Blackstone Announces Additional Investment in AIR Control Concepts
Blackstone Inc. (BX)
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Source: Business Wire
Blackstone to Acquire Madison Dearborn’s Remaining Stake to Become Sole Institutional Investor Supporting AIR’s Next Phase of Growth NORFOLK, Va.--(BUSINESS WIRE)--Air Control Concepts (“AIR”), the largest commercial HVAC, electrical, and controls platform in North America, announced today that funds managed by Blackstone’s private equity strategy for individual investors (“Blackstone”) have signed and closed the acquisition of Madison Dearborn Partners’ (“MDP”) remaining equity stake in AIR, following Blackstone’s original investment in July 2024. Founder, President and CEO of AIR, Brad Hobbs, and his family will also invest alongside Blackstone. With this transaction, Blackstone becomes AIR’s sole institutional investor, deepening its partnership with AIR’s management and positioning the company for its next phase of growth.Headquartered in Norfolk, Virginia, AIR operates across 35 states and Canada through a network of more than 38 operating companies and over 1,900 associates.
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