{"success":true,"data":{"pressRelease":{"id":"140623","rtpr_id":"nBwbJVwvZa-20260910","ticker":"BX","exchange":"NYSE","all_tickers":["BX"],"title":"Blackstone to Acquire Flow Control Holdings, a Leader in Highly Engineered Data Center Liquid Cooling Components","author":"Business Wire","published_at":"2026-09-10T14:00:01.297Z","article_body":"Blackstone to Acquire Flow Control Holdings, a Leader in Highly Engineered\nData Center Liquid Cooling Components\n\nBlackstone (NYSE: BX) announced today that private equity funds affiliated\nwith Blackstone Capital Partners and Blackstone Energy Transition Partners\n(collectively “Blackstone”) have entered into a definitive agreement to\nacquire Flow Control Holdings (“FCH”), a leading U.S. provider of highly\nengineered flow control solutions and components for the data center liquid\ncooling, food, beverage, and pharmaceutical markets, from Audax Private Equity\n(“Audax”). As part of the transaction, Audax will retain a minority equity\nstake in FCH, continuing to partner with Blackstone and management to support\nthe company.\n\nHeadquartered in Cincinnati, Ohio, FCH’s highly engineered, high-performance\ncomponents are used by original equipment manufacturers (OEM) and hyperscalers\nfor coolant distribution units (CDUs), in-row manifolds and secondary fluid\nnetworks (SFN). Liquid cooling is significantly more energy efficient than air\ncooling, allowing data centers to reduce CO2 emissions, improve power usage\neffectiveness, and support next generation of compute.\n\nBilal Khan, Senior Managing Director, and Mark Zhu, Managing Director, at\nBlackstone, said: “We believe that FCH has enormous tailwinds for continued\ngrowth as the latest generations of high-performance AI infrastructure\nincreasingly rely on liquid cooling technology for significantly improved\nenergy and chip efficiency. FCH has built deep trust with their customers for\nsome of the most demanding workloads across both the data center and food,\nbeverage, and pharmaceutical markets. We look forward to partnering with Scott\nand the entire FCH management team, as well as Audax, to invest in the\ncompany’s capacity expansion plan, support unprecedented liquid cooling\ndemand, and further accelerate growth behind one of Blackstone’s\nhighest-conviction investment themes – the immense buildout of AI\ninfrastructure.”\n\n“We're thrilled to partner with Blackstone as we enter our next chapter of\ngrowth,” added Scott Kerns, Chief Executive Officer of FCH. “Over the past\nfour years, we've invested significantly to develop a leading position in the\ndata center cooling market supporting our OEM customers and hyperscalers.\nAudax has been a tremendous partner supporting FCH through investments in the\nteam, capital for new production and distribution facilities, and the\nexecution of 10 acquisitions to build FCH’s capabilities in the data center\ncooling, food, beverage and pharma markets.”\n\n“We believe the sale of FCH represents a tremendous outcome for the\nincredibly dedicated and talented team at FCH as well as our investors,”\nadded Audax Private Equity Partner Don Bramley. “Scott and the entire team\nhave been outstanding partners in building FCH as a leader in the data center\ncooling market. We view the FCH investment as a text-book example of Audax’s\nability to build strategic assets through disciplined execution of the Audax\nValue Agenda(TM) and Buy & Build approach. We look forward to partnering\nwith Blackstone and continuing to support FCH in its next chapter of\ngrowth.”\n\nTerms of the transaction were not disclosed. The transaction is expected to\nclose in the fourth quarter. Houlihan Lokey and Jefferies served as financial\nadvisors to FCH, while Ropes & Gray LLP served as legal counsel. William\nBlair, UBS, and Goldman Sachs served as financial advisors to Blackstone,\nwhile Kirkland & Ellis LLP served as legal counsel.\n\nAbout Flow Control Holdings\n\nFlow Control Holdings specializes in providing highly engineered sanitary and\nhigh-purity flow components for critical applications within the data center,\nfood, beverage, and pharmaceutical industries. For more information, visit the\nFCH website, at www.fchinc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fchinc.com&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=www.fchinc.com&index=1&md5=17617573c65135e9428f84d5e44e176a)\n.