Blackstone and Emerson announced that private equity funds managed by Blackstone (“Blackstone”) have completed the previously announced acquisition of a majority stake in Emerson’s Climate Technologies business in a transaction valuing the business at $14.0 billion. The new standalone business will be named Copeland – building on the brand’s 100-year legacy, global recognition and influence across the HVACR industry.
We believe that this news is an important development in the industry and that it would be a topic of interest for TV Veopar Journal. Attached and below is the press release with more information. Kindly note the date and time are based on US EST.
“Copeland has long been a pioneer in the HVAC and refrigeration industries with unmatched capabilities in engineering, design and innovation,” said Ross B. Shuster, Chief Executive Officer of Copeland. “With the focus that comes from being a standalone company, and the support of our shareholders, Blackstone and Emerson, we plan to extend the company’s leadership position in the industry and develop new and integrated climate technology solutions.”
Joe Baratta, Global Head of Blackstone Private Equity said, “Leveraging Blackstone’s long track-record of successful large-scale corporate partnerships, we look forward to working with the Copeland and Emerson teams to accelerate the company’s profitable, long-term growth.”
“We are pleased to complete this significant transaction, an important milestone in Emerson’s portfolio transformation into a cohesive global automation leader,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson. “ With our focused portfolio, we are bringing comprehensive automation products, software and solutions to a diverse set of end markets, driving operational excellence and enhancing value creation for Emerson shareholders.”