Key Takeaways
- • Bluestone Equity Partners completed its first majority buyout with a controlling stake in 11th St. Workshop, a US-based designer and manufacturer of sets for live events and retail environments, according to Bloomberg.
- • The transaction reportedly values 11th St. Workshop at approximately $90m on an enterprise basis, per people familiar with the matter.
- • Bluestone is financing the deal through its inaugural $350m fund, marking the vehicle's 11th investment and its first majority-control transaction.
- • Founder Louis Asaro retains a significant minority stake and will remain chief executive, with Bluestone backing expansion into a national platform.
- • The deal reflects Bluestone's focus on lower mid-market opportunities across sports, media and entertainment.
Summary
Bluestone Equity Partners has completed its first majority buyout through the acquisition of a controlling stake in 11th St. Workshop, a US-based designer and manufacturer of sets for live events and retail environments, according to a report by Bloomberg. The transaction reportedly values the business at approximately $90m on an enterprise basis, according to people familiar with the matter. Bluestone is funding the acquisition from its inaugural $350m fund, and the deal represents the vehicle's 11th investment and its first majority-control transaction.
Founded in 2004 by Louis Asaro, 11th St. Workshop provides design and fabrication services for major sporting, entertainment and corporate events. Its project portfolio includes work for the FIFA World Cup, Grammy Awards, US Open, Coachella and Broadway's Tony Awards. The company operates 120,000 square feet of production facilities with a presence in New York and Los Angeles.
Under the terms of the deal, Asaro will retain a significant minority stake and continue as chief executive. Bluestone plans to support the company's expansion into a national platform, building on its established relationships with major brands and agencies.
The investment reflects Bluestone's focus on lower mid-market opportunities across sports, media and entertainment, according to the publisher's summary of the report.
Founded in 2004 by Louis Asaro, 11th St. Workshop provides design and fabrication services for major sporting, entertainment and corporate events. Its project portfolio includes work for the FIFA World Cup, Grammy Awards, US Open, Coachella and Broadway's Tony Awards. The company operates 120,000 square feet of production facilities with a presence in New York and Los Angeles.
Under the terms of the deal, Asaro will retain a significant minority stake and continue as chief executive. Bluestone plans to support the company's expansion into a national platform, building on its established relationships with major brands and agencies.
The investment reflects Bluestone's focus on lower mid-market opportunities across sports, media and entertainment, according to the publisher's summary of the report.
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