\n\nAbout Blackstone\n\nBlackstone is the world’s largest alternative asset manager. Blackstone\nseeks to deliver compelling returns for institutional and individual investors\nby strengthening the companies in which the firm invests. Blackstone’s over\n$1.3 trillion in assets under management include global investment strategies\nfocused on real estate, private equity, credit, infrastructure, life sciences,\ngrowth equity, secondaries and hedge funds. Further information is available\nat www.blackstone.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.blackstone.com&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=www.blackstone.com&index=2&md5=cc05e214664e3acadab4a5da821c5959)\n. Follow @blackstone on LinkedIn\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Fwww.linkedin.com%2Fcompany%2F7834%2F__%3B%21%21I1evDgr0PoQ%21ub8hXsbEN3HVLGk87diRGKMDSG1gx0TqR6r4r9NvzxJP6cyd__GYSddvsFGVfFYqifkgMwQdsApEH3QHR4VV1_OwfE-8XOrTbw%2524&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=LinkedIn&index=3&md5=5a165122f338a637020c16fafe4ba90d)\n, X (Twitter)\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Ftwitter.com%2Fblackstone__%3B%21%21I1evDgr0PoQ%21ub8hXsbEN3HVLGk87diRGKMDSG1gx0TqR6r4r9NvzxJP6cyd__GYSddvsFGVfFYqifkgMwQdsApEH3QHR4VV1_OwfE9UIUvLXg%2524&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=X+%28Twitter%29&index=4&md5=1b5554206a8dc0f2c8d9b37fe05c95b9)\n, and Instagram\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Fwww.instagram.com%2Fblackstone%2F__%3B%21%21I1evDgr0PoQ%21ub8hXsbEN3HVLGk87diRGKMDSG1gx0TqR6r4r9NvzxJP6cyd__GYSddvsFGVfFYqifkgMwQdsApEH3QHR4VV1_OwfE8UtzThGw%2524%27&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=Instagram&index=5&md5=54c5bed0ec219e3e2683094e1b040437)\n.\n\nAbout Blackstone Energy Transition Partners\n\nBlackstone Energy Transition Partners is Blackstone’s strategy for\ncontrol-oriented equity investments in energy-related businesses, with a\nsuccessful long-term record, having committed approximately $30 billion of\nequity globally across a broad range of sectors across the energy transition\nlandscape. Our investment philosophy is based on backing exceptional\nmanagement teams with flexible capital to provide solutions that help energy\ncompanies grow and improve performance, thereby delivering more reliable,\naffordable and cleaner energy to meet the needs of the global community. In\nthe process, we build stronger, larger scale enterprises, create jobs and\ngenerate lasting value for our investors, employees and all stakeholders.\nFurther information is available at\nhttps://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.blackstone.com%2Four-businesses%2Fblackstone-energy-transition-partners%2F&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=https%3A%2F%2Fwww.blackstone.com%2Four-businesses%2Fblackstone-energy-transition-partners%2F&index=6&md5=dec6a01983db8d009bc70ae8631cc79c)\n.\n\nAbout Audax Private Equity\n\nHeadquartered in Boston, with offices in San Francisco, New York, London and\nHong Kong, Audax Private Equity is a leading private equity platform focused\non investing across the North American middle market. Our objective is to\naccelerate value creation through our Buy & Build strategy and the Audax\nValue Agenda™, a holistic framework that seeks to enable, create, and\nprotect value across every stage of the investment lifecycle. As of July 2026,\nAudax Private Equity had approximately $20 billion of assets under management\nand, since inception in 1999, has invested in more than 180 platforms and more\nthan 1,500 add-on acquisitions. For more information, visit\nwww.audaxprivateequity.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.audaxprivateequity.com&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=www.audaxprivateequity.com&index=7&md5=c62ebc64fa84883293e5f81bb36c0cf5)\nor follow us on LinkedIn\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Faudax-private-equity&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=LinkedIn&index=8&md5=ba8f43b4b0cd8fa0d1a554a4571388dd)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260910210431/en/\n(https://www.businesswire.com/news/home/20260910210431/en/)\n\nMedia\n\nBlackstone \n\nMatt Anderson\n\nMatthew.Anderson@Blackstone.com (mailto:Matthew.Anderson@Blackstone.com)\n\nJennifer Heath\n\nJennifer.Heath@Blackstone.com (mailto:Jennifer.Heath@Blackstone.com)\n\nAudax Private Equity \n\naudaxprivateequity@gasthalter.com (mailto:audaxprivateequity@gasthalter.