Blackstone Joins Existing Investors Madison Dearborn Partners and the Company’s Management in Partnering to Support Growth of Air Control Concepts’ Leading Commercial HVAC Solutions Platform

Air Control Concepts (“AIR”), previously known as Hobbs & Associates, 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 (“MDP”) and AIR’s management team, to help support the continued growth of AIR’s business.

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Headquartered in Norfolk, Virginia, AIR supports numerous leading commercial HVAC OEMs across the United States, operating under leading brands including: Advanced Thermal Solutions, Airetech Corp, Bay Associates Group, Inc., C.G. Wood Company, Engineered Building Systems (EBS), Energy Transfer Solutions (ETS), Etairos HVAC, Faulkner Haynes, Hobbs & Associates, Insight Partners, Jobe Industrial, Klima New Jersey, Klima New York, and 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.”

Rich 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."

Hayden Bland, COO of AIR, added: “Today’s announcement underscores AIR’s committed support for its operating companies as they continue on their strong growth trajectories. I firmly believe AIR’s companies deliver leading service and differentiated solutions for their customers, and I look forward to working in close collaboration with our partners as we continue to evolve and scale.”

AIR will continue to operate under the leadership of the existing management team and AIR management and employees will retain a meaningful ownership position. Additionally, the leadership teams of AIR’s operating companies will remain the same and AIR’s customers will continue to receive the same high-quality products and service they have come to expect. This continuity helps ensure that the foundational values and operational excellence that define AIR will remain intact.

Terms of Blackstone’s investment were not disclosed. Centerview Partners is acting as the lead financial advisor to AIR and RBC Capital Markets, LLC is also acting as financial advisor to AIR. Kirkland & Ellis LLP is serving as legal counsel to AIR and MDP. Simpson, Thacher & Bartlett is serving as legal counsel to Blackstone.

About Air Control Concepts

Air Control Concepts (“AIR”) is a company that partners with and supports leading commercial HVAC solutions providers. Headquartered in Norfolk, Virginia, AIR maintains high innovation and service standards across its operating companies. Further information is available at www.aircontrolconcepts.com.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Madison Dearborn Partners

Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including basic industries, financial services, health care, and technology and government. For more information, please visit www.mdcp.com

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