Fund managed by Blackstone have entered into a definitive agreement to acquire The Chamberlain Group LLC, a supplier of smart access services, from The Duchossois Group Inc. The transaction values Chamberlain Group at approximately $5 billion.
“Today marks an important inflection point for Chamberlain Group as it continues its growth and transformation story,” said JoAnna Sohovich, CEO of Chamberlain Group. “I enthusiastically support this transaction because it is in the best interests of our shareholders and our Company. Blackstone’s deep experience and success in forming large corporate partnerships with family-led companies provides us with the perfect foundation to propel Chamberlain Group through its next chapter. Blackstone’s extensive presence across geographies will help Chamberlain Group build meaningful relationships and capitalize on new market opportunities.”
Craig Duchossois, executive chair of The Duchossois Group, added, “Chamberlain Group has been an important part of our family since 1980. The Duchossois Group has instilled deep-rooted values and resources across Chamberlain Group, and we are exceptionally proud of the strong, vibrant and growing business it is today. As an ongoing investor in the Company, we look forward to the team’s future accomplishments with Blackstone’s support and partnership. Under new ownership, I know that Chamberlain Group will continue to meet market needs in an innovative and quality manner, while taking full advantage of the broad talent, reach and experience apparent across the Blackstone organization.”
Peter Wallace, global head of Core Private Equity at Blackstone, said, “Our long-term Core Private Equity business is proud to invest in an enduring market leader like Chamberlain Group. The Duchossois Group and Chamberlain Group’s leadership team have built a tremendous business. We admire the Company’s deep commitment to quality, the brand loyalty it has earned through consistent excellence, and its constant drive to enrich customer offerings through technology. We believe these qualities will continue to drive growth for years to come and we are excited to partner with the Company on that journey.”
Seth Meisel, a senior managing director at Blackstone, said, “Chamberlain Group stands at the center of several secular mega trends — including U.S. housing and e-commerce — that are key thematic investment areas for Blackstone. We are excited to invest in this business and its further expansion into connected homes, businesses, and communities alongside Chamberlain Group’s impressive management team.”
BDT & Co LLC acted as sole financial advisor and Jones Day acted as legal advisor to The Duchossois Group. Wells Fargo, Barclays, Citi and Deutsche Bank are providing committed debt financing for the transaction, and Wells Fargo, Barclays, and DBO Partners are acting as financial advisors to Blackstone. Simpson Thacher & Bartlett LLP is serving as Blackstone’s legal counsel.