Blackstone to Buy Interior Logic for $1.6 Billion in Housing Bet

Blackstone  today announced that private equity funds managed by Blackstone have reached a definitive agreement to acquire Interior Logic Group Holdings from Littlejohn & Co., Platinum Equity and other equity holders, for a total transaction value of approximately $1.6 billion.

ILG is a leading, data-driven and technology-enabled provider of interior design, supply chain and installation management solutions to several of the nation’s largest single-family homebuilders.

The company delivers to homebuilders and prospective homeowners critical information and support during the journey of moving into a new home, and utilizes technology, data, design expertise and supplier relationships to help enable buyers to complete their home purchases. ILG operates across 37 states, providing its capabilities to help enable the completion of nearly 100,000 homes per year.

Seth Meisel, a Senior Managing Director at Blackstone, said: “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.”

Meisel continues: “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.”

Vikram Suresh, a Managing Director at Blackstone, added: “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.”

Alan Davenport, Chief Executive Officer and Chairman of ILG, 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.”

Steven Raich, a Managing Director at Littlejohn, 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.”

Platinum Equity Partner Jacob Kotzubei and Platinum Equity Managing Director Todd Golditch stated: “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.”

Source: Business Wire