New York and Sao Paulo, September 29th, 2010 – The Blackstone Group (NYSE: BX) and Pátria, Brazil’s leading alternative asset manager, today announced a partnership in which Blackstone would purchase a 40% stake in Pátria and the two firms would agree to cooperate in building their businesses in Brazil and throughout South America.
Commenting on the agreement, Stephen A. Schwarzman, Chairman and CEO of Blackstone, said: “We have known and respected Pátria, whose business parallels ours in so many respects, for over ten years. Brazil is the largest economy in Latin America and growing rapidly. Partnering with Pátria will enable Blackstone’s limited partners and advisory clients to benefit from the fast expanding business opportunities in the country, as well as from Pátria's deep knowledge of the local market. We envisage us both taking advantage of a wide spectrum of opportunities ranging from financial advisory services to real estate, private equity, capital management and infrastructure”
Luiz Otavio Magalhães founding partner and CEO of Pátria remarked that “we are very pleased to announce this agreement. It represents one of the most significant partnerships to be established in Brazil’s financial industry. We are delighted to be working closely with Blackstone, whose core values we share. Pátria's clients will benefit from Blackstone’s global network for both investment opportunities and corporate advice.”
The transaction is expected to close on October 1st, 2010
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at http://china.blackstone.com/.
Pátria Investimentos, one of Brazil’s largest differentiated investment management and corporate advisory firms, has built throughout its history a solid reputation in the market by creating value for its clients and business partners. Pátria pioneered the private equity industry in Brazil, gradually expanding its portfolio with the creation of new businesses like real estate, capital management and infrastructure. Currently, Pátria has one of the most diversified portfolios of alternative investment in the country, also providing a vast range of services in financial and corporate advisory. Additional information is available at http://www.patriainvestimentos.com.br/.
Contact for Blackstone
Managing Director, Public Affairs
212 583 5871 (office)
646 465 3566 (mobile)
Contact for Pátria
55 11 3039 9661 (comercial)
55 11 9310-8669 (celular)