Blackstone Acquires Madison Dearborn's Remaining Stake in AIR Control Concepts

AIR Control Concepts Acquires Cardinal Control Systems

May 28, 2026

IT Services

Cardinal Control Systems, Inc. (“Cardinal”), an HVAC controls and building management systems contractor based in Holbrook, New York, has been acquired by AIR Control Concepts (“AIR”), a portfolio company of Blackstone. Footprint Capital acted as Cardinal’s exclusive sell-side advisor. The acquisition is intended to expand AIR’s presence in the Northeast and strengthen capabilities in building automation and system integration across the New York metropolitan region.

AIR Control Concepts Acquires Technical Air Systems

February 19, 2026

Industrial Services

AIR Control Concepts (a Blackstone-backed commercial HVAC service and installation platform) completed its acquisition of Technical Air Systems, Inc., a regional HVAC manufacturers’ representative and ESOP company headquartered in Morristown, New Jersey. The February 2026 acquisition adds Northeast coverage as AIR Control Concepts builds geographic density through organic growth and add-on acquisitions; deal terms were not disclosed.

Air Control Concepts Acquires Five HVAC Manufacturer Representative Firms

July 23, 2024

Building Products

Air Control Concepts (AIR) completed the acquisition of five regional HVAC manufacturer representative firms — Northrich Company, Air Components, Dorse and Company, JJP Mechanical Reps, LLC, and ThermAir Systems — expanding AIR’s geographic footprint, capabilities and manufacturer relationships across the United States. Each acquired firm will continue to operate under its existing brand while joining AIR’s network of commercial HVAC operating companies.

Blackstone and Madison Dearborn Invest in Air Control Concepts

July 15, 2024

HVAC & Mechanical

Funds managed by Blackstone have made an equity investment in Air Control Concepts alongside existing investor Madison Dearborn Partners and AIR's management team to support the continued growth of AIR's commercial HVAC solutions platform. Headquartered in Norfolk, Virginia, AIR will continue to be led by its existing management team, which retains a meaningful ownership stake; terms were not disclosed.

Blackstone-led Consortium Acquires Emerson's Remaining Interest in Copeland

June 6, 2024

Manufacturing

Private equity funds managed by Blackstone, with investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and GIC, will acquire Emerson's remaining 40% interest in the Copeland joint venture (formerly Emerson Climate Technologies) for approximately $3.5 billion. The deal — in which Copeland will repurchase the seller's note — furthers Emerson's portfolio simplification and is expected to close in the second half of 2024, subject to regulatory approvals.

Blackstone Acquires Majority Stake in Emerson Climate Technologies (Rebranded Copeland)

October 31, 2022

Manufacturing

Private equity funds managed by Blackstone acquired a majority stake in Emerson's Climate Technologies business (rebranded as Copeland) in a transaction valuing the business at $14.0 billion. Emerson received approximately $9.7 billion in upfront cash, a $2.25 billion seller note and retained a minority equity stake while Blackstone (with co-investors ADIA and GIC) will support Copeland's growth as a standalone HVACR leader; Copeland reported fiscal 2022 sales of $5.0 billion and employs over 18,000 people.