Blackstone Group acquired a majority stake in Servpro, a leading franchisor of residential and commercial property damage restoration services. Financial terms of the transaction were not disclosed, however the consideration is rumored to be approximately $1bn. David Kestnbaum, Managing Director at Blackstone, said, “Servpro is a high-quality company with a strong management team and great long-term prospects. We look forward to working with Servpro and its franchisees to help fuel the business’ next phase of growth. As one of the largest owners of residential, office, retail, hotel, and industrial real estate in the world, Blackstone has unique expertise and insights into a broad array of properties that are relevant to Servpro.”