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Blackstone$BX · filed: grew revenue 9.2% in FY2025 to $14.5BSound shipNext year $8.5B–$28.5B sealedCheck ▾Close ▴
What Blackstone filed
Grew revenue 9.2% in FY2025 to $14.5 billion, equity 18.2% of assets, and dividend per share up 2 years running. Every figure links to the filing it came from on Blackstone’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $8.5B and $28.5B, an 80% range sealed on 26 Sept 2026 · receipt #345f51 · graded in public by the revenue in Blackstone’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Blackstone-TPG's **$4 billion** Hologic surgical auction tests whether med-tech exit markets have reopened for 2021-vintage carve-outs.
$4 billion
from strategic acquirers or institutional buyers
$650 million
in annual revenue with EBITDA margins in the mid-twenties
6.2x
trailing EBITTA—sits above the sponsor-driven med-tech comps from 2022…
$4.2 billion
would mark one of the year's larger med-tech sponsor…
Blackstone and TPG have commenced a formal auction process for Hologic's surgical instruments division, seeking north of $4 billion from strategic acquirers or institutional buyers. The two firms acquired the unit in a 2021 leveraged carve-out when surgical procedure volumes were recovering from pandemic lows and financing came cheap.
The division manufactures minimally invasive surgical tools used in gynecology and obstetrics, generating approximately $650 million in annual revenue with EBITDA margins in the mid-twenties. Blackstone and TPG structured the original acquisition as a debt-heavy take-private of the segment, refinancing twice since then as equipment utilization climbed and hospitals resumed elective procedure schedules. The sellers are now positioning the business as a platform play for roll-up strategics or a sponsor willing to layer on tuck-in acquisitions in the fragmented women's health device space.
The timing reflects two converging pressures. First, both firms are approaching the midpoint of their fund cycles and face LP demands for realizations after a frozen 2023 exit market. Second,med-tech valuations have firmed modestly as debt pricing stabilized in the back half of 2024, making sponsor-to-sponsor or sponsor-to-strategic sales viable again. Strategic buyers include large device conglomerates seeking exposure to the women's health category, which has drawn regulatory tailwinds and sustained procedure growth despite broader healthcare utilization softness. The asking multiple—roughly 6.2x trailing EBITTA—sits above the sponsor-driven med-tech comps from 2022 but below the 2021 peak when the unit was carved out.
Allocators should watch whether the process draws multiple strategic bids or devolves into a sponsor-only auction, which would signal continuing bifurcation in buyout exit liquidity. A sale above $4.2 billion would mark one of the year's larger med-tech sponsor exits and set a reference point for other carve-out assets warehoused during the 2020-2021 deal surge. First-round bids are expected within three weeks, with management presentations scheduled for late Q2. If strategics balk at leverage levels or integration risk, the sponsors may attempt a dual-track IPO or hold the asset into 2026, though neither firm has publicly floated that option.
The surgical device sector remains a narrow but persistent bid in private markets. Specialized tools tied to specific procedures carry lower reimbursement risk than pharmaceuticals and face less commoditization than disposable consumables. That stability has kept private equity interested even as broader healthcare deal volume contracted 38% year-over-year through Q1. Whether Blackstone and TPG clear $4 billion will indicate whether that bid has thawed into actual exit capacity.
Branded by POPS4 · proof in 60 seconds
For the principal
Track whether strategics or sponsors win—outcome signals if your own healthcare carve-outs can exit this year.
For the operator
First-round bids due in three weeks; watch for strategic versus financial buyer mix to gauge exit liquidity.
For the house
We hold parallel surgical device exposure; monitor pricing to adjust internal marks on comparable carve-out positions.
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