(By Balaseshan) Blackstone Group L.P. (NYSE:BX), a private capital manager and provider of financial advisory services, said it will acquire GCA Services Group, a facility services company in the U.S., from Nautic Partners L.L.C. and other minority shareholders.
GCA Services Group Inc. and Blackstone announced a definitive agreement under which a fund managed by Blackstone on behalf of its private equity investors, Blackstone Capital Partners V L.P., will acquire GCA Services Group.
Blackstone sees tremendous opportunity for investing in leading companies within the business services sector, where the company has significant expertise.
"Blackstone is attracted to GCA's leading market position and rapid organic growth. We look forward to working with GCA's outstanding management team to continue to invest in the company's growth," said Peter Wallace, Senior Managing Director of Blackstone.
The acquisition of GCA Services Group is expected to close in October subject to certain government approvals and other customary closing conditions.
In a separate release, Blackstone announced the final closing on just over $2.5 billion for Blackstone Energy Partners (BEP) its first dedicated energy focused private equity fund.
BEP invests in control and control-oriented equity investments within the energy and natural resources sector on a global basis. Blackstone Capital Partners VI, Blackstone's $16 billion diversified global private equity fund invests alongside BEP in energy and natural resources transactions.
BX is trading down 0.98% at $13.10 on Wednesday. The stock has been trading between $10.51 and $17.25 for the past 52 weeks.