Blackstone is targeting another recession-resistant business.
The private equity behemoth plans to buy the design technology company Interior Logic Group for about $1.6 billion including debt, according to Bloomberg. Blackstone acquired the company from a group that includes private equity firms Littlejohn & Co. and Platinum Equity.
The company provides home builders with interior finishes, such as flooring, countertops, cabinets and window coverings. It also offers supply-chain and installation-management services to homebuilders.
The company operates in 37 states. In December, Interior Logic applied to trade on the Nasdaq stock exchange.
Blackstone plans to expand the company’s geographic footprint and enhance its technology, according to Bloomberg.
Blackstone is looking to take advantage of the booming U.S. housing market as Americans flock to buy new homes in light of low mortgage rates and demand for larger dwellings.
The giant firm has performed well during the pandemic thanks in part to its pivot away from retail and hospitality. In its most recent quarter, the company reported $3.6 billion in revenue in the final quarter of 2020, up from $2.1 billion during the same period the previous year.
[Bloomberg] — Keith Larsen