{"id":761083,"date":"2023-05-31T16:38:16","date_gmt":"2023-05-31T20:38:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/blackstone-completes-acquisition-of-majority-stake-of-copeland-formerly-emerson-climate-technologies\/"},"modified":"2023-05-31T16:38:16","modified_gmt":"2023-05-31T20:38:16","slug":"blackstone-completes-acquisition-of-majority-stake-of-copeland-formerly-emerson-climate-technologies","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/blackstone-completes-acquisition-of-majority-stake-of-copeland-formerly-emerson-climate-technologies\/","title":{"rendered":"Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies"},"content":{"rendered":"

<\/p>\n

Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies<\/b><\/p>\n

Rebrand to Copeland Reflects 100-Year Legacy of Leadership in HVAC and <\/i>Refrigeration Technology and Solutions<\/i><\/p>\n

Sustainable Climate Solutions Leader Positioned for Next Phase of Growth with <\/i>Enhanced Focus on Innovation to Transform How People Live and Work<\/i><\/p>\n

Emerson Receives Approximately $9.7 Billion in Upfront, Pre-Tax Cash Proceeds and $2.25 Billion Seller\u2019s Note; Retains 40% Common Equity Ownership<\/i><\/p>\n

NEW YORK & ST. LOUIS–(BUSINESS WIRE<\/a>)–
\nBlackstone (NYSE: BX) and Emerson (NYSE: EMR) today announced that private equity funds managed by Blackstone (\u201cBlackstone\u201d) have completed the previously announced acquisition of a majority stake in Emerson\u2019s Climate Technologies business in a transaction valuing the business at $14.0 billion. This closing marks a significant milestone in the HVAC and refrigeration (HVACR) industry leader\u2019s journey to advance the next generation of climate technologies.<\/p>\n

\nThe new standalone business will be named Copeland \u2013 building on the brand\u2019s 100-year legacy, global recognition and influence across the HVACR industry. As a standalone company focused on serving the global HVACR market, Copeland\u2019s product portfolio includes market-leading compressors, controls, thermostats, valves, software and monitoring solutions for residential, commercial and industrial customers. Copeland had fiscal 2022 net sales of $5.0 billion.<\/p>\n

\n\u201cCopeland has long been a pioneer in the HVAC and refrigeration industries with unmatched capabilities in engineering, design and innovation,\u201d said Ross B. Shuster, Chief Executive Officer of Copeland. \u201cWith the focus that comes from being a standalone company, and the support of our shareholders, Blackstone and Emerson, we plan to extend the company\u2019s leadership position in the industry and develop new and integrated climate technology solutions. The Copeland business is made up of over 18,000 talented team members, who are aligned and committed to developing technologies and solutions that drive decarbonization at scale, accelerate the global trend of electrification and deliver greater value for our customers and end users.\u201d<\/p>\n

\nCopeland is poised to build on its iconic brand and trusted expertise to shape the future of climate technology. The company\u2019s products, expertise and innovation play a key role in improving the energy efficiency of heating and cooling solutions \u2013 including the rapidly growing market for electric heat pumps and climate-friendly refrigerants, which are seeing strong demand and global adoption given their potential to reduce the environmental impact and carbon emissions of HVAC systems.<\/p>\n

\n\u201cCopeland has grown into the market leader in supplying critical components for residential, commercial and industrial climate control solutions, and we are thrilled to support its next phase of growth as a world-class standalone company,\u201d said Joe Baratta, Global Head of Blackstone Private Equity. \u201cLeveraging Blackstone\u2019s long track-record of successful large-scale corporate partnerships, we look forward to working with the Copeland and Emerson teams to accelerate the company\u2019s profitable, long-term growth. We\u2019re confident in the runway ahead to advance Copeland\u2019s industry leading position by delivering even more innovative, energy-efficient solutions to support its customers\u2019 carbon reduction efforts.\u201d<\/p>\n

\n\u201cWe are pleased to complete this significant transaction, an important milestone in Emerson\u2019s portfolio transformation into a cohesive global automation leader,\u201d said Lal Karsanbhai, President and Chief Executive Officer of Emerson. \u201cThe upfront proceeds from this transaction allow Emerson to advance our portfolio in attractive, higher-growth automation markets, while our remaining non-controlling investment enables Emerson to benefit from Copeland\u2019s future upside under Blackstone\u2019s ownership, until we exit the business. With our focused portfolio, we are bringing comprehensive automation products, software and solutions to a diverse set of end markets, driving operational excellence and enhancing value creation for Emerson shareholders.\u201d<\/p>\n

\nCopeland will continue to operate from St. Louis, while maintaining a global footprint to serve customers in Europe, Latin America, Asia, Middle East and Africa.<\/p>\n

\nLearn more about Copeland\u2019s sustainable solutions at Copeland.com<\/a>.<\/p>\n

Ownership and Financial Details
\n
<\/b>Copeland is owned by a joint venture between Blackstone and Emerson. Under the final terms of the purchase agreement, Blackstone will have a controlling ownership interest of 60% of Copeland, up from 55% when the transaction was announced.<\/p>\n

\nPursuant to the terms of the transaction, Emerson received upfront, pre-tax cash proceeds of approximately $9.7 billion at close, an increase of $0.2 billion from when the transaction was announced given Blackstone\u2019s decision to purchase an additional 5% of the common equity. Emerson\u2019s continuing investment in the business is composed of a seller\u2019s note with a face value of $2.25 billion and 40% non-controlling common equity ownership with a transaction value of $1.7 billion.<\/p>\n

