UPDATE: SERVPRO Acquired by Blackstone

Private-equity firm Blackstone has bought a majority stake in Gallatin-based Servpro Industries Inc., the companies announced Tuesday.

A news release didn’t disclose terms of the deal, but a report in The Wall Street Journal last week valued it at $1 billion, including debt.

According to the news release, the Isaacson family, which founded Servpro, “will continue to be significant shareholders in the business going forward.” The Isaacson family is re-investing alongside Blackstone as part of the recapitalization deal, according to the release.

Blackstone’s investment is part of its so-called Core Private Equity strategy, “which is designed to hold investments for much longer periods of time than traditional private equity," according to the release.

Click here to read the full article. Also, here is a link to a recent article in the Wall Street Journal on the potential acquisition.

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