Air Control Concepts (“AIR”) said funds managed by Blackstone’s private equity strategy for individual investors have signed and closed the acquisition of Madison Dearborn Partners’ remaining equity stake in the company. The transaction follows Blackstone’s original investment in July 2024.
AIR said founder, President and CEO Brad Hobbs and his family will also invest alongside Blackstone. With the deal, Blackstone becomes AIR’s sole institutional investor, according to the announcement.
Headquartered in Norfolk, Virginia, AIR said it operates across 35 states and Canada through a network of more than 38 operating companies and over 1,900 associates. The company described itself as a commercial HVAC, electrical, and controls platform supporting OEM partners and their customers.
“We thank MDP for a terrific partnership, and we are thrilled to support Brad, Hayden and the entire AIR leadership team to help drive the company’s continued success. The 18 months since our original investment have seen tremendous growth and we are excited to help perpetuate that going forward. We believe AIR is exceptionally well positioned to continue delivering leading solutions for its customers and OEM partners as the platform continues to scale,” said Seth Meisel, Senior Managing Director, and Karl Eber, Managing Director, at Blackstone.
Terms of the transaction were not disclosed.
