Blackstone will acquire a majority stake in Flow Control Holdings (FCH) from Audax Private Equity. The transaction is scheduled to close in the fourth quarter. Financial terms were not disclosed. Audax Private Equity will maintain a minority ownership position in the company.
FCH manufactures specialized components for liquid cooling systems in data centers. These systems provide superior energy efficiency compared to traditional air cooling for high-performance computer chips. The company’s products are used by both equipment manufacturers and large-scale data center operators.
The deal represents Blackstone’s second investment in the liquid cooling sector during 2026. This strategy focuses on digital infrastructure needed to support artificial intelligence and high-performance computing. FCH expanded its market capabilities through ten acquisitions under its previous ownership.