Blackstone buys maker of LiftMaster garage doors – MarketWatch

The Chamberlain Group LLC said Tuesday it agreed to be acquired by the Blackstone Group Inc.’s
BX,
+0.40%
private equity unit in a deal that values the proprietor of LiftMaster storage door openers and completely different house merchandise at $5 billion. Private equity agency The Duchossois Group Inc., which is promoting Chamberlain Group to Blackstone, will retain an possession stake Inside The agency and two seats on its board of directors. Chamberlain Group CEO JoAnna Sohovich said the deal will assist The agency capitalize on new market alternatives. Craig Duchossois, authorities chair of The Duchossois Group, said the Chamberlain Group, “has been An important An factor of our household” since 1980. Blackstone worldwide head of core private equity Peter Wallace and Seth Meisel, senior managing director, led the deal for Blackstone. The acquisition Is predicted To close by The prime of the yr. Shares of Blackstone fell 0.4% on Tuesday