A strategic partnership led by Blackstone's general partnership stakes business and RidgeLake Partners has acquired a passive minority interest in midmarket private equity firm Sentinel Capital Partners, according to a news release.
"In Blackstone and RidgeLake, Sentinel has partnered with two outstanding firms that we believe bring significant strategic value," said John McCormack, Sentinel co-founder and senior partner.
Blackstone will provide Sentinel's portfolio companies access to its group purchasing programs and other services, including sustainability, cybersecurity, and environmental, social and governance. Blackstone is making the investment through its Blackstone Strategic Capital Holdings II fund.
RidgeLake will offer additional sources of deal flow and industry expertise. RidgeLake is a partnership between PA Capital and Ottawa Avenue Private Capital that acquires minority equity stakes in middle-market private equity firms.
Blackstone, Sentinel Capital Partners and RidgeLake Partners declined to comment on the deal beyond the news release.