Blackstone Portfolio Companies Pursue Sustainability Programs
New York, NY, December 5, 2011: Blackstone (NYSE: BX) announced today that four portfolio companies have signed on to pursue environmental sustainability programs. Equity Office Properties, LXR Luxury Resorts and Hotels, Performance Food Group, and Pinnacle Foods have selected test sites at which to roll-out a host of operational improvements and technology upgrades to reduce energy, water and waste-related costs. The goal is to roll-out the most effective initiatives from the test sites across each company’s portfolio of facilities and locations, with annual cost savings estimated to exceed 10% of total energy costs. Today’s announcement is part of an ongoing effort by Blackstone to focus on sustainability across the portfolio of companies it manages on behalf of its investors, which include 36 million pensioners globally.
“By partnering with companies in our portfolio with the greatest energy spend to improve environmental performance while lowering costs, we can make a substantial impact,” said Don Anderson, Blackstone’s Chief Sustainability Officer. “Blackstone’s large-scale platform allows companies in our portfolio to leverage technology and services purchases, and as importantly share knowledge across industries and geographies on how best to tackle sustainability initiatives.”
ICF International and JDM Associates, leading providers of sustainability solutions, have been engaged to help apply best practices at each test site. The four companies rolling out test sites currently use Summit Energy for energy procurement and associated web-based performance tracking, which allows carbon impact and other sustainability achievements to be documented.
Other Blackstone portfolio companies are expected to join this initiative in the coming year.
About Blackstone:
Blackstone (NYSE:BX) is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies they invest in, the companies they advise and the broader global economy. Blackstone does this through the commitment of their extraordinary people and flexible capital. Their alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at http://www.blackstone.com. Follow us on Twitter @Blackstone.
Contacts:
The Blackstone Group
Christine Anderson
New York
+1 (212) 583-5182
[email protected]