersey Mike's is the latest company Blackstone has pursued, but it's not the first. A prolific dealmaker, the company counts Ancestry.com, Bumble, and Rover among its many other investments over the years.
FOX Business has reached out to Blackstone for comment on the three companies.
ancestor
A participant looks at an Ancestry.com Inc. DNA kit at the 2017 RootsTech conference on Thursday, February 9, 2017 in Salt Lake City, Utah, USA. The four-day conference is a family tree event focused on discovering and sharing family connections. beyond the genus (George Fry/Bloomberg via Getty Images/Getty Images)
A private equity (PE) fund managed by Blackstone added Ancestry to its investment firm's portfolio in 2020 through a deal that valued the popular genealogy website at $4.7 billion. They have acquired from Silver Lake, GIC, Spectrum, Permira and others, and at the time Blackstone said GIC would maintain a “significant minority stake.”
“Ancestry has a significant runway for further growth as people of all ages and backgrounds become more interested in learning more about their family history and themselves,” Blackstone said in announcing the acquisition. I believe that,” he said. “We look forward to investing in further data, capabilities and product development across Ancestry’s market-leading platform as we continue to deliver differentiated services.”
According to the Ancestry website, Ancestry has DNA information on more than 25 million people. The number of paid members exceeds 3 million.
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bumble
Ukraine – 04/11/2021: In this photo illustration, the logo of the American social media company Bumble is displayed on a smartphone and PC screen. (Photo illustration: Pavlo Gonchar/SOPA Images/LightRocket, Getty Images) (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images / Getty Images)
Blackstone struck a deal to acquire a majority stake in the dating app company in 2019, when Bumble was still called MagicLab, about two years before it went public.
a power of attorney The investment firm owned 23.9% of Bumble's Class A common stock and 13.9% of Bumble's common stock as of early March, according to a report Bumble filed earlier this year. Mr. Wolfe Herd owned less than 1% and 12.9% of the Class A shares. of common units. In December 2023 and March 2024, Bumble repurchased certain shares from Blackstone as part of a buyback program.
The dating app company, which owns Bumble, Bumble for Friends, Badoo, Fruititz and Official, said earlier this month that its third-quarter total revenue was $273.6 million, down less than 1% from the same period last year. Announced. . Meanwhile, the company's net loss for the quarter was $849.26 million.
The company introduced a number of new features to its app of the same name earlier this year.
“Our efforts are to strengthen our ecosystem, deploy a rebalanced marketing approach to drive quality user growth, achieve stable product releases, and better align with customer value. “We are focused on evolving our revenue strategy,” said CEO Lydiaan Jones. “It will take time,” he added.
Bumble stock has fallen more than 46% in the past 12 months.
rover
Rover application available for download on the Apple App Store on smartphones, arranged on Thursday, April 1, 2021, in Dobbs Ferry, New York, USA. One sign that the impact of COVID-19 on American life is easing is that pet owners are spending their time right now. (Tiffany Hagler-Geard/Bloomberg via Getty Images/Getty Images)
Blackstone's acquisition of pet care services platform Rover was completed in February of this year. This returned Rover to a private company, retaining its name and brand.
The deal was valued at approximately $2.3 billion and was done entirely in cash, Blackstone said.
Blackstone pays $2.3 billion to acquire Rover
In Rover's quarterly financial report filed in early November 2023, prior to announcing the deal with Blackstone, the platform generated $165.85 million in revenue in the first three quarters of the year, a 35.9% year-over-year increase. He said that the number had increased in the near future. . The company also said it expected revenue of $64 million to $66 million in the final quarter of 2023, according to the filing.
More than 2 million pet owners use Rover for pet care services, according to the platform.
Investing in other well-known companies
Blackstone owns or has stakes in other well-known companies.
For example, the company completed its acquisition of Tropical Smoothie Cafe, a fast-growing chain of smoothies and other food products, earlier this year. It also owns majority stakes in Spanx and Supergoop.
Monday, January 8, 2024, Blackstone headquarters in New York, USA. Blackstone released its earnings statistics on January 25th. Photographer: Jeenah Moon/Bloomberg via Getty Images (Gina Moon/Bloomberg via Getty Images/Getty Images)
Blackstone reports that it had 85 portfolio companies as of the end of June and managed a total of $152 billion in corporate private equity assets as of the end of September.
Collectively, the company manages over $1.1 trillion in diverse assets. The company's market capitalization hovered around $224.27 billion as of Tuesday night.
