On July 16, 2024, Blackstone (NYSE: BX) announced that private equity funds affiliated with the firm entered into a definitive agreement to acquire Trystar, a leading provider of electrical equipment used for backup power solutions. Trystar, based in Faribault, Minnesota, specializes in designing and manufacturing critical electrical power solutions for sectors such as data centers, industrial, commercial, healthcare, and utilities, focusing on ensuring power reliability. The acquisition is expected to enhance Trystar’s market position, especially amidst the growing emphasis on energy transition and on-site power resiliency.

Blackstone has a significant presence in Canada through investments in various sectors, including real estate, infrastructure, and private equity, leveraging its expertise in North American markets. While Trystar does not have a known direct operational presence in Canada, its products are well-positioned to meet the needs of Canadian industries, particularly as demand for reliable power solutions and energy transition initiatives grow in the region.

Davies Ward Phillips & Vineberg LLP acted for funds affiliated with Blackstone in its acquisition of Trystar. Kirkland & Ellis LLP also served as legal counsel to Blackstone. Houlihan Lokey acted as financial advisor, and Faegre Drinker Biddle & Reath LLP served as legal counsel to Trystar. Latham & Watkins LLP advised on financing aspects of the acquisition?. The transaction value was not disclosed.