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwbJVwvZa-20260910","title":"Blackstone to Acquire Flow Control Holdings, a Leader in Highly Engineered Data Center Liquid Cooling Components","author":"Business Wire","ticker":"BX","created":"2026-09-10T14:00:01.297Z","tickers":["BX"],"exchange":"NYSE","article_body":"Blackstone to Acquire Flow Control Holdings, a Leader in Highly Engineered\nData Center Liquid Cooling Components\n\nBlackstone (NYSE: BX) announced today that private equity funds affiliated\nwith Blackstone Capital Partners and Blackstone Energy Transition Partners\n(collectively “Blackstone”) have entered into a definitive agreement to\nacquire Flow Control Holdings (“FCH”), a leading U.S. provider of highly\nengineered flow control solutions and components for the data center liquid\ncooling, food, beverage, and pharmaceutical markets, from Audax Private Equity\n(“Audax”). As part of the transaction, Audax will retain a minority equity\nstake in FCH, continuing to partner with Blackstone and management to support\nthe company.\n\nHeadquartered in Cincinnati, Ohio, FCH’s highly engineered, high-performance\ncomponents are used by original equipment manufacturers (OEM) and hyperscalers\nfor coolant distribution units (CDUs), in-row manifolds and secondary fluid\nnetworks (SFN). Liquid cooling is significantly more energy efficient than air\ncooling, allowing data centers to reduce CO2 emissions, improve power usage\neffectiveness, and support next generation of compute.\n\nBilal Khan, Senior Managing Director, and Mark Zhu, Managing Director, at\nBlackstone, said: “We believe that FCH has enormous tailwinds for continued\ngrowth as the latest generations of high-performance AI infrastructure\nincreasingly rely on liquid cooling technology for significantly improved\nenergy and chip efficiency. FCH has built deep trust with their customers for\nsome of the most demanding workloads across both the data center and food,\nbeverage, and pharmaceutical markets. We look forward to partnering with Scott\nand the entire FCH management team, as well as Audax, to invest in the\ncompany’s capacity expansion plan, support unprecedented liquid cooling\ndemand, and further accelerate growth behind one of Blackstone’s\nhighest-conviction investment themes – the immense buildout of AI\ninfrastructure.”\n\n“We're thrilled to partner with Blackstone as we enter our next chapter of\ngrowth,” added Scott Kerns, Chief Executive Officer of FCH. “Over the past\nfour years, we've invested significantly to develop a leading position in the\ndata center cooling market supporting our OEM customers and hyperscalers.\nAudax has been a tremendous partner supporting FCH through investments in the\nteam, capital for new production and distribution facilities, and the\nexecution of 10 acquisitions to build FCH’s capabilities in the data center\ncooling, food, beverage and pharma markets.”\n\n“We believe the sale of FCH represents a tremendous outcome for the\nincredibly dedicated and talented team at FCH as well as our investors,”\nadded Audax Private Equity Partner Don Bramley. “Scott and the entire team\nhave been outstanding partners in building FCH as a leader in the data center\ncooling market. We view the FCH investment as a text-book example of Audax’s\nability to build strategic assets through disciplined execution of the Audax\nValue Agenda(TM) and Buy & Build approach. We look forward to partnering\nwith Blackstone and continuing to support FCH in its next chapter of\ngrowth.”\n\nTerms of the transaction were not disclosed. The transaction is expected to\nclose in the fourth quarter. Houlihan Lokey and Jefferies served as financial\nadvisors to FCH, while Ropes & Gray LLP served as legal counsel. William\nBlair, UBS, and Goldman Sachs served as financial advisors to Blackstone,\nwhile Kirkland & Ellis LLP served as legal counsel.