The Duchossois Group Completes Sale of Chamberlain Group to Blackstone
03 Novembre 2021 - 8:00PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211103006115/en/
For Chamberlain Group: Patrick O’Connell 317-374-4960
Patrick.OConnell@Chamberlain.com
For Blackstone: Matt Anderson 518-248-7310
Matthew.Anderson@Blackstone.com
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