Private-equity firm Blackstone has bought a majority stake in Gallatin-based Servpro Industries Inc., the companies announced Tuesday.

A news release didn’t disclose terms of the deal, but a report in The Wall Street Journal last week valued it at $1 billion, including debt.

According to the news release, the Isaacson family, which founded Servpro, “will continue to be significant shareholders in the business going forward.” The Isaacson family is re-investing alongside Blackstone as part of the recapitalization deal, according to the release.

Blackstone’s investment is part of its so-called Core Private Equity strategy, “which is designed to hold investments for much longer periods of time than traditional private equity," according to the release.