WASHINGTON (dpa-AFX) - Air Control Concepts announced that 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 Air Control Concepts, following Blackstone's original investment in July 2024. Founder Brad Hobbs, and his family will also invest alongside Blackstone. Terms of the transaction were not disclosed.
Headquartered in Norfolk, Virginia, Air Control Concepts operates across 35 states and Canada through a network of more than 38 operating companies and over 1,900 associates.
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