Blackstone Energy Transition Partners Announces Agreement to Acquire Majority Stake in Advanced Cooling Technologies
NEW YORK & LANCASTER, Pa.–(BUSINESS WIRE)–Blackstone (NYSE: BX) and Advanced Cooling Technologies, Inc. (“ACT”) announced today that funds managed by Blackstone Energy Transition Partners (“Blackstone”) have entered into a definitive agreement to acquire a majority stake in ACT, a leading U.S. manufacturer of highly-engineered thermal management and energy efficiency solutions. ACT’s executive team will remain in place and continue as significant shareholders in the business.
Founded in 2003 and headquartered in Pennsylvania, ACT designs and manufactures highly-engineered thermal management and energy efficiency solutions for advanced computing, high power density, and mission-critical applications. The company’s innovative solutions include two-phase liquid cooling, heat pipes, phase change materials, cold plates, environmental control units, and composite thermal and structural systems. ACT has thrived not only on their product and technology portfolio, but their unique ability to provide premier engineering and responsiveness to their customers. Blackstone’s investment is intended to help maintain this level of service, while adding capacity and capabilities to enhance the value provided to ACT’s broad customer base.
Mark Zhu, Managing Director at Blackstone, said:
We believe ACT is well positioned for accelerated growth given the increasing importance of thermal management amid rising power intensity and AI innovation.
”This includes the company’s pioneering work helping meet the next generation of data center and high-performance chip cooling requirements. We are excited to partner with Jon and the entire ACT management team to support the company’s continued technological leadership and expansion of their manufacturing capacity amidst record customer demand.”
David Foley, Global Head of Blackstone Energy Transition Partners, added:
Our investment strategy focuses on identifying businesses we believe are well positioned to benefit from long-term power demand growth and the need to manage power and energy more efficiently.
”We have a long track record of partnering with founder-led companies, and we look forward to supporting Jon and the ACT team with capital and other resources as they continue to build on the company’s strong foundation in a rapidly growing market.”
Jon Zuo, CEO and Co-Founder of ACT, said:
Every one of us is excited about this new chapter of ACT.
”With the support of our Blackstone partners, we will continue driving our core values of Innovation, Teamwork, and Customer Care, with the goal of building ACT into the world’s leading thermal management company.”
The transaction is expected to close in second quarter, subject to customary conditions.
Houlihan Lokey served as exclusive financial advisor and Reed Smith served as legal counsel to ACT. Kirkland & Ellis served as legal advisor and UBS served as financial advisor to Blackstone.
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Blackstone Energy Transition Partners Announces Agreement to Acquire Majority Stake in Advanced Cooling Technologies, source
