Blackstone Inc. is an Americanalternative investment management company based in New York City. It was founded in 1985 as amergers and acquisitions firm byPeter Peterson andStephen Schwarzman, who had previously worked together atLehman Brothers. Blackstone'sprivate equity business has been one of the largest investors inleveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure,hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in totalassets under management, making it the world's largest alternative investment firm.
Blackstone was founded in 1985 byPeter G. Peterson andStephen A. Schwarzman withUS$400,000 (equivalent to $1.2million in 2024) inseed capital.[2]: 45–56 [3] The founders derived their firm's name from their names: "Schwarz" is German for "black"; "Peter", "petros" (πέτρος, masculine), or "petra" (πετρα, feminine) means "stone" or "rock" in Greek.[4][5] The two founders had previously worked together atLehman Brothers. There, Schwarzman served as head of global mergers and acquisitions business.[6] Prominent investment bankerRoger C. Altman, another Lehman veteran, left his position as a managing director ofLehman Brothers to join Peterson and Schwarzman at Blackstone in 1987, but left in 1992 to join theClinton administration asDeputy Treasury Secretary and later founded advisory investment bankEvercore Partners in 1995.[7]
Blackstone was originally formed as a mergers and acquisitions advisory boutique. It advised on the 1987 merger of investment banksE. F. Hutton & Co. and Shearson Lehman Brothers, collecting a $3.5 million fee.[8][9]
From the outset in 1985, Schwarzman and Peterson planned to enter the private equity business but had difficulty in raising their first fund because neither had ever led a leveraged buyout.[2]: 45–56 Blackstone finalized fundraising for its first private equity fund in the aftermath ofBlack Monday, the October 1987 global stock market crash. After two years of providing strictly advisory services, Blackstone decided to pursue a merchant banking model after its founders determined that many situations required an investment partner rather than just an advisor. The largest investors in the first fund includedPrudential Insurance Company,Nikko Securities and theGeneral Motors pension fund.[10]
Blackstone also ventured into other businesses, most notably investment management. In 1987 Blackstone entered into a 50–50 partnership with the founders ofBlackRock,Larry Fink (current CEO of BlackRock), and Ralph Schlosstein (CEO ofEvercore). The two founders, who had previously run the mortgage-backed securities divisions atFirst Boston and Lehman Brothers, respectively, initially joined Blackstone to manage an investment fund and provide advice to financial institutions. They also planned to use a Blackstone fund to invest in financial institutions and help build an asset management business specializing in fixed income investments.[11][12]
As the business grew, Japanese bank Nikko Securities acquired a 20% interest in Blackstone for a $100 million investment in 1988 (valuing the firm at $500 million). Nikko's investment allowed for a major expansion of the firm and its investment activities.[13] The growth firm also recruited politician and investment bankerDavid Stockman fromSalomon Brothers in 1988. Stockman led many key deals in his time at the firm but had a mixed record with his investments.[2]: 144–147 He left Blackstone in 1999 to start his own private equity firm,Heartland Industrial Partners, based inGreenwich, Connecticut.[14]
The Blackstone Group logo in use prior to the firm's rebranding as simply Blackstone
In 1990, Blackstone launched its hedge funds business, initially intended to manage investments for Blackstone senior management.[18] That same year, Blackstone formed a partnership with J. O. Hambro Magan in the UK andIndosuez in France.[19][20] Additionally, Blackstone and Silverman acquired a 65% interest in Prime Motor Inn'sRamada andHoward Johnson franchises for $140 million, creating Hospitality Franchise Systems as aholding company.[21]
In 1991, Blackstone created its Europe unit[22][23] and launched its real estate investment business with the acquisition of a series of hotel businesses under the leadership ofHenry Silverman. In October 1991, Blackstone and Silverman addedDays Inns of America for $250 million.[24] In 1993, Hospitality Franchise Systems acquiredSuper 8 Motels for $125 million.[25] Silverman would ultimately leave Blackstone to serve as CEO of HFS, which later becameCendant Corporation.[26]
Blackstone made a number of notable investments in the early and mid-1990s, includingGreat Lakes Dredge and Dock Company (1991),Six Flags (1991), US Radio (1994),Centerplate (1995),MEGA Brands (1996). Also, in 1996, Blackstone partnered with theLoewen Group, the second-largest funeral home and cemetery operator in North America, to acquire funeral home and cemetery businesses. The partnership's first acquisition was a $295 million buyout of Prime Succession fromGTCR.[27][28][29]
In 1995, Blackstone sold its stake in BlackRock toPNC Financial Services for $250 million. Between 1995 and 2014, PNC reported $12 billion in pretax revenues and capital gains from BlackRock. Schwarzman later described the selling of BlackRock as his worst business decision ever.[30]
