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*For Immediate Release* Air Control Concepts Announces Investment from Blackstone Blackstone Joins Existing Investors Madison Dearborn Partners, LLC and the Company’s Management in Partnering to Support Growth of Air Control Concepts’ Leading Commercial HVAC Solutions Platform Norfolk, Virginia – July 15, 2024 – Air Control Concepts (“AIR”), previously known as Hobbs & Associates, Inc., a company that partners with and supports leading commercial HVAC equipment manufacturers, announced today that it will welcome funds managed by Blackstone’s private equity strategy for individual investors (“Blackstone”) as an equity investment partner alongside existing investors, funds affiliated with Madison Dearborn Partners, LLC (“MDP”) and AIR’s management team, to help support the continued growth of AIR’s business. Headquartered in Norfolk, Virginia, AIR supports numerous leading commercial HVAC OEMs across the United States, operating under leading brands including: Advanced Thermal Solutions, LLC, Airetech Corporation, Bay Associates Group, Inc., C.G. Wood Company, LLC, Engineered Building Systems (EBS), Energy Transfer Solutions, LLC (ETS), Etairos HVAC, Faulkner Haynes, Inc., Hobbs & Associates, Inc., Insight Partners, Jobe Industrial Measurement & Control, Klima New Jersey LLC., Klima New York, LLC, and TKO: The Kirkman Oliver Company (TKO). Brad Hobbs, Founder, President and CEO of AIR, stated: "AIR’s mission is to partner with top commercial HVAC OEMs focused on excellence, innovation, and collaboration. While maintaining our commitment to preserving the cultures and values of each of our operating companies, we’ve successfully grown our network of brands and significantly expanded our reach, our vendor and customer relationships, and our employee base. We are thrilled to welcome Blackstone as an investment partner. We believe our vendors and customers will benefit from the resources and expertise of both MDP and Blackstone, as will the network of operating companies aligned under our corporate name.” Seth Meisel, Senior Managing Director, and Karl Eber, Managing Director, at Blackstone, said: “We are thrilled to partner with AIR and MDP and help AIR expand even further in the years ahead. Blackstone has deep experience in this sector and we look forward to working closely with AIR’s leadership team to invest behind its further growth for the benefit of AIR’s partners and customers.” Richard Copans, Managing Director and Head of MDP’s Basic Industries team, and Drew Macha, Managing Director at MDP, added: “We have enjoyed a very successful partnership with Brad and the AIR management team thus far, and we are excited to welcome Blackstone as an investment partner. We look forward to continuing to support the AIR team in accelerating their operating companies’ growth and ongoing success in partnership with Blackstone." See the full press release in the attached PDF.

Tony Mormino

HVAC Addict, Host of HVAC TV (YouTube @HVAC-TV), and the HVAC TV Podcast. It is brought to you by Air Control Concepts. “HVAC TV is the best YouTube channel in the world.” - Marie Mormino, Tony’s Mom.

4 个月

This is very exciting!

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Kristin Winslow

Strategic HR Leader with Expertise in HR Strategy and Organizational Design

4 个月

Congratulations

Jake Buckner

Vice President

4 个月

Congratulations Air Control Concepts Team! Exciting news!

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Aaron Kenny

Manager of Strategic Growth @ BuildOps

4 个月

Exciting news!

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