Blackstone announced that funds managed by its private equity strategy for individual investors have acquired Madison Dearborn Partners’ remaining equity stake in AIR Control Concepts (AIR), increasing Blackstone’s ownership following its original investment in July 2024. Founder, President, and CEO Brad Hobbs and his family will also invest alongside Blackstone, and the transaction makes Blackstone AIR’s sole institutional investor.
AIR, headquartered in Norfolk, Virginia, positions itself as the largest commercial HVAC, electrical, and controls platform in North America. The company operates across 35 U.S. states and Canada through a network of more than 38 operating companies and over 1,900 associates. AIR said its platform model is designed to preserve the entrepreneurial culture and local customer relationships of each operating company while adding shared services, collaboration, and the scale of a national organization to support OEM partners and their customers.
AIR leadership pointed to continued expansion plans, including opportunities tied to data centers and adjacent service areas, as reasons the company is deepening its partnership with Blackstone. Blackstone said the business has experienced significant growth since the initial 2024 investment and that it sees AIR as well-positioned to continue scaling and delivering solutions for customers and OEM partners. Terms were not disclosed.
Support: Centerview Partners served as lead financial advisor to Blackstone, with RBC Capital Markets also advising Blackstone. Kirkland & Ellis served as legal counsel to AIR and MDP, while Simpson Thacher & Bartlett served as legal counsel to Blackstone.
KEY QUOTES:
“Blackstone has been a fantastic partner since joining us in 2024. Their strategic insights and resources have helped AIR continue to scale rapidly while strengthening our commitment to excellence on behalf of our OEM partners and customers.”“As we look to the future – including our further expansion, the substantial opportunity in data centers and exciting adjacency strategies – we are thrilled to deepen our partnership.”
Brad Hobbs and Hayden Bland, Founder, President and CEO; and COO, AIR Control Concepts
“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.”
Seth Meisel and Karl Eber, Senior Managing Director and Managing Director, Blackstone
