Blackstone acquired Copeland (Emerson Climate Technologies) for $14.0 billion enterprise valuation; Blackstone acquired a majority stake, a transaction completed in May 2023, structured as Majority-stake corporate carve-out / partnership: cash plus seller's note; Emerson retained 40% common equity.
Copeland (Emerson Climate Technologies) operates in Industrials — HVAC & refrigeration (climate technologies), is based in St. Louis, Missouri, USA (global HVACR operations).
Climate Technologies — the market-leading Copeland compressor business plus a full HVAC and refrigeration portfolio (~$5.0 billion of fiscal-2022 sales) — was positioned for accelerated growth as customers shift to more energy-efficient heating and cooling; the deal is a marquee large-scale corporate partnership, a core pillar of Blackstone's private equity strategy.
Copeland has grown into the market leader in supplying critical components for residential, commercial and industrial climate control solutions, and we are thrilled to support its next phase of growth as a world-class standalone company. 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.Joe Baratta, Global Head of Blackstone Private Equity
Advisory firms were not disclosed for this transaction.