Mark O’Hare, the founder of Preqin, and his wife Lindy are set to become billionaires after selling their financial data company to BlackRock for £2.55 billion ($3.2 billion). Unlike typical founders who leave their employees to adjust to a new regime after a multibillion-dollar acquisition, O’Hare is sharing $650 million with his employees.
Preqin, founded by O’Hare in 2002, sources and sells data on the performance of private equity investments. The company has enjoyed high valuations in recent years, similar to rivals like PitchBook, which was acquired by Morningstar for $225 million. Preqin was reportedly the subject of bidding from Bloomberg and S&P.
The sale of Preqin marks O’Hare’s second major company sale, the first being his financial information platform Citywatch, which he sold to Reuters for a modest £2.5 million in 1998. The O’Hares’ 80% share in Preqin will net them a £2.04 billion ($2.6 billion) payday, placing them among the 100 wealthiest people in the UK. The remaining £510 million will be shared among Preqin’s management and around 1,500 employees, creating several new millionaires.
Post-sale, the O’Hares have plenty to keep them busy. Mark O’Hare is a part-time private pilot who survived a plane crash in 1999. Lindy, a former interior designer, renovated Thorington Theatre in 2019, an outdoor venue in woodland beside their home in Suffolk. They dream of hosting the Royal Shakespeare Company’s “A Midsummer Night’s Dream” at their venue and local music superstar Ed Sheeran, who lives nearby.
Read more: fortune.com