Wellspring acquires Cadence Petroleum Group, Blackstone sees opportunity in skin care, Brookfield pick of Sachin Shah for CIO signals firm’s big growth plans

Blackstone makes a bet on skincare by investing in ZO Skin Health and Wellspring Capital scoops up Cadence Petroleum Group.

Morning!

Blackstone Group made a bet on a skincare brand with its majority investment in ZO Skin Health, which is sold to physicians. Blackstone made the investment through its Tactical Opportunities fund, writes Karishma Vanjani on PE Hub.

“This is part of our healthcare efforts; investing in consumer products that are in the healthcare channel,” said Ram Jagannath, global head of healthcare for Blackstone Growth and Tactical Opportun­ities, speaking from his home office.
Although there was no auction process, the Irvine, California, label received interest from strategic and other investors.

“We knew them in the past [but] reached out to them this year,” Jagannath said. Financo was Blackstone’s buyside advisor on this deal.
Read it here on PE Hub.

Top Scoops
Wellspring Capital Management acquired Cadence Petroleum Group, which distributes lubricant and fuel products. Cadence Petroleum was formed in 2018 through business combinations. Read it here on PE Hub.

New York Times has a report today analyzing connections between Leon Black and Jeffrey Epstein, a relationship that Black representatives said ended in 2018 over a fee dispute. Read it here.

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