In 1997, Blackstone completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments[31] and a $1.1 billion real estate investment fund.[32] Also in 1997, Blackstone made its first investment inAllied Waste.[33] In 1998, Blackstone sold a 7% interest in its management company toAIG, valuing Blackstone at $2.1 billion.[34] In 1999, Blackstone partnered withApollo Management to provide capital for Allied Waste's acquisition ofBrowning-Ferris Industries. Blackstone's investment in Allied was one of its largest at that point in the firm's history.[35]
In 1999, Blackstone launched its mezzanine capital business. It brought in five professionals, led by Howard Gellis from Nomura Holding America's Leveraged Capital Group, to manage the business.[36]
Blackstone's investments in telecommunications businesses—four cable TV systems in rural areas (TW Fanch 1 and 2, Bresnan Communications and Intermedia Partners IV) and a cell phone operator in the Rocky Mountain states (CommNet Cellular) were among the most successful of the era, generating $1.5 billion of profits for Blackstone's funds.[2]: 148–155
Blackstone Real Estate Advisers, its real estate affiliate, bought theWatergate complex in Washington, D.C. in July 1998 for $39 million[37] and sold it to Monument Realty in August 2004.[38]
Schwarzman's Blackstone Group completed the first major IPO of a private equity firm in June 2007.[41]
In July 2002, Blackstone completed fundraising for a $6.45 billion private equity fund, Blackstone Capital Partners IV, the largest private equity fund at that time.[42]
With a significant amount of capital in its new fund, Blackstone was one of a handful of private equity investors capable of completing large transactions in the adverse conditions of theearly 2000s recession. At the end of 2002, Blackstone, together withThomas H. Lee Partners andBain Capital, acquiredHoughton Mifflin Company for $1.28 billion. The transaction represented one of the first largeclub deals completed since the collapse of theDot-com bubble.[43]
In 2002,Hamilton E. James joined Blackstone, where he serves as president and chief operating officer. He also serves on the firm's executive and management committees, and its board of directors.[44] In late 2002, Blackstone acquiredTRW Automotive in a $4.7 billion buyout, the largest private equity deal announced that year (the deal was completed in early 2003).TRW's parent was acquired byNorthrop Grumman, while Blackstone purchased its automotive parts business, a major supplier of automotive systems.[2]: 176, 197, 206–207 [45] Blackstone also purchased a majority interest inColumbia House, a music-buying club, in mid-2002.[46]
Two years later, in 2005, Blackstone was one of seven private equity firms involved in the buyout ofSunGard in a transaction valued at $11.3 billion. Blackstone's partners in the acquisition wereSilver Lake Partners, Bain Capital,Goldman Sachs Capital Partners,Kohlberg Kravis Roberts,Providence Equity Partners, andTPG Capital. This represented the largest leveraged buyout completed since the takeover ofRJR Nabisco at the end of the 1980s leveraged buyout boom. Also, at the time of its announcement, SunGard was the largest buyout of a technology company in history, a distinction it ceded to the buyout of Freescale Semiconductor. The SunGard transaction is also notable for the number of firms involved, the largest club deal completed to that point.[2]: 225 The involvement of seven firms in the consortium was criticized by investors in private equity who considered crossholdings among firms to be generally unattractive.[48][49]
In 2006, Blackstone launched itslong/short equity hedge fund business, Kailix Advisors. According to Blackstone, as of September 30, 2008, Kailix Advisors had $1.9 billion of assets under management. In December 2008, Blackstone announced that Kailix would be spun off to its management team to form a new fund as an independent entity backed by Blackstone.[50]
While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Blackstone acquired Prime Hospitality[51] andExtended Stay America in 2004. Blackstone followed these investments with the acquisition ofLa Quinta Inns & Suites in 2005. Blackstone's largest transaction, the $26 billion buyout ofHilton Hotels Corporation, occurred in 2007 under the tenure of Hilton CFOStephen Bollenbach.[52] Extended Stay Hotels was sold toThe Lightstone Group in July 2007 and Prime Hospitality'sWellesley Inns were folded into La Quinta.[53] La Quinta Inns & Suites wasspun out for IPO in 2014 and later acquired byWyndham Hotels & Resorts.[54]
During the buyout boom of 2006 and 2007, Blackstone completed some of the largest leveraged buyouts. Its most notable transactions during this period included:
In December 2005, Blackstone together with a group of firms, includingKohlberg Kravis Roberts,Permira,Apax Partners andProvidence Equity Partners, acquired Tele-Denmark Communications. The company was the former telecom monopoly in Denmark, under the banner Nordic Telephone Company (NTC). The acquisition was made for $11 billion.
