Duchossois Group Sells Majority Stake of Garage Door Opening Company to Blackstone
Posted on 11/07/2021
The Duchossois Group, Inc. sold The Chamberlain Group LLC, a company involved with making garage door openers and other door openers for residential and commercial properties, to private equity funds managed by Blackstone Group. Blackstone is investing in Chamberlain Group through its core private equity strategy, which invests in companies for longer periods than traditional private equity. Chamberlain Group continues as a privately held company headquartered in Oak Brook, Illinois. 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 deal was signed on September 7, 2021, but closed recently. The transaction values Chamberlain Group at approximately US$ 5 billion.
The Chamberlain Group owns products such as the LiftMaster, a brand of professionally-installed residential garage door systems and commercial door operators.
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.
Chamberlain Group has been an important part of Duchossois Group since 1980.
Advisors
BDT & Company, 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.
Keywords: Blackstone Inc., Blackstone Group LP.
