Private equity giant Blackstone plans to acquire West Coast interior design software provider Interior Logic Group (ILG) from equity holders including Littlejohn and Platinum Equity in a deal valued at $1.6 billion.
Details on the deal were scarce, though committed debt financing for the transaction is being provided by Citi and Goldman Sachs. Blackstone said in a Feb. 1 announcement that it plans to help ILG “expand its geographic reach, enhance its technological innovation, and develop new opportunities.”
Sheppard, Mullin, Richter & Hampton is serving as legal advisor to Littlejohn and Platinum Equity with a team led from New York that includes Dallas partner Lindsay Ferguson. Alston & Bird LLP is serving as finance counsel to the equity holders, though none of the firm’s Texas lawyers were involved.
Kirkland & Ellis is serving as legal advisor to Blackstone with a team led from New York.
On the finance side, RBC Capital Markets served as sole financial advisor to Blackstone, while Citi served as lead financial advisor to ILG with Goldman Sachs and BofA Securities also providing advice.
Headquartered in Irvine, California, Interior Logic software allows homebuilders and contractors to create visualizations of interior spaces, allowing clients a wider variety of options during construction design.
“ILG’s technology, relationships and purpose position it very well in the single-family real estate value chain,” said Vikram Suresh, a managing director at Blackstone. “We look forward to partnering with ILG’s leadership team and providing Blackstone’s operational resources and expertise to support ILG, its homebuilder customers and prospective homeowners.”