Blackstone acquires The Office Group in £500m deal

Under its new ownership structure, TOG will look to open new locations. A source close to the situation told unquote" the group will initially look to increase its footprint across London, with a view to expanding into continental Europe at a later date. Over the course of the last seven years, the business has increased its footprint from seven offices to 36.

Following the deal, TOG co-founders Charlie Green and Olly Olsen will retain a minority stake in the business and continue in their existing roles as co-CEOs, with investor and chairperson Lloyd Dorfman also retaining a minority shareholding.

Capital for the transaction was drawn from Blackstone Real Estate Partners Europe V.

A spokesperson for Blackstone declined to comment on debt related to the deal. The transaction is expected to complete by the end of June 2017.

Company
Founded in 2003 and headquartered in London, TOG provides flexible workspace for startups, as well as small and large businesses. The group has 36 buildings, primarily in central London, and 15,000 members, with corporate clients including AOL, Dropbox, Pinterest, British Gas and Santander.

People
Blackstone – Anthony Myers (head of European real estate).
The Office Group – Olly Olsen, Charlie Green (co-founders, co-CEOs).

Advisers
Company – Rothschild (corporate finance).

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• Buyouts
• UK / Ireland
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