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The Duchossois Group Completes Sale of Chamberlain Group to Blackstone
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
The Chamberlain Group announced it has been sold to private equity funds managed by Blackstone. This investment focuses on long-term growth for Chamberlain Group, providing resources and expertise to enhance its software-based access services. JoAnna Sohovich will transition to Chair of the Board on January 1, 2022, while Jeff Meredith will take over as CEO. Blackstone's support aims to expand Chamberlain's market reach and capitalize on megatrends in connectivity, solidifying its position in smart access solutions.
Positive
Investment from Blackstone provides greater resources and expertise for growth.
Chamberlain Group aims to expand into new markets including commercial and industrial sectors.
Blackstone's partnership is expected to enhance Chamberlain's software services strategy.
Negative
None.
OAK BROOK, Ill.--(BUSINESS WIRE)--
The Chamberlain Group LLC (“Chamberlain Group” or “the Company”), a global leader in smart access solutions, today announced that The Duchossois Group, Inc. (“The Duchossois Group”) has completed the sale of Chamberlain Group to private equity funds managed by Blackstone (“Blackstone”).
As previously announced, Blackstone is investing 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 as a privately held company headquartered in Oak Brook, Ill.The Duchossois Group continues to hold meaningful equity ownership in Chamberlain Group and will fill two seats of the company’s future Board of Directors.
The investment from Blackstone positions Chamberlain Group with greater resources and expertise to scale its software-based and connected services business into new markets. Chamberlain Group expects to reach a broader base of global customers as the Company accesses Blackstone’s extensive network and expands its software services strategy deeper 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 leading position providing high-quality access hardware and cloud-driven access control solutions.
Chamberlain Group also announced today that JoAnna Sohovich, current CEO of Chamberlain Group, will assume the role of Chair of Chamberlain Group’s Board of Directors, effective January 1, 2022. At that time, Ms. Sohovich will step aside as CEO. Jeff Meredith, currently Chamberlain Group’s President and Chief Operating Officer, has been appointed incoming CEO of Chamberlain Group, effective January 1, 2022. Ms. Sohovich and Mr. Meredith will work collaboratively to ensure a seamless transition period.
“Today represents an important milestone in Chamberlain Group’s transformation as we begin our next chapter of growth and innovation with Blackstone as our long-term partner,” said Ms. Sohovich. “I am incredibly proud of all our team has accomplished in building Chamberlain Group into the strong, vibrant and growing business it is today. On behalf of all of us at Chamberlain Group, I thank The Duchossois Family for their many years of unwavering support, and I look forward to continuing our work together on the Board. Further, Jeff Meredith is a skilled leader, with incredible talent and deep industry experience, and I am eager to support him through the Company’s exciting next chapter.”
“It is an honor to accept this role leading Chamberlain Group’s talented team as we accelerate our growth and transformation,” said Mr. Meredith. “I am grateful for JoAnna’s ongoing support and guidance through this transition, and I look forward to continuing to work closely with her from her new position as Chair of the Board. As I look to the future, I am confident we have built an incredible foundation to propel Chamberlain Group forward. With Blackstone’s partnership, we will capitalize on new market opportunities, build meaningful new industry relationships, and continue to meet our customers’ needs with quality, innovation and excellence.”
Peter Wallace, Global Head of Core Private Equity at Blackstone, said, “Chamberlain Group is an enduring market leader and we are thrilled to invest in this outstanding business for the long term. The Duchossois Group and Chamberlain Group’s leadership team have built a business with an unrivalled commitment to quality, strong brand loyalty and truly innovative technology-based customer offerings. We thank JoAnna for her extraordinary work positioning the business for long-term success. We believe Jeff’s combination of talent, experience and leadership ability make him an exceptional choice to continue driving the ongoing transformation of the business together with the Company’s impressive management team.”
Seth Meisel, a Senior Managing Director at Blackstone, said, “We have long admired Chamberlain Group’s legacy, commitment to its core values and successful customer-centric approach. We believe the Company has a unique opportunity to build on its leadership position at the center of housing and e-commerce megatrends. We look forward to supporting Chamberlain Group’s continued growth and deeper expansion into connected homes, businesses and communities.”
About Chamberlain Group
Chamberlain Group is a global leader in smart access solutions across residential and commercial properties. Our prominent brands LiftMaster®, Chamberlain®, Merlin® and Grifco® are found in millions of residential and commercial access applications across the globe. Our innovative products and partnerships, powered by our myQ® smart ecosystem, provide customers with smart access solutions to move safely through garages, homes, communities, businesses and storage facilities. Chamberlain Group pioneered vehicle-to-home connectivity through patented technology aboard hundreds of millions of vehicles. Chamberlain Group includes Controlled Products Systems Group, a leading wholesale distributor of perimeter access control equipment in the U.S., and Systems, LLC, one of North America’s leading dock leveler manufacturers. Further information is available @ www.chamberlaingroup.com. Follow Chamberlain Group on Facebook, LinkedIn and Twitter.
About Blackstone
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 we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
