Blackstone Becomes Majority Owner of Family Tree Service ‘Ancestry’
Bumble’s owner Blackstone Group has acquired a majority stake in Ancestry.com, one of the most popular businesses for family history research and DNA testing.
The deal is worth $4.7 billion and will account for an approximately 75% stake in the company. Investment funds Silver Lake and GIC were the previous majority owners, and GIC will continue to hold a 25% share.
An unnamed source close to the deal explained that discussions began a few months ago. Blackstone reportedly saw this as an opportune time to invest, as lockdown restrictions contributed to people looking into their family tree as a new hobby.
David Kestnbaum, a Senior Managing Director at Blackstone, said in a statement: “We are very excited to partner with Ancestry and its management team. We believe Ancestry has significant runway for further growth as people of all ages and backgrounds become increasingly interested in learning more about their family histories and themselves.
“Our investment is a prime example of Blackstone’s continued, high-conviction focus on investing in growing, digital consumer businesses, which are resilient in the current environment and beyond.”
Ancestry’s President and CEO Margo Georgiadis added that he is “thrilled” with the new partnership and hopes it can help the company work on developing its personalised preventative health product.
Blackstone led a funding round for popular oat milk brand Oatly in July, which also attracted attention from Oprah Winfrey and Jay-Z.
Visit the Blackstone website here.