Blackstone acquired a minority stake in Leonard Green & Partners.

Blackstone acquired a minority stake in Leonard Green & Partners, a fellow private equity firm. The acquisition was made through Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management. "We had looked at dozens of potential private equity deals in the past and Leonard Green & Partners is the firm we wanted to partner with given their track record of investment excellence, the diversity of their business, and the quality and depth of the management team," said J. Tomilson Hill, vice chairman of Blackstone Group and president and CEO of Blackstone Alternative Asset Management, in an emailed statement.