Blackstone puts the first Eagle for sale for $ 4 billion

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Blackstone Group First Eagle Investment Management has put for more than $ 4 billion in an attempt to empty a large share owned by the US Special Stock Group for a decade.

Blackstone The people who have seen in this regard, and he rented the people who have seen this matter that Corsair Capital, who received First Eagle for $ 4 billion in 2015, hired the Morgan Stanley to lead the sale.

The acquisition groups seek to take advantage of a wave of acquisition activity in the asset management sector, where the PE buyer and financial services companies accumulate to financial companies based on fees.

The people said that First Eagle generates about $ 500 million of annual profits before interest, taxes, depreciation and firefighting. They added that the company brings an evaluation of more than $ 4 billion.

Blackstone and Corsair have funded its acquisition with the leverage and withdrew profits from the First Eagle, which means that the selling price of more than $ 4 billion would give a positive but extraordinary return.

The 161 -year -old company, which was once called Arnhold and S. Bleichroeder Holdings, was founded in Dresden to finance a group of local companies including Brewers.

When the FIRST EAGLE family fled the Foundation from Nazi Germany and moved to New York in the late thirties of the twentieth century, they built a great presence in Wall Street. The company is famous as an early training land for investor George Soros.

In 2007, the ARNHOLD family sold a minority share for the private stock company, TA Associases, and finally renamed them to First Eagle. Blackstone and Corsair Capital dominated the company in the 2015 deal.

The first sale of Eagle to Blackstone and Corsair was part of an early increase in Private property rights The acquisition of independent assets and asset managers, which caused the high evaluation of industry.

During the past year, PE companies concluded large deals. CVC is in the process of deleting the director of assets in the United Kingdom Hargreaves Lansdown For about 7 billion dollars while in the United States investment consultants, Fisher Investments and Creative Planning sold minority shares for stock investors for a rating of more than $ 12 billion.

First Eagle has grown only modestly with Blackstone and Corsair ownership, with its origins rising about 50 percent since 2015. But it recently led to private credit acquisitions, including buying specialized investors.

Vers Eagle said that the company did not comment on rumors or speculation. Blackston refused to comment. Corsair did not immediately respond to emails seeking to get a comment.