Blackstone completed the $37.7 billion acquisition of one of the largest owners of commercial office properties in the US. At the time of its announcement, the EQ Office buyout became the largest in history, surpassing the buyout ofHospital Corporation of America. It would later be surpassed byKohlberg Kravis Roberts's buyout ofTXU.Vornado Realty Trust bid against Blackstone, pushing up the final price.
A consortium led by Blackstone and including theCarlyle Group, Permira and theTPG Capital completed the $17.6 billion takeover of the semiconductor company. At the time of its announcement, Freescale would be the largest leveraged buyout of a technology company ever, surpassing the 2005 buyout of SunGard. The buyers were forced to pay an extra $800 million because KKR made a last minute bid as the original deal was about to be signed. Shortly after the deal closed in late 2006, cell phone sales at Motorola Corp., Freescale's former corporate parent and a major customer, began dropping sharply. In addition, in the recession of 2008–2009, Freescale's chip sales to automakers fell off, and the company came under great financial strain.
Blackstone, together with Bain Capital, acquired Michaels, the largest arts and crafts retailer in North America in a $6.0 billion leveraged buyout in October 2006. Bain and Blackstone narrowly beat outKohlberg Kravis Roberts and TPG Capital in an auction for the company.
Blackstone, together withLion Capital acquired Orangina, the bottler, distributor and franchisor of a number of carbonated and other soft drinks in Europe fromCadbury Schweppes for €1.85 billion
Travelport, the parent of the travel website Orbitz.com, was acquired fromCendant by Blackstone andTechnology Crossover Ventures in a deal valued at $4.3 billion. The sale of Travelport followed the spin-offs of Cendant's real estate and hospitality businesses,Realogy Corporation andWyndham Worldwide Corporation, respectively, in July 2006. (Later in the year, TPG and Silver Lake would acquire Travelport's chief competitorSabre Holdings.) Soon after the Travelport buyout, Travelport spun off part of its subsidiaryOrbitz Worldwide in an IPO and bought a Travelport competitor,Worldspan.
In October 2006 Blackstone, together withPAI Partners announced the acquisition of the British biscuit producer. The deal was completed in December 2006.
Blackstone acquired the premium hotel operator for approximately $26 billion, representing a 25% premium to Hilton's all-time high stock price. The Hilton deal, announced on July 3, 2007, is often referred to as the deal that marked the "high water mark" and the beginning of the end of the multi-year boom in leveraged buyouts. The company restructured its debt in 2010.
In 2004, Blackstone had explored the possibility of creating abusiness development company (BDC), Blackridge Investments, similar to vehicles pursued by Apollo Management.[70] Blackstone failed to raise capital through an initial public offering that summer and the project were shelved.[71] It also planned to raise a fund on the Amsterdam stock exchange in 2006, but its rival, Kohlberg Kravis Roberts & Co., launched a $5 billion fund there that soaked up all demand for such funds, and Blackstone abandoned its project.[2]: 221–223
In 2007, Blackstone acquired Alliant Insurance Services, an insurance brokerage firm. The company was sold to Kohlberg Kravis Roberts in 2012.[72]
On June 21, 2007, Blackstone became a public company via an initial public offering, selling a 12.3% stake in the company for $4.13 billion, in the largest U.S. IPO since 2002.[73][74]
During the2007–2008 financial crisis, Blackstone closed only a few transactions. In January 2008, Blackstone made a small co-investment alongside TPG Capital and Apollo Management in their buyout ofHarrah's Entertainment, although that transaction had been announced during the buyout boom period. Other notable investments that Blackstone completed in 2008 and 2009 includedAlliedBarton, Performance Food Group,[75][76] Apria Healthcare, andCMS Computers.
