Blackstone to Acquire Trystar, Premier Provider of Backup Power Solutions

NEW YORK & FARIBAULT, Minn.--(BUSINESS WIRE)-- Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone (“Blackstone”) entered into a definitive agreement to acquire Trystar, a premier provider of electrical equipment used for backup power solutions.

Trystar designs and manufactures critical electrical power solutions for data center, industrial, commercial, healthcare, and utility end markets. The company’s product offerings help to ensure power reliability, which is of increasing importance amidst the energy transition.

“We’re thrilled to be partnering with the Trystar management team to drive the next phase of growth for the company. Building on our track record of energy transition investments, we look forward to leveraging Blackstone’s global scale and deep domain expertise to further enhance Trystar’s market position,” said Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners.

Mark Zhu, Managing Director at Blackstone Energy Transition Partners, added: “Trystar’s innovative and mission-critical power management solutions are well-positioned to benefit from several thematic tailwinds including growing demand for electricity and end-users prioritizing on-site power resiliency.”

“We are tremendously excited about partnering with Blackstone. Together, we can build a leading platform serving the distributed power generation market and lead the charge in facilitating the energy transition,” said AJ Smith, CEO of Trystar.

Kirkland & Ellis LLP served as legal counsel to Blackstone. Houlihan Lokey acted as financial advisor, and Faegre Drinker Biddle & Reath LLP served as legal counsel to Trystar.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $21 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable, and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs, and generate lasting value for our investors, employees, and all stakeholders.

About Trystar
Trystar LLC is a leading provider of electrical power solutions for the commercial, industrial, and utility markets. We are a vertically integrated manufacturer with the custom engineering expertise and customer-centric approach that provides our customers with both the best solution and the best experience. Established in 1991, Trystar is headquartered in Faribault, Minnesota with additional manufacturing and offices located throughout the United States and Canada. Trystar’s diverse portfolio of offerings includes a wide range of safe, reliable, permanent, and portable power solutions that serve diverse industry sectors including healthcare, data centers, utilities, entertainment, education, government, and commercial buildings. Trystar products are built-to-last using the highest quality materials, top-of-the-line production equipment and industry-leading engineering practices. At Trystar, people make the difference, delivering unmatched value and customer support. Trystar is Shaping the Future of Power!

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Blackstone

Matt Anderson

(518) 248-7310

Matthew.Anderson@blackstone.com

Mariel Seidman-Gati

(646) 482-3712

Mariel.SeidmanGati@blackstone.com

Trystar

Marketing@trystar.com

Source: Blackstone