The Blackstone Group Has Completed Its Acquisition of a Controlling Interest in RGIS
May 1, 2007 – Auburn Hills, MI – RGIS Holdings LLC, the world’s largest inventory and retail services company, has announced today that an affiliate of The Blackstone Group has completed its purchase of a controlling interest in the company. The terms of the transaction are not disclosed.
The current RGIS ownership group has retained a significant stake in RGIS. Goldman, Sachs & Co. provided bank debt and mezzanine financing.
Retail Grocery Inventory Services was founded in 1958, offering grocery stores an accurate and economical alternative to in-house inventories. Within a few years, the business expanded throughout the Midwest and started conducting counts in other retail environments throughout the U.S. Today, RGIS has become the largest inventory and retail services company in the world, serving local businesses as well as Global 500 and Fortune 500 companies. Annually RGIS provides over 450,000 counts or more than 1,225 counts per day for retail clients such as Wal-Mart, CVS, Home Depot, and Target.
RGIS is the global leader in inventory and retail services. It has substantial reach through 400 offices across North America, South America, Australia, Asia, and Europe and employs more than 40,000 trained personnel. RGIS has nearly 50 years of experience and a track record of excellence in delivering inventory services to retailers. Further information is available at http://www.rgisinv.com.
About The Blackstone Group
The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.