Blackstone Inc. is buying a company that controls how a swath of businesses owned by private equity firms secure and pay for goods and services as varied as printers, pallets and postage.
The world’s largest alternative asset manager agreed to buy a majority stake in CoreTrust, a business that started within a supply arm for hospital giant HCA Healthcare Inc., Blackstone executives said. HCA’s HealthTrust subsidiary will continue to hold a minority stake in CoreTrust. A Blackstone spokesperson declined to comment on financial terms of the deal.
Blackstone has steered hundreds of portfolio companies to CoreTrust, which saved them almost $200 million over the years, said people familiar with the matter who asked not to be identified because the information was private. Blackstone doesn’t dictate where those businesses buy supplies, the people said.
Other clients have included portfolio companies of Onex Corp. and KKR & Co., according to CoreTrust’s website.
Read more: BNN Bloomberg
