Chamberlain gets a lift from Blackstone

The Chamberlain Group LLC, which provides smart access solutions to move safely through garages, homes and communities, has been sold to private equity fund Blackstone. The sale was announced by Chamberlain parent The Duchossois Group, Inc.

Oak Brook, Ill.-based Chamberlain said this investment from Blackstone gives the firm greater resources and expertise to scale its software-based and connected services business into new markets.

“Today represents an important milestone in Chamberlain Group’s transformation as we begin our next chapter of growth and innovation with Blackstone as our long-term partner,” said JoAnna Sohovich, current CEO of Chamberlain Group.

The group expects to reach a broader base of global customers as the company accesses Blackstone’s extensive network and expands its software services strategy deeper into commercial, industrial and automotive markets, the firm said.

With Blackstone’s long-term partnership, Chamberlain Group said it is poised to capitalize on connectivity megatrends and build on its leading position providing high-quality access hardware and cloud-driven access control solutions.

Additionally, Chamberlain Group CEO Sohovich will assume the role of chair of its Board of Directors on Jan. 1, 2022. At that time, Sohovich will step aside and Jeff Meredith, current president and COO, will take over as CEO.

“It is an honor to accept this role leading Chamberlain Group’s talented team as we accelerate our growth and transformation,” said Meredith. “With Blackstone’s partnership, we will capitalize on new market opportunities.”

Peter Wallace, global head of Core Private Equity at Blackstone, said, “Chamberlain Group is an enduring market leader, and we are thrilled to invest in this outstanding business for the long term.”

The company said that it would continue as a privately held company as The Duchossois Group continues to hold meaningful equity ownership and will fill two seats of the company’s future board of directors.

Chamberlain Group brands LiftMaster, Chamberlain, Merlin and Grifco are found in millions of residential and commercial access applications across the globe, the firm said.