In July 2008, Blackstone, NBC Universal, and Bain Capital acquired The Weather Channel fromLandmark Communications for $3.5 billion. In 2015, the digital assets were sold toIBM for $2 billion. In 2018, the remainder of the company was sold toByron Allen for $300 million.[77]
In November 2013, Merlin Entertainments, owned in part by Blackstone Group, became a public company via an initial public offering on theLondon Stock Exchange.[79][80]
In August 2010, Blackstone announced it would buyDynegy, an energy firm, for nearly $5 billion, but the acquisition was terminated in November 2010.[81]
In February 2011, the company acquired Centro Properties Group US fromCentro Retail Trust (now Vicinity Centres) for $9.4 billion.[82] The company becameBrixmor Property Group and Blackstone sold its remaining interest in the company in August 2016.[83]
In November 2011, a fund managed by the company acquired medical billerEmdeon for $3 billion.[84]
In late 2011, Blackstone Group LP acquiredJack Wolfskin, a Germancamping equipment company. In 2017, the company was handed over to its lenders.[85]
In August 2012, Blackstone was part of a consortium that financedKnight Capital after a software glitch threatened Knight's ability to continue operations.[86]
In October 2012, the company acquired G6 Hospitality, operator ofMotel 6 & Studio 6 motels fromAccorHotels, for $1.9 billion.[87]
In November 2012, the company acquired a controlling interest in Vivint,Vivint Solar, and 2GIG Technologies.[88] In February 2013, 2GIG was flipped to Nortek Security & Control, LLC for $135M.[89]
In April 2013, the company discussed buyingDell, but it did not pursue the acquisition.[90]
In February 2014, Blackstone purchased a 20% stake in the Italian luxury brandVersace for €150 million.[95][96]
In April 2014, Blackstone's charitable arm, the Blackstone Charitable Foundation, donated $4 million to create the Blackstone Entrepreneurs Network in Colorado. The program encourages increased collaboration among local business leaders with the goal of retaining high-growth companies in the state.[97]
On January 4, 2017, Blackstone acquiredSESAC, a music-rights organization.[107]
On February 10, 2017,Aon PLC agreed to sell its human resources outsourcing platform for $4.3 billion to Blackstone Group L.P.,[108] creating a new company calledAlight Solutions.[109]
On June 19, 2017, Blackstone acquired a majority interest inThe Office Group, valuing the company at $640 million.[110]
In January 2018, the company announced acquisition agreement for 55% ofThomson Reuters Financial & Risk unit for $20 billion.[112]
In March 2018, Blackstone Real Estate Income Trust, Inc. acquired a 22 million square foot portfolio of industrial properties from Cabot Properties for $1.8 billion.[113][114]
In March 2018, Blackstone's Strategic Capital Holdings Fund invested inRockpoint Group.[115]
In March 2018, the company's Strategic Capital Holdings Fund announced an investment inKohlberg & Company, a private equity firm.[116]
In August 2018, PSAV was able to merge with Encore Global due to the help from an investment firm Blackstone.[117]
In October 2018, Blackstone launchedRefinitiv, the company resulting from its January deal for a 55 per-cent stake in Thomson Reuters Financial and Risk business.[119]
In October 2018, Blackstone announced to buyClarus. The deal includes assets worth $2.6 billion.[120]
In April 2019, Blackstone invested $480 billion in Starfield, a shopping mall brand run by Shinsegae Group, securing a 17.15% stake.[124]
In June 2019, Blackstone announced it had teamed with the Canada Pension Plan Investment Board and KIRKBI to buyMerlin Entertainment, the owners ofLegoland in a deal worth £5.9 billion (about $7.5 billion). This would be the 2nd time Blackstone would own the company as they previously purchased it in 2005.[125]
On July 15, 2019, Blackstone announced its plans to acquireVungle Inc., a leading mobile performance marketing platform.[126]
In September 2019, Blackstone announced it agreed to purchase 65% controlling interest inGreat Wolf Resorts fromCenterbridge Partners. They plan to form a joint venture worth $2.9 billion or more to own the company.[127]
On November 8, 2019, Blackstone Group acquired a majority stake inMagicLab, the owner of dating appBumble.[128]
Blackstone Group on November 15, 2019, invested $167 million in the holding company of Future Lifestyle Fashions Ltd., Ryka Commercial Ventures Pvt. Ltd.[129]
On November 25, 2019, Reuters reported that Blackstone planned to invest $400 million in ajoint venture withSwiss drug companyFerring. The joint venture will work on gene therapy forbladder cancer. The investment represents Blackstone Group's largest investment in drug development to date.[131]
In March 2020, Blackstone announced that it is buying a majority stake in HealthEdge, a health-care software company.[132] The deal, worth $700 million, was completed on April 13, 2020.[133]
