Blackstone Joins Existing Investors Madison
Dearborn Partners and the Company’s Management in Partnering to
Support Growth of Air Control Concepts’ Leading Commercial HVAC
Solutions Platform
Air Control Concepts (“AIR”), previously known as Hobbs &
Associates, a company that partners with and supports leading
commercial HVAC equipment manufacturers, announced today that it
will welcome funds managed by Blackstone’s private equity strategy
for individual investors (“Blackstone”) as an equity investment
partner alongside existing investors, funds affiliated with Madison
Dearborn Partners (“MDP”) and AIR’s management team, to help
support the continued growth of AIR’s business.
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Headquartered in Norfolk, Virginia, AIR supports numerous
leading commercial HVAC OEMs across the United States, operating
under leading brands including: Advanced Thermal Solutions,
Airetech Corp, Bay Associates Group, Inc., C.G. Wood Company,
Engineered Building Systems (EBS), Energy Transfer Solutions (ETS),
Etairos HVAC, Faulkner Haynes, Hobbs & Associates, Insight
Partners, Jobe Industrial, Klima New Jersey, Klima New York, and
The Kirkman Oliver Company (TKO).
Brad Hobbs, Founder, President and CEO of AIR, stated: "AIR’s
mission is to partner with top commercial HVAC OEMs focused on
excellence, innovation, and collaboration. While maintaining our
commitment to preserving the cultures and values of each of our
operating companies, we’ve successfully grown our network of brands
and significantly expanded our reach, our vendor and customer
relationships, and our employee base. We are thrilled to welcome
Blackstone as an investment partner. We believe our vendors and
customers will benefit from the resources and expertise of both MDP
and Blackstone, as will the network of operating companies aligned
under our corporate name.”
Seth Meisel, Senior Managing Director, and Karl Eber, Managing
Director, at Blackstone, said: “We are thrilled to partner with AIR
and MDP and help AIR expand even further in the years ahead.
Blackstone has deep experience in this sector and we look forward
to working closely with AIR’s leadership team to invest behind its
further growth for the benefit of AIR’s partners and
customers.”
Rich Copans, Managing Director and Head of MDP’s Basic
Industries team, and Drew Macha, Managing Director at MDP, added:
“We have enjoyed a very successful partnership with Brad and the
AIR management team thus far, and we are excited to welcome
Blackstone as an investment partner. We look forward to continuing
to support the AIR team in accelerating their operating companies’
growth and ongoing success in partnership with Blackstone."
Hayden Bland, COO of AIR, added: “Today’s announcement
underscores AIR’s committed support for its operating companies as
they continue on their strong growth trajectories. I firmly believe
AIR’s companies deliver leading service and differentiated
solutions for their customers, and I look forward to working in
close collaboration with our partners as we continue to evolve and
scale.”
AIR will continue to operate under the leadership of the
existing management team and AIR management and employees will
retain a meaningful ownership position. Additionally, the
leadership teams of AIR’s operating companies will remain the same
and AIR’s customers will continue to receive the same high-quality
products and service they have come to expect. This continuity
helps ensure that the foundational values and operational
excellence that define AIR will remain intact.
Terms of Blackstone’s investment were not disclosed. Centerview
Partners is acting as the lead financial advisor to AIR and RBC
Capital Markets, LLC is also acting as financial advisor to AIR.
Kirkland & Ellis LLP is serving as legal counsel to AIR and
MDP. Simpson, Thacher & Bartlett is serving as legal counsel to
Blackstone.
About Air Control Concepts
Air Control Concepts (“AIR”) is a company that partners with and
supports leading commercial HVAC solutions providers. Headquartered
in Norfolk, Virginia, AIR maintains high innovation and service
standards across its operating companies. Further information is
available at www.aircontrolconcepts.com.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We
seek to deliver compelling returns for institutional and individual
investors by strengthening the companies in which we invest. Our
more than $1 trillion in assets under management include global
investment strategies focused on real estate, private equity,
infrastructure, life sciences, growth equity, credit, real assets,
secondaries and hedge funds. Further information is available at
www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter),
and Instagram.
About Madison Dearborn Partners
Madison Dearborn Partners, LLC (“MDP”) is a leading private
equity investment firm based in Chicago. Since MDP’s formation in
1992, the firm has raised aggregate capital of more than $31
billion and has completed over 160 platform investments. MDP
invests across four dedicated industry verticals, including basic
industries, financial services, health care, and technology and
government. For more information, please visit www.mdcp.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240715872821/en/
Media: AIR Tony Mormino Phone: 828-712-4769 Email:
tmormino@aircontrolconcepts.com
Blackstone Matt Anderson Phone: 518-248-7310 Email:
matthew.anderson@blackstone.com
Madison Dearborn Partners Deirdre Walsh / Deven Anand,
H/Advisors Abernathy Phone: 646-965-3079 / 347-585-3117 Email:
abmacmdcp@h-advisors.global
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