Global buyout giant Blackstone has tapped its longer-term private equity investment funds to buy into smart building control and access provider The Chamberlain Group at a roughly $5bn valuation.
The Duchossois Group will retain “meaningful ownership” in the company and two seats on the board of directors following the close of the transaction, Blackstone said.
Chamberlain provides cloud-driven hardware and software to help customers remotely access garages, homes, businesses and storage facilities.
The company said the investment from Blackstone would position it to “capitalise on connectivity megatrends” and expand its software services strategy deeper into commercial, industrial and automotive markets.
Seth Meisel, a senior managing director at Blackstone, said, “Chamberlain Group stands at the center of several secular mega trends – including US housing and e-commerce – that are key thematic investment areas for Blackstone.”
The deal is expected to close by the end of 2021.
Blackstone raised $8.2bn for its long-hold private equity fund last year, making Blackstone Core Equity Partners II fund roughly 70% bigger than its predecessor.
The fund will be invested in less risky and more durable businesses, which are held for longer periods than the investor’s flagship Blackstone Capital Partners funds.
Copyright © 2021 AltAssets
- 2021
- access
- automotive
- board
- board of directors
- Building
- businesses
- buy
- capital
- commercial
- company
- Connectivity
- Customers
- deal
- Director
- e-commerce
- equity
- Expand
- fund
- funds
- Group
- Hardware
- housing
- HTTPS
- Including
- industrial
- investment
- IT
- Key
- Making
- Markets
- partners
- private
- Services
- smart
- Software
- storage
- Strategy
- transaction
- Trends
- us
- Valuation
- vehicle
