In a statement released today, famous business magnate Martha Stewart, also the founder of Martha Stewart Living Omnimedia (MSLO) will rejoin the board of directors of the company in June 6 of this year. Shares of Martha Stewart Living shot up 32% following the news.
Martha Stewart, the company’s largest shareholder, also was pleased about the move to hiring Blackstone Group to “take our business and iconic brand to the next level" the statement said. Blackstone Advisory Partners, the investment banking arm of the Blackstone Group, was hired for the task to "review and respond" to investors who have expressed an interest in partnering or investing with MSLO.
Once chairman and chief executive office of Martha Stewart Living, She had to relinguish her position and left the board after her conviction in 2004 for obstruction of justice and served 5 months in a federal prison.
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| Martha Stewart wearing the Home Depot orange apron. Photo courtesy of eEcostyle.com |
The reason why I brought up this news is somewhat interesting. Blackstone has been helping to revive the once dying business empire of Martha Stewart Living after three years of falling revenue. In fact, the results are somewhat promising. But did you know that it is the same private equity firm which MSLO has hired to take up its business branding to a higher level, that acquired a controlling interest at RGIS LLC in March 2007?
After the inventory company had lost $27 Million recently in a FLSA class action settlement case to tens of thousands of current and former employees, I am interested to know how Blackstone Group will be able to help the inventory provider regains back lost financial and business opportunities to a higher level. Although I am not crossing my fingers but it will be a challenging task to perform.
About Blackstone Group:
The Blackstone Group is a global alternative asset manager and provider of financial advisory services. The firm's asset management businesses include the management of corporate private equity funds, real estate funds, mezzanine funds, proprietary hedge funds and closed-end mutual funds. Blackstone also provides M&A and reorganization advisory, as well as private placement services.
It is one of the largest private equity firms and alternative asset managers in the world, with more than $98 billion in assets under management and such notable holdings as Hilton Worldwide, Equity Office Properties Trust, The Weather Channel, and Universal Parks & Resorts. Blackstone has 17 offices around the world.
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