HedgeCo.Net — Blackstone Capital Partners and Blackstone Energy Transition Partners entered a definitive agreement on September 10 to acquire Flow Control Holdings (FCH) from Audax Private Equity, with Audax retaining a minority equity stake. FCH is a Cincinnati-based provider of highly engineered flow-control solutions used in data-center liquid cooling as well as food, beverage, and pharmaceutical applications, including components that OEMs and hyperscalers deploy in coolant distribution units, in-row manifolds, and secondary fluid networks. Audax’s own release and Business Wire / Wedbush and RTT News independently printed the same Blackstone–Audax structure, minority roll, and undisclosed-terms framing.
Under Audax ownership FCH completed 10 acquisitions. Advisors named in the tape include Houlihan Lokey and Jefferies for FCH and William Blair, UBS, and Goldman Sachs for Blackstone; legal counsel cited Ropes & Gray for FCH and Kirkland & Ellis for Blackstone. The parties pointed to an expected close in the fourth quarter. Context figures in the coverage put Audax at about $20 billion AUM as of July 2026 and Blackstone above $1.3 trillion AUM.
This is a signed definitive agreement with an Audax minority roll, not a disclosed purchase price or a closed exit. Treat the Q4 close target, the dual Blackstone Capital Partners / Energy Transition Partners buyer stack, the 10 bolt-ons under Audax, and the advisor slate as announced. Do not invent enterprise value, EBITDA multiples, or hyperscaler customer names beyond the component end-market description. The allocator object is a PE secondary buyout into AI-adjacent data-center thermal infrastructure.