UK’s Newest Billionaire Shares $650 Million with Employees After Selling Data Firm to BlackRock

In an era where billion-dollar acquisitions often leave employees navigating new corporate terrains alone, Mark O’Hare, founder of Preqin, has taken a different approach. After selling his financial data company to BlackRock for a substantial £2.55 billion ($3.2 billion), O’Hare is ensuring that his employees are part of this windfall.

Founded in 2002, Preqin has become a key player in sourcing and selling data on the performance of private equity investments. Over the years, it has enjoyed significant valuation growth, much like its industry peers. For instance, PitchBook was acquired by Morningstar for $225 million, showcasing the increasing demand and value for private financial data.

The journey to this acquisition saw Preqin attracting interest from major players such as Bloomberg and S&P, highlighting its industry significance. This sale to BlackRock marks O’Hare's second major business success, having previously sold his financial information platform Citywatch to Reuters in 1998 for a more modest £2.5 million.

O’Hare and his wife Lindy will net £2.04 billion ($2.6 billion) from their 80% stake in Preqin, catapulting them into the ranks of the UK's 100 wealthiest individuals. This newfound wealth places them ahead of notable figures like Alan Sugar and JK Rowling, and even Larry Fink, the co-founder of the acquiring asset management firm, BlackRock.

Unlike many founders who take their windfalls and retire, O’Hare plans to remain actively involved. "BlackRock is known for excellence in both investment management and financial technology and together we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale," O’Hare said in a statement. He expressed his enthusiasm for joining BlackRock and contributing to the ongoing growth and success of Preqin and its clientele.

The significant transaction also benefits Preqin's management and approximately 1,500 employees, who will share the remaining £510 million, creating several new millionaires among them. This move underscores O’Hare's commitment to sharing the company’s success with those who helped build it.

Beyond their business ventures, the O’Hares have intriguing personal pursuits. Mark O’Hare is a part-time private pilot and a survivor of a plane crash involving a seven-seater Piper Seneca in 1999. Meanwhile, Lindy, a former interior designer, took on a unique project in 2019, renovating the Thorington Theatre, a 350-seater outdoor venue situated in woodland next to their home in Suffolk. This renovation was funded by a £2.3 million loan, a sum that now seems insignificant compared to their current fortune.

In an interview with The Stage magazine last year, Lindy shared her aspirations for the theatre, expressing hopes of one day hosting the Royal Shakespeare Company's "A Midsummer Night’s Dream" and attracting local music superstar Ed Sheeran, who lives in Framlingham, a short distance away. "One day, Ed Sheeran will come. He lives at Framlingham, so he’s only down the road. That’s the dream," she said.

The sale of Preqin not only secures a prosperous future for the O’Hares but also significantly benefits their employees, reflecting a rare and commendable approach to business success. As O’Hare looks forward to his new role at BlackRock, his commitment to his team and their collective achievements remains evident, setting a benchmark for how entrepreneurial success can be shared more broadly.

This major financial milestone for Preqin and its founder marks a noteworthy chapter in the financial data industry, showcasing how strategic acquisitions and founder generosity can redefine the traditional narrative of corporate buyouts.