In July 2020, Blackstone invested $200 million in the Swedish oat milk brandOatly, for a 7% stake in the company, triggering outrage among some segments of its customer base.[134][135]
In August 2020, Blackstone announced that it would buy a majority stake inAncestry.com for $4.7 billion (including debt).[136]
In March 2021, Blackstone made a $6.2 billion takeover bid for Australian casino operatorCrown Resorts, offering a 20% premium to its closing share price at the time of the offer. Blackstone held at the time a near 10% stake in the company.[140][141]
In July 2021, Blackstone Group andAIG announced that the company would acquire 9.9% of AIG's life and retirement insurance investment portfolio for $2.2 billion cash, during AIG'sspin-off of the unit by IPO in 2022. The two firms also entered a long-term asset management agreement for about 25% of AIG's life and retirement portfolio, scheduled to increase in subsequent years.[145]
In August 2021, the merger of two Blackstone portfolio companies, Vungle and Liftoff, was announced. Both companies are in the mobile advertising space.[146]
In October 2021, the Blackstone Group acquired a majority stake ofSpanx, Inc. The company was valued at $1.2 billion.[147] The deal was prepared by an all-female investment team from Blackstone, and it was announced that theboard of directors would be all female.
In October 2021, Blackstone acquired theNucleus Network, Australia's premier clinical researcher, which is providing staple "healthy" volunteers large financial rewards for drug trials.[148]
On February 14, 2022,Crown Resorts accepted Blackstone's takeover offer. Blackstone will pay $6.6 billion for 90% of shares outstanding.[149][150]
In April 2022, Blackstone announced that it would acquirePS Business Parks for $7.6 billion.[152]
In October 2022,Emerson Electric agreed to sell a 55 percent majority stake in its climate technologies business to Blackstone in a $14billion deal including debt.[153][154]
In June 2023, Blackstone acquired cloud-based event-software providerCvent for $4.6 billion.[155][156]
In October 2023, Blackstone announced that, as part of aclub deal alongside private equity firmVista Equity Partners, it would acquire leading energy market analytics and simulation software firm Energy Exemplar for approximately $1.6 billion.[157]
In November 2023, Blackstone acquired the UK-based software companyCivica for approximately $2.5 billion.[158]
In December 2023, Blackstone announced an agreement to acquire a majority Stake in Sony Payment Services Inc. fromSony Bank.[159]
In January 2024, Blackstone agreed to acquire Canadian real-estate companyTricon Residential for $3.5 billion.[160]
In February 2024, Blackstone acquired online pet marketplaceRover.com for $2.3 billion in an all-cash deal that it first announced in November 2023.[161][162]
In April 2024, Blackstone announced a deal for a 50.7% majority share in Irish turnkey Data Centre developer Winthrop Technologies.[163]
In April 2024, Blackstone made a $1.57 billion offer, outbiddingConcord, to acquire British music IP investment and song management companyHipgnosis Songs Fund.[164] The acquisition was completed in July.[165]
In September 2024, Blackstone Inc entered into a definitive agreement to acquire AirTrunk, a leading data center platform in theAsia-Pacific region, for an enterprise value of over A$24 billion.[166]
On November 19, 2024, Blackstone announced it is acquiringJersey Mike's Subs. The transaction is expected to close in early 2025.[167]
In May 2023, Blackstone entered into an agreement to divest its stake in IBS Software, a Kerala-based software-as-a-service (SaaS) provider. The transaction, valued at $450 million, involved the sale of Blackstone's stake to the global private equity firmApax.[168][169]
In October 2023, Blackstone divested its stake in the Spanish hotel conglomerate Hotel Investment Partners (HIP) to the Singaporean sovereign wealth fundGIC. As part of the agreement, GIC secured a 35% stake in HIP, with the deal establishing a valuation exceeding €4 billion for the company.[170]
In December 2023, Blackstone announced its intention to divest its entire 23.59% stake, valued at $833 million, inEmbassy Office Parks, India's largest real estate investment trust. The decision came four years after the initial listing of the REIT, as revealed in a term sheet disclosed byReuters.[171]
The purchase and subsequent IPO of Southern Cross led to controversy in the UK. Part of the purchase involved splitting the business into a property company, NHP, and a nursing home business, which Blackstone claimed would become "the leading company in the elderly care market". In May 2011, Southern Cross, now independent, was almost bankrupt, jeopardizing 31,000 elderly residents in 750 care homes. It denied blame, although Blackstone was widely accused in the media for selling on the company with an unsustainable business model and crippled with an impossible sale and leaseback strategy.[182][183]