\n\nAbout Flow Control Holdings\n\nFlow Control Holdings specializes in providing highly engineered sanitary and\nhigh-purity flow components for critical applications within the data center,\nfood, beverage, and pharmaceutical industries. For more information, visit the\nFCH website, at www.fchinc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fchinc.com&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=www.fchinc.com&index=1&md5=17617573c65135e9428f84d5e44e176a)\n.\n\nAbout Blackstone\n\nBlackstone is the world’s largest alternative asset manager. Blackstone\nseeks to deliver compelling returns for institutional and individual investors\nby strengthening the companies in which the firm invests. Blackstone’s over\n$1.3 trillion in assets under management include global investment strategies\nfocused on real estate, private equity, credit, infrastructure, life sciences,\ngrowth equity, secondaries and hedge funds. Further information is available\nat www.blackstone.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.blackstone.com&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=www.blackstone.com&index=2&md5=cc05e214664e3acadab4a5da821c5959)\n. Follow @blackstone on LinkedIn\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Fwww.linkedin.com%2Fcompany%2F7834%2F__%3B%21%21I1evDgr0PoQ%21ub8hXsbEN3HVLGk87diRGKMDSG1gx0TqR6r4r9NvzxJP6cyd__GYSddvsFGVfFYqifkgMwQdsApEH3QHR4VV1_OwfE-8XOrTbw%2524&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=LinkedIn&index=3&md5=5a165122f338a637020c16fafe4ba90d)\n, X (Twitter)\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Ftwitter.com%2Fblackstone__%3B%21%21I1evDgr0PoQ%21ub8hXsbEN3HVLGk87diRGKMDSG1gx0TqR6r4r9NvzxJP6cyd__GYSddvsFGVfFYqifkgMwQdsApEH3QHR4VV1_OwfE9UIUvLXg%2524&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=X+%28Twitter%29&index=4&md5=1b5554206a8dc0f2c8d9b37fe05c95b9)\n, and Instagram\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Fwww.instagram.com%2Fblackstone%2F__%3B%21%21I1evDgr0PoQ%21ub8hXsbEN3HVLGk87diRGKMDSG1gx0TqR6r4r9NvzxJP6cyd__GYSddvsFGVfFYqifkgMwQdsApEH3QHR4VV1_OwfE8UtzThGw%2524%27&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=Instagram&index=5&md5=54c5bed0ec219e3e2683094e1b040437)\n.\n\nAbout Blackstone Energy Transition Partners\n\nBlackstone Energy Transition Partners is Blackstone’s strategy for\ncontrol-oriented equity investments in energy-related businesses, with a\nsuccessful long-term record, having committed approximately $30 billion of\nequity globally across a broad range of sectors across the energy transition\nlandscape. Our investment philosophy is based on backing exceptional\nmanagement teams with flexible capital to provide solutions that help energy\ncompanies grow and improve performance, thereby delivering more reliable,\naffordable and cleaner energy to meet the needs of the global community. In\nthe process, we build stronger, larger scale enterprises, create jobs and\ngenerate lasting value for our investors, employees and all stakeholders.\nFurther information is available at\nhttps://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.blackstone.com%2Four-businesses%2Fblackstone-energy-transition-partners%2F&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=https%3A%2F%2Fwww.blackstone.com%2Four-businesses%2Fblackstone-energy-transition-partners%2F&index=6&md5=dec6a01983db8d009bc70ae8631cc79c)\n.\n\nAbout Audax Private Equity\n\nHeadquartered in Boston, with offices in San Francisco, New York, London and\nHong Kong, Audax Private Equity is a leading private equity platform focused\non investing across the North American middle market. Our objective is to\naccelerate value creation through our Buy & Build strategy and the Audax\nValue Agenda™, a holistic framework that seeks to enable, create, and\nprotect value across every stage of the investment lifecycle. As of July 2026,\nAudax Private Equity had approximately $20 billion of assets under management\nand, since inception in 1999, has invested in more than 180 platforms and more\nthan 1,500 add-on acquisitions. For more information, visit\nwww.audaxprivateequity.