Bluestone completes first buyout with $90m 11th St. Workshop deal
Bluestone Equity Partners has completed its first majority buyout with 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 Equity Partners has finalized its first majority acquisition, purchasing a controlling interest in 11th St. Workshop, a US-based design and manufacturing firm for live event and retail settings, according to Bloomberg. The deal reportedly gives the business a total valuation of around $90 million, based on figures shared with sources acquainted with the transaction.
Bluestone is using its inaugural $350 million fund to finance the purchase, making it the firm's eleventh investment and its maiden majority-control deal. Founded in 2004 by Louis Asaro, 11th St. Workshop offers design and fabrication services for prominent sporting, entertainment, and corporate events. Notable projects include work for the FIFA World Cup, Grammy Awards, US Open, Coachella, and Broadway's Tony Awards.
The company operates a 120,000 square foot production facility in New York and Los Angeles. Asaro will maintain a substantial minority ownership and continue as the chief executive. Bluestone aims to leverage the company's growth potential for a national presence, leveraging its existing ties with major brands and agencies. The investment underscores Bluestone's strategy to focus on mid-market opportunities in the sports, media, and entertainment sectors.
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