Blackstone Energy Transition Partners to acquire majority stake in ACT

Blackstone (BX) and Advanced Cooling Technologies, or ACT, announced that funds managed by Blackstone Energy Transition Partners 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 transaction is expected to close in Q2, 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.