Blackstone Mulls Options for $5 Billion Consultancy

(Bloomberg) -- Blackstone Inc. is exploring options including a sale or an initial public offering of Legence, a company that specializes in sustainability consulting, according to people with knowledge of the matter.

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The asset-management giant is working with advisers to solicit interest in the company, which in any transaction may be valued at as much as $5 billion, including debt, the people said, requesting anonymity to discuss confidential talks.

A Blackstone representative declined to comment.

Legence has helped maximize the efficiency of more than 5.5 billion square feet (511 million square meters) of space in more than 22,000 buildings, according to its website.

Blackstone agreed to buy the company in 2020, when it was known as Therma Holdings. Legence has grown in part by acquiring a slew of smaller rivals, including Corporate Sustainability Strategies, P2S, OCI Associates and AO Reed & Co.

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