HedgeCo.Net — Blackstone announced that private equity funds affiliated with Blackstone Capital Partners and Blackstone Energy Transition Partners have entered a definitive agreement to acquire Flow Control Holdings (FCH), a U.S. provider of highly engineered flow-control solutions and components for data-center liquid cooling as well as food, beverage, and pharmaceutical markets, from Audax Private Equity, according to Audax’s September release and coverage by PE Professional and RTT News. Audax will retain a minority equity stake and continue partnering with Blackstone and management. Financial terms were not disclosed; close is expected in the fourth quarter.
FCH supplies precision fittings, valves, strainers, coolant hoses, and fabricated assemblies into liquid-cooling stacks rather than finished cooling systems—an AI thermal-management components angle PE Professional links to Blackstone Energy Transition Partners’ earlier March 2026 majority agreement for Advanced Cooling Technologies. Advisors on the tape include Houlihan Lokey and Jefferies for FCH and William Blair, UBS, and Goldman Sachs for Blackstone, with Ropes & Gray and Kirkland & Ellis on legal.
This is a signed PE secondary buyout with seller rollover, not a disclosed multiple. Mark the Blackstone Capital Partners plus Energy Transition Partners buyer stack, Audax’s minority retain, the data-center liquid-cooling / process-flow perimeter, undisclosed terms, and Q4 close expectation as sourced. Do not invent enterprise value, EBITDA, or leverage. The allocator object is PE capital into AI data-center thermal-infrastructure components via a dual-strategy Blackstone sleeve.