After the 2007–2010subprime mortgage crisis in the United States, Blackstone Group LP bought more than $5.5 billion worth of single-family homes to rent, and then be sold when the prices rise.[184]
In 2014, Blackstone sold Northern California office buildings for $3.5 billion.[185] The buildings sold in San Francisco and Silicon Valley included 26 office buildings and two development parcels.[186]
In 2018, a critique was raised regarding a purchase agreement on several hundred apartments inFrederiksberg, Denmark, between Blackstone's Danish partner North 360 and Frederiksberg Boligfond, a nonprofit housing organization Frederiksberg Municipality established in 1930. After resistance by residents and questions about the purchase agreement's legality, Blackstone withdrew from it in October 2019.[187]
On December 1, 2022, Blackstone restricted withdrawals from its $125 billion real estate investment fundBREIT (Blackstone Real Estate Investment Trust) due to a surge in redemption requests from investors.[188] The move caused investor consternation and limited the ability to attract new capital for BREIT.[189]
In November 2024, Blackstone acquired a group of four retail buildings inSoho for approximately $200 million from ASB Real Estate Investments. This transaction marked the largest Manhattan retail deal by an investor in over three years, signaling a resurgence in the retail asset class. The properties, which house tenants such asPatagonia and Amiri, were purchased with the strategy of increasing revenue by bringing below-market leases up to current rates. The deal included buildings at 61 Crosby Street, 72-76 Greene Street, 465 Broadway, and 415 West Broadway.[190]
In 1990, Blackstone created afund of hedge funds business to manage internal assets for Blackstone and its senior managers. This business evolved into Blackstone's marketable alternative asset management segment, which was opened to institutional investors. Among the investments included in this segment are funds of hedge funds,mezzanine funds,senior debt vehicles, proprietary hedge funds andclosed-end mutual funds.[11]
In March 2008, Blackstone acquiredGSO Capital Partners, a credit-oriented alternative asset manager, for $620 million in cash and stock and up to $310 million through anearnout over the next five years based on earnings targets. The combined entity created one of the largest credit platforms in the alternative asset management business, with over $21 billion under management.[191] GSO was founded in 2005 by Bennett Goodman, Tripp Smith, and Doug Ostrover. The GSO team had previously managed the leveraged finance businesses atDonaldson, Lufkin & Jenrette and laterCredit Suisse First Boston, after it acquired DLJ. Blackstone was an original investor in GSO's funds. After the acquisition, Blackstone merged GSO's operations with its existing debt investment operations.[192][50]
In 2020, Blackstone acquired a majority stake in Ancestry.com, which controls access to millions of people's genetic data, heightening concern about Blackstone's data privacy practices.[195] This data was disclosed to Blackstone, and it has aggressively defended itself against class action litigation relating to misuse of the data of people who did not consent to genetic testing but were affected through direct biological relations or other means of identification.[196]
An investigation by the U.S. Department of Labor showed thatmore than 100 American children had been working illegally for Packers Sanitation Services Inc. (PSSI), a slaughterhouse cleaning firm owned by Blackstone. The investigation began after a Walnut Middle School teacher inGrand Island, Nebraska, reported a student with hydrochloric acid burns on his hands and knees to the Department of Labor.[197] Under the Fair Labor Standards Act, the Labor Department fined PSSI $15,138 by for each minor who was employed in breach of the law, totaling $1.5 million in civil money penalties.[198][199]
^Cube, Christine (November 25, 2002)."Watergate Hotel For Sale".Washington Business Journal.Archived from the original on September 9, 2015. RetrievedOctober 20, 2013.
^Silverman, Gary; Nicolaou, Anna Nicolaou (October 21, 2016)."Steve Bollenbach, hospitality executive, 1942-2016". Financial Times.Archived from the original on December 19, 2018. RetrievedDecember 19, 2018.He served as the chief financial officer of Marriott and Walt Disney and chief executive of Hilton Hotels, a post he held from 1996 to 2007, when he sold the company to Blackstone for $26bn. ... He helped craft Marriott's 1992 split into a hotel management operation and a real estate holding company, as well as Disney's $19bn deal to buy Capital Cities/ABC in 1995.
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