Bluestone Equity Partners has completed its first majority buyout with the acquisition of a controlling stake in 11th St. Workshop, a US-based designer and manufacturer of sets for live events and retail environments, according to a report by Bloomberg.

The transaction reportedly values the business at approximately $90m on an enterprise basis, according to people familiar with the matter. Bluestone is financing the acquisition through its inaugural $350m fund, marking the vehicle's 11th investment and its first majority-control transaction.

Founded in 2004 by Louis Asaro, 11th St. Workshop provides design and fabrication services for major sporting, entertainment and corporate events. Its projects have included work for the FIFA World Cup, Grammy Awards, US Open, Coachella and Broadway's Tony Awards. The company operates 120,000 square feet of production facilities, with a presence in New York and Los Angeles.

Asaro will retain a significant minority stake and continue as chief executive. Bluestone plans to support the company's expansion into a national platform, building on its established relationships with major brands and agencies. The investment reflects the firm's focus on lower mid-market opportunities across sports, media and entertainment.