The Duchossois Group finalizes the sale of the Chamberlain Group to Blackstone | Illinois
OAK BROOK, Illinois – (BUSINESS WIRE) – November 3, 2021–
The Chamberlain Group LLC (âChamberlain Groupâ or âthe Companyâ), a global leader in intelligent access solutions, today announced that The Duchossois Group, Inc. (âThe Duchossois Groupâ) has completed the sale of Chamberlain Group to private equity funds managed by Blackstone (“Blackstone”).
As previously announced, Blackstone invests in Chamberlain Group through its core private equity strategy, which invests in high quality, market leading companies for longer periods than traditional private equity. Chamberlain Group continues to be a privately held company headquartered in Oak Brook, Illinois. The Duchossois group continues to hold a significant stake in Chamberlain Group and will occupy two seats on the future board of directors of the company.
Blackstone’s investment positions Chamberlain Group with more resources and expertise to evolve its software-based and connected services business into new markets. Chamberlain Group hopes to reach a broader base of global customers as the company accesses Blackstone’s extensive network and expands its software services strategy more deeply into commercial, industrial and automotive markets. With Blackstone’s long-term partnership, Chamberlain Group is poised to capitalize on connectivity megatrends and build on its leadership position by providing high quality access hardware and access control solutions based on the cloud.
Chamberlain Group also announced today that JoAnna Sohovich, current CEO of Chamberlain Group, will assume the role of Chairman of the Board of Directors of Chamberlain Group, effective January 1, 2022. At that time, Ms. Sohovich will step down. of CEO. Jeff Meredith, currently President and COO of the Chamberlain Group, has been appointed the new CEO of the Chamberlain Group, effective January 1, 2022. Ms. Sohovich and Mr. Meredith will work together to ensure a smooth transition period.
âToday marks an important milestone in the transformation of the Chamberlain Group as we embark on our next chapter of growth and innovation with Blackstone as a long-term partner,â said Ms. Sohovich. âI am incredibly proud of all that our team has accomplished to make the Chamberlain Group the strong, dynamic and growing company it is today. On behalf of all of us at the Chamberlain Group, I thank the Duchossois family for their unwavering support over many years, and I look forward to continuing our work together on the Board of Directors. Additionally, Jeff Meredith is a skilled leader with incredible talent and extensive industry experience, and I look forward to supporting him throughout the next exciting chapter of the company.
“It is an honor to take on this role as the head of the talented team of The Chamberlain Group as we accelerate our growth and transformation,” said Mr. Meredith. âI am grateful to JoAnna for her support and guidance throughout this transition, and look forward to continuing to work closely with her since her new role as Chair of the Board of Directors. As I look to the future, I have no doubts that we have built an incredible foundation to propel the Chamberlain group forward. With the Blackstone partnership, we will capitalize on new market opportunities, establish meaningful new relationships with the industry and continue to meet the needs of our customers with quality, innovation and excellence.
Peter Wallace, Global Head of Core Private Equity at Blackstone, said: âThe Chamberlain Group is a sustainable market leader and we are delighted to invest in this exceptional company for the long term. The Duchossois Group and the Chamberlain Group management team have built a company with an unrivaled commitment to quality, strong brand loyalty and truly innovative customer offerings based on technology. We thank JoAnna for her amazing work which positions the company for long term success. We believe that Jeff’s combination of talent, experience and leadership ability makes him an exceptional choice to continue to drive the continued transformation of the business with the impressive management team of the company.
Seth Meisel, Senior Managing Director at Blackstone, said: âWe have long admired the heritage of the Chamberlain Group, its commitment to its core values ââand its successful customer-centric approach. We believe the Company has a unique opportunity to strengthen its leadership position at the center of the housing and e-commerce megatrends. We look forward to supporting the continued growth of the Chamberlain Group and its deeper expansion into homes, businesses and connected communities. “
About the Chamberlain Group
Chamberlain Group is a global leader in smart access solutions for residential and commercial properties. Our flagship brands LiftMasterÂ®, ChamberlainÂ®, MerlinÂ® and GrifcoÂ® are present in millions of residential and commercial access applications around the world. Our innovative products and our partnerships, fueled by our myQÂ® intelligent ecosystem, providing customers with intelligent access solutions to move safely around garages, homes, communities, businesses and storage facilities. Chamberlain Group has pioneered vehicle-to-home connectivity through patented technology onboard hundreds of millions of vehicles. The Chamberlain group includes Controlled Product Systems Group, one of the leading wholesale distributors of perimeter access control equipment in the United States, and Systems, LLC, one of the leading manufacturers of dock levelers in North America. More information is available @ www.chamberlaingroup.com. Follow Chamberlain Group on Facebook, LinkedIn and Twitter.
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest and the communities in which we operate. To do this, we use amazing people and flexible capital to help businesses solve their problems. Our $ 731 billion in assets under management include investment vehicles focused on private equity, real estate, debt and public stocks, life sciences, growth stocks, opportunistic credit and substandard quality, real assets and secondary funds, all on a global scale. More information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY OTHER PROFESSIONAL SERVICES OTHER TECHNOLOGY FINANCE BANKING
SOURCE: black stone
Copyright Business Wire 2021.
PUB: 11/03/2021 3:00 PM / DISC: 11/03/2021 3:01 PM
Copyright Business Wire 2021.