Business deals in Utah are still getting done amidst the pandemic, big deals even, like this $4.7 billion one with Ancestry.
Ancestry, based in Lehi, Utah, is a leading resource for online family and history genealogy. The company also offers DNA tests for health conditions. The company was recently acquired by the Blackstone Group, Inc. for $4.7 billion, it was announced on August 5, 2020. The deal involving one of the largest direct-to-consumer genetic testing companies was made where Blackstone will take a 75% stake in the company acquiring it from the sellers, Silver Lake, GIC, Spectrum Equity, and Permira. GIC will retain a significant minority stake, according to a Business Wire press release.
Ancestry started off in 1996 as a website for users to trace their genealogy. The company expanded into DNA testing and now operates in more than 30 countries and with more than 3 million paying subscribers and more than $1 billion in annual revenue.
Margo Georgiadis, President and Chief Executive Officer of Ancestry said, “Our entire leadership team is thrilled to have the opportunity to partner with Blackstone to further accelerate Ancestry’s global leadership in family history and consumer genomics, and to help us achieve our mission to empower journeys of personal discovery to enrich lives. Looking ahead, in collaboration with Blackstone, we will continue to leverage our unique content, powerhouse consumer brand, and technology platform to expand our global Family History business while bringing to life our long-term vision of personalized preventive health."
“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. We look forward to investing behind further data, functionality, and product development across Ancestry’s market leading platform to continue to provide a differentiated service,” Blackstone Senior Managing Director David Kestnbaum said in a news release.