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.audaxprivateequity.com&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=www.audaxprivateequity.com&index=7&md5=c62ebc64fa84883293e5f81bb36c0cf5)\nor follow us on LinkedIn\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Faudax-private-equity&esheet=54601378&newsitemid=20260910210431&lan=en-US&anchor=LinkedIn&index=8&md5=ba8f43b4b0cd8fa0d1a554a4571388dd)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260910210431/en/\n(https://www.businesswire.com/news/home/20260910210431/en/)\n\nMedia\n\nBlackstone \n\nMatt Anderson\n\nMatthew.Anderson@Blackstone.com (mailto:Matthew.Anderson@Blackstone.com)\n\nJennifer Heath\n\nJennifer.Heath@Blackstone.com (mailto:Jennifer.Heath@Blackstone.com)\n\nAudax Private Equity \n\naudaxprivateequity@gasthalter.com (mailto:audaxprivateequity@gasthalter.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-10T14:00:01.364520647Z","server_sent_at_ms":1789048801364},"received_at":"2026-09-10T14:00:01.419Z","source_url":"https://www.businesswire.com/news/home/20260910210431/en/"},"analysis":{"id":"129466","press_release_id":"140623","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":["transaction financial terms not disclosed -- deal size and FCH revenue unknown","deal values FCH partly on AI/data center cooling demand that remains early-stage relative to its food, beverage and pharma base"],"eventType":"m_and_a","narrative":"Blackstone's private equity funds (Blackstone Capital Partners and Blackstone Energy Transition Partners) have agreed to acquire Flow Control Holdings, a Cincinnati-based provider of highly engineered flow control components for data center liquid cooling, food, beverage and pharmaceutical markets, from Audax Private Equity.\n\nAudax will retain a minority equity stake alongside Blackstone and management. FCH's components -- coolant distribution units, in-row manifolds and secondary fluid networks -- are used by OEMs and hyperscalers, and Blackstone is framing the deal around its AI infrastructure buildout thesis.\n\nFinancial terms were not disclosed and the transaction is expected to close in the fourth quarter. Audax built FCH through 10 acquisitions and investments in new production and distribution facilities.\n\nHoulihan Lokey and Jefferies advised FCH, while William Blair, UBS and Goldman Sachs advised Blackstone, with Ropes & Gray and Kirkland & Ellis serving as legal counsel.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Blackstone doubles down on AI data center liquid cooling, prying FCH from Audax with the seller rolling equity into the AI thesis."},"keyFigures":{"customDimensions":{"audax_aum":"$20 billion","blackstone_aum":"$1.3 trillion","expected_close":"Q4 2026","audax_retained_stake":"minority equity stake","deal_value_disclosed":false,"betp_equity_committed":"$30 billion","fch_addon_acquisitions":10}},"quotedText":"We believe that FCH has enormous tailwinds for continued\ngrowth as the latest generations of high-performance AI infrastructure\nincreasingly rely on liquid cooling technology for significantly improved\nenergy and chip efficiency.","namedEntities":{"people":[{"name":"Bilal Khan","role":"Senior Managing Director, Blackstone"},{"name":"Mark Zhu","role":"Managing Director, Blackstone"},{"name":"Scott Kerns","role":"CEO, Flow Control Holdings"},{"name":"Don Bramley","role":"Partner, Audax Private Equity"}],"products":["coolant distribution units (CDUs)","in-row manifolds","secondary fluid networks (SFN)"],"companies":[{"name":"Blackstone","ticker":"BX","relationship":"acquirer"},{"name":"Flow Control Holdings","relationship":"target"},{"name":"Audax Private Equity","relationship":"seller, retains minority stake"},{"name":"Houlihan Lokey","relationship":"financial advisor to FCH"},{"name":"Jefferies","relationship":"financial advisor to FCH"},{"name":"Ropes & Gray LLP","relationship":"legal counsel to FCH"},{"name":"William Blair","relationship":"financial advisor to Blackstone"},{"name":"UBS","relationship":"financial advisor to Blackstone"},{"name":"Goldman Sachs","relationship":"financial advisor to Blackstone"},{"name":"Kirkland & Ellis LLP","relationship":"legal counsel to Blackstone"}],"dollarAmounts":[{"amount":"$1.3 trillion","context":"Blackstone