Blackstone and Advanced Cooling Technologies announced that funds managed by Blackstone Energy Transition Partners have entered into a definitive agreement to acquire a majority stake in Advanced Cooling Technologies (ACT), a U.S.-based manufacturer of thermal management and energy efficiency solutions. The company’s executive team will remain in place and continue as significant shareholders following the transaction.
Founded in 2003 and headquartered in Lancaster, Pennsylvania, ACT designs and manufactures highly engineered thermal management technologies for advanced computing, high-power density systems, and other mission-critical applications. Its portfolio includes two-phase liquid-cooling solutions, heat pipes, phase-change materials, cold plates, environmental control units, and composite thermal and structural systems.
The company serves a wide range of industries, including data centers, space, defense, energy, electronics, HVAC, and enclosure cooling. Its technologies are increasingly important as computing workloads intensify and demand for efficient cooling solutions for high-performance chips and data infrastructure grows.
Blackstone Energy Transition Partners said the investment aligns with its strategy of supporting companies positioned to benefit from long term growth in global power demand and the need for more efficient energy management. The firm expects the investment to help ACT expand manufacturing capacity and scale its engineering capabilities while maintaining its focus on customer responsiveness and innovation.
ACT has been developing advanced cooling technologies to support next-generation computing systems and high-performance chip architectures, areas experiencing growing demand driven by the expansion of artificial intelligence and other power-intensive applications.
The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions.
Support: Houlihan Lokey served as exclusive financial advisor to ACT, and Reed Smith served as legal counsel. Kirkland & Ellis served as legal advisor to Blackstone and UBS acted as its financial advisor.
KEY QUOTES
“We believe ACT is well positioned for accelerated growth given the increasing importance of thermal management amid rising power intensity and AI innovation. This includes the company’s pioneering work helping meet the next generation of data center and high-performance chip cooling requirements. We are excited to partner with Jon and the entire ACT management team to support the company’s continued technological leadership and expansion of their manufacturing capacity amidst record customer demand.”
Mark Zhu, Managing Director At Blackstone
“Our investment strategy focuses on identifying businesses we believe are well positioned to benefit from long-term power demand growth and the need to manage power and energy more efficiently. We have a long track record of partnering with founder-led companies, and we look forward to supporting Jon and the ACT team with capital and other resources as they continue to build on the company’s strong foundation in a rapidly growing market.”
David Foley, Global Head Of Blackstone Energy Transition Partners
“Every one of us is excited about this new chapter of ACT. With the support of our Blackstone partners, we will continue driving our core values of Innovation, Teamwork, and Customer Care, with the goal of building ACT into the world’s leading thermal management company.”
Jon Zuo, CEO And Co-Founder Of Advanced Cooling Technologies
