US: The Chamberlain Group, a global provider of smart access solutions, has been acquired by private equity funds managed by Blackstone.
The Chamberlain Group’s owner, The Duchossois Group, Inc. has entered into a definitive agreement for a transaction expected to close by the end of 2021, subject to regulatory approvals and customary closing conditions.
The Chamberlain Group’s brands include LiftMaster, Chamberlain, Merlin and Grifco.
As part of the agreement, The Duchossois Group will retain “meaningful ownership” in the company and two seats on the company’s board of Directors following the close of the transaction, which values Chamberlain Group at around US$5 billion.
According to GlobeSt.com, smart home and smart access have been particularly prominent in multifamily housing, with start-up companies such as iApartments and Quext joining the field with improved, cost-cutting technologies introduced this year.
Seth Meisel, a senior managing director at Blackstone, said: “Chamberlain Group stands at the centre of several secular mega trends — including US 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.”