assets under management"},{"amount":"$30 billion","context":"equity committed globally by Blackstone Energy Transition Partners"},{"amount":"$20 billion","context":"Audax Private Equity assets under management as of July 2026"}]},"materialImpact":{"score":2,"reasoning":"Blackstone's private equity funds signed a definitive agreement to acquire Flow Control Holdings from Audax, but financial terms were not disclosed and the target is a middle-market platform -- routine capital deployment for a firm managing over $1.3 trillion. Strategically positive given alignment with Blackstone's stated high-conviction AI infrastructure theme, but financially immaterial to BX at the firm level."},"tickerRelevance":{"others":[],"primary":"BX"},"globalImportance":30,"audienceRelevance":45,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large-cap mega asset manager (BX)","eventGravity":"undisclosed-value private equity platform acquisition","issuerAuthored":true,"themeAlignment":"AI infrastructure / data center liquid cooling","dealValueDisclosed":false,"householdBrandBoost":"moderate"}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Blackstone's private equity funds (Blackstone Capital Partners and Blackstone Energy Transition Partners) have agreed to acquire Flow Control Holdings, a Cincinnati-based provider of highly engineered flow control components for data center liquid cooling, food, beverage and pharmaceutical markets, from Audax Private Equity.\n\nAudax will retain a minority equity stake alongside Blackstone and management. FCH's components -- coolant distribution units, in-row manifolds and secondary fluid networks -- are used by OEMs and hyperscalers, and Blackstone is framing the deal around its AI infrastructure buildout thesis.\n\nFinancial terms were not disclosed and the transaction is expected to close in the fourth quarter. Audax built FCH through 10 acquisitions and investments in new production and distribution facilities.\n\nHoulihan Lokey and Jefferies advised FCH, while William Blair, UBS and Goldman Sachs advised Blackstone, with Ropes & Gray and Kirkland & Ellis serving as legal counsel.","key_figures":{"customDimensions":{"audax_aum":"$20 billion","blackstone_aum":"$1.3 trillion","expected_close":"Q4 2026","audax_retained_stake":"minority equity stake","deal_value_disclosed":false,"betp_equity_committed":"$30 billion","fch_addon_acquisitions":10}},"named_entities":{"people":[{"name":"Bilal Khan","role":"Senior Managing Director, Blackstone"},{"name":"Mark Zhu","role":"Managing Director, Blackstone"},{"name":"Scott Kerns","role":"CEO, Flow Control Holdings"},{"name":"Don Bramley","role":"Partner, Audax Private Equity"}],"products":["coolant distribution units (CDUs)","in-row manifolds","secondary fluid networks (SFN)"],"companies":[{"name":"Blackstone","ticker":"BX","relationship":"acquirer"},{"name":"Flow Control Holdings","relationship":"target"},{"name":"Audax Private Equity","relationship":"seller, retains minority stake"},{"name":"Houlihan Lokey","relationship":"financial advisor to FCH"},{"name":"Jefferies","relationship":"financial advisor to FCH"},{"name":"Ropes & Gray LLP","relationship":"legal counsel to FCH"},{"name":"William Blair","relationship":"financial advisor to Blackstone"},{"name":"UBS","relationship":"financial advisor to Blackstone"},{"name":"Goldman Sachs","relationship":"financial advisor to Blackstone"},{"name":"Kirkland & Ellis LLP","relationship":"legal counsel to Blackstone"}],"dollarAmounts":[{"amount":"$1.3 trillion","context":"Blackstone assets under management"},{"amount":"$30 billion","context":"equity committed globally by Blackstone Energy Transition Partners"},{"amount":"$20 billion","context":"Audax Private Equity assets under management as of July 2026"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-10T14:01:47.993Z","global_importance":30,"audience_relevance":45,"importance_components":{"tickerTier":"large-cap mega asset manager (BX)","eventGravity":"undisclosed-value private equity platform acquisition","issuerAuthored":true,"themeAlignment":"AI infrastructure / data center liquid cooling","dealValueDisclosed":false,"householdBrandBoost":"moderate"}},"durationMs":56016,"modelName":"glm-5.3-flash"}}