Blackstone Nears Deal to Buy American Industrial Partners Stake
Bloomberg
2024/11/12
An arm of Blackstone Inc. is in advanced talks to acquire a minority stake in American Industrial Partners, according to people with knowledge of the matter.
A deal hasn’t been finalized, but if one is reached, the transaction could be announced in coming weeks, said one of the people, all of whom asked not to be identified discussing confidential information. Terms couldn’t immediately be learned.
American Industrial Partners declined to comment, and representatives for Blackstone didn’t respond to requests for comment.
New York-based American Industrial Partners, also known as AIP, is best known for making private equity bets in middle-market industrials companies. The firm has about $16 billion in assets under management, according to a news release earlier this month announcing the completion of AIP’s purchase of AGCO Corp.’s grain and protein division.
AIP is led by general partners Kim Marvin, John Becker and Dino Cusumano along with Chief Investment Officer Toni Rinnevaara and Chief Operating Officer Justin Fish. The firm, founded in 1988, has backed companies including Boart Longyear, Molycop and Austin Powder, its website shows.
Last year, AIP raised $5 billion for its eighth fund, American Industrial Partners Capital Fund VIII LP.
Alternative-asset managers have increasingly pursued minority stake sales for liquidity, with founders often using proceeds to back new strategies or invest in new funds, among other options.
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