Citi and Goldman Sachs provided debt financing for Blackstone’s acquisition of Interior Logic Group.
Blackstone will acquire Interior Logic Group from Littlejohn & Co for a total transaction value of approximately $1.6 billion.
Interior Logic Group is a data-driven and technology-enabled provider of interior design, supply chain and installation management solutions to single-family homebuilders.
“We are very excited about ILG’s future. Already an industry leader, ILG has tremendous potential to build on its strong foundation supporting homebuilders and homeowners. We look forward to partnering with ILG in the years ahead to help expand its geographic reach, enhance its technological innovation and develop new opportunities,” Seth Meisel, senior managing director at Blackstone, said.
“ILG’s technology, relationships and purpose position it very well in the single-family real estate value chain. We look forward to partnering with ILG’s leadership team and providing Blackstone’s operational resources and expertise to support ILG, its homebuilder customers and prospective homeowners,” Vikram Suresh, managing director at Blackstone, said.
“This announcement is a testament to our team’s hard work and the company we have built. As we look to the future, we believe Blackstone will be an excellent strategic partner for our business as we accelerate our planned growth initiatives and provide additional support and expertise to our value-added technology solutions for our customers. Additionally, Littlejohn and Platinum Equity have been terrific partners, providing significant operational expertise and resources, and helping us establish our position as a market leader,” Alan Davenport, CEO and chairman of Interior Logic Group, said.
“ILG is a superb example of Littlejohn’s approach to building businesses. We are proud of what we accomplished by supporting management, investing in organic growth and executing strategic M&A, and believe that ILG’s best days are ahead,” Steven Raich, managing director at Littlejohn, said.
“ILG showcased the power of Platinum’s operational approach, growing significantly under our stewardship to the benefit of its customers, partners, employees and their communities. It has been an outstanding investment and a testament to the hard work of everyone involved. We wish the company continued success under new ownership,” Jacob Kotzubei, a partner at Platinum Equity, and Todd Golditch, managing director at Platinum Equity, said in a joint statement.
The transaction is subject to customary closing conditions and is expected to close in Q2/21. RBC Capital Markets served as sole financial advisor to Blackstone and Kirkland & Ellis is serving as legal advisor to Blackstone. Citi served as lead financial advisor and Goldman Sachs and BofA Securities also served as financial advisors to Interior Logic Group. Sheppard, Mullin, Richter & Hampton is serving as legal advisor to Littlejohn and Platinum Equity and Alston & Bird is serving as finance counsel.