Blackstone has acquired Madison Dearborn Partners’ remaining equity stake in Air Control Concepts, becoming the sole institutional investor and positioning AIR for its next growth phase.

Information on the Target

Air Control Concepts ("AIR") stands as the largest commercial HVAC, electrical, and controls organization in North America. Based in Norfolk, Virginia, the company operates across 35 states and Canada, leveraging a network of over 38 operating entities and more than 1,900 dedicated associates. AIR is distinguished by its ability to provide essential support to leading OEM partners and their customers, seamlessly merging local market expertise with the extensive resources and connectivity typical of a national organization. This unique operational model fosters an entrepreneurial culture while enabling shared services and sustainable growth.

Recently, AIR has received further backing from Blackstone, which has acquired Madison Dearborn Partners’ remaining equity stake in the company. This transaction positions Blackstone as AIR's sole institutional investor, solidifying its commitment to support AIR's future growth trajectories. The CEO of AIR, Brad Hobbs, along with his family, is also participating in the investment, reflecting strong internal confidence in the company's direction.

Industry Overview in the Target's Specific Country

The commercial HVAC industry in the United States is witnessing significant transformation driven by technological innovations and a growing emphasis on energy efficiency. As businesses increasingly prioritize sustainabil