Blackstone’s private equity strategy has acquired Madison Dearborn Partners’ remaining equity stake in Air Control Concepts, with founder Brad Hobbs and his family also investing. The terms of the transaction were not disclosed. Air Control Concepts, based in Norfolk, Virginia, operates in 35 states and Canada through over 38 operating companies and employs over 1,900 associates.

Read more at Nasdaq: Blackstone Becomes Air Control Concepts’ Sole Institutional Investor