Advisors
\n
<\/b>Centerview Partners LLC and Goldman Sachs & Co. LLC served as financial advisors to Emerson, and Davis Polk & Wardwell LLP served as legal counsel, and Baker McKenzie LLP served as international legal advisor. Barclays served as lead financial advisor to Blackstone. Guggenheim Securities, LLC and Evercore also provided financial advisory services to Blackstone. The ABL revolver, TLB and Senior Secured Notes were led by Wells Fargo, RBC Capital Markets, LLC and Barclays, respectively. Simpson Thacher & Bartlett LLP acted as legal counsel to Blackstone.<\/p>\n

About Copeland
\n
<\/b>Copeland, a global provider of sustainable climate solutions, combines category-leading brands in compression, controls, software and monitoring for heating, cooling and refrigeration. With best-in-class engineering and design and the broadest portfolio of modulated solutions, we\u2019re not just setting the standard for compressor leadership; we\u2019re pioneering its evolution. Combining our technology with our smart energy management solutions, we can regulate, track and optimize conditions to help protect temperature-sensitive goods over land and sea, while delivering comfort in any space. Through energy-efficient products, regulation-ready solutions and expertise, we\u2019re revolutionizing the next generation of climate technology for the better. For more information, visit Copeland.com<\/a>.<\/p>\n

About Blackstone
\n
<\/b>Blackstone is the world\u2019s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $991 billion in assets under management include investment vehicles focused on private equity, real estate, public equity, infrastructure, life sciences, growth equity, liquid and private credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com<\/a>. Follow @blackstone on LinkedIn, Twitter and Instagram.<\/p>\n

About Emerson
\n
<\/b>Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world\u2019s essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. For more information, visit Emerson.com<\/a>.<\/p>\n

Forward-Looking and Cautionary Statements
\n
<\/b>Statements in this press release that are not strictly historical may be \u201cforward-looking\u201d statements, which involve risks and uncertainties, and none of Blackstone, Emerson or Copeland undertakes any obligation to update any such statements to reflect later developments. These risks and uncertainties include the companies\u2019 ability to successfully complete on the terms and conditions contemplated, and the financial impact of, the proposed transactions referenced herein, the scope, duration and ultimate impacts of the COVID-19 pandemic and the Russia-Ukraine conflict, as well as economic and currency conditions, market demand, including related to the pandemic and oil and gas price declines and volatility, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in Blackstone and Emerson\u2019s most recent Annual Reports on Form 10-K and subsequent reports filed with the SEC.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230531005966\/en\/<\/a><\/span><\/p>\n

For Copeland:<\/b><\/p>\n

\nLibby Panke
\n
Libby.Panke@fleishman.com
\n<\/a>
314-719-7521<\/p>\n

For Blackstone:<\/b><\/p>\n

\nMatt Anderson
\n
Matthew.Anderson@blackstone.com
\n<\/a>
212-390-2472<\/p>\n

\nMariel Seidman-Gati
\n
Mariel.Seidmangati@blackstone.com
\n<\/a>
646-482-3712<\/p>\n

For Emerson:<\/b><\/p>\n

Investors
\n<\/b>
Colleen Mettler
\n
314-553-2197<\/p>\n

Media
\n<\/b>
Jim Golden \/ Joseph Sala \/ Tanner Kaufman
\n
Joele Frank, Wilkinson Brimmer Katcher
\n
212-355-4449<\/p>\n

KEYWORDS:<\/b> New York Missouri United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Environment Technology Finance Professional Services Sustainability Software Green Technology Electronic Design Automation Asset Management<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies Rebrand to Copeland Reflects 100-Year Legacy of Leadership in HVAC and Refrigeration Technology and Solutions Sustainable Climate Solutions Leader Positioned for Next Phase of Growth with Enhanced Focus on Innovation to Transform How People Live and Work Emerson Receives Approximately $9.7 Billion in Upfront, Pre-Tax Cash Proceeds and $2.25 Billion Seller\u2019s Note; Retains 40% Common Equity Ownership NEW YORK & ST. LOUIS–(BUSINESS WIRE)– Blackstone (NYSE: BX) and Emerson (NYSE: EMR) today announced that private equity funds managed by Blackstone (\u201cBlackstone\u201d) have completed the previously announced acquisition of a majority stake in Emerson\u2019s Climate Technologies business in a transaction valuing the business at $14.0 billion. This closing marks a … <\/p>\n

Continue reading “Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-761083","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBlackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/blackstone-completes-acquisition-of-majority-stake-of-copeland-formerly-emerson-climate-technologies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Blackstone Completes Acquisition of Majority Stake of Copeland, Formerly Emerson Climate Technologies Rebrand to Copeland Reflects 100-Year Legacy of Leadership in HVAC and Refrigeration Technology and Solutions Sustainable Climate Solutions Leader Positioned for Next Phase of Growth with Enhanced Focus on Innovation to Transform How People Live and Work Emerson Receives Approximately $9.7 Billion in Upfront, Pre-Tax Cash Proceeds and $2.25 Billion Seller\u2019s Note; Retains 40% Common Equity Ownership NEW YORK & ST. LOUIS–(BUSINESS WIRE)– Blackstone (NYSE: BX) and Emerson (NYSE: EMR) today announced that private equity funds managed by Blackstone (\u201cBlackstone\u201d) have completed the previously announced acquisition of a majority stake in Emerson\u2019s Climate Technologies business in a transaction valuing the business at $14.0 billion. 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LOUIS–(BUSINESS WIRE)– Blackstone (NYSE: BX) and Emerson (NYSE: EMR) today announced that private equity funds managed by Blackstone (\u201cBlackstone\u201d) have completed the previously announced acquisition of a majority stake in Emerson\u2019s Climate Technologies business in a transaction valuing the business at $14.0 billion. 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