Blackstone Becomes Sole Institutional Investor in AIR
- brg_news_room
- 2 days ago
- 1 min read
USA: Funds managed by Blackstone’s private equity strategy for individual investors have acquired the remaining equity stake in Air Control Concepts from Madison Dearborn Partners, completing a buyout of the latter’s interest. The transaction follows Blackstone’s initial investment in the company in July 2024. As part of the deal, AIR’s founder, President and Chief Executive Officer Brad Hobbs and his family will continue to invest alongside Blackstone, which now becomes the company’s sole institutional investor. Financial terms were not disclosed.
Headquartered in Norfolk, Virginia, AIR operates across 35 states in the United States and in Canada through a network of more than 38 operating companies and over 1,900 employees. The company provides commercial heating, ventilation and air conditioning, electrical, and controls services, supporting original equipment manufacturers and their customers. Following the transaction, AIR will continue to be led by its existing management team.
Source: Refindustry
