It’s no secret that the garage door industry is a competitive one. With so many brands and models to choose from, consumers have a lot of options when it comes to purchasing a new garage door. Recently, there has been some consolidation in the industry, with several major players merging or being acquired by other companies.
In this article, we’ll take a look at one of the most recent acquisitions in the garage door industry: Blackstone’s purchase of Liftmaster.
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Did Liftmaster Get Bought Out?
Liftmaster is a well-known brand in the garage door industry, and its products are considered to be some of the best on the market. In September of 2021, it was announced that Chamberlain Group LLC, owner of Liftmaster brands among others, had been sold to Blackstone, a private equity firm by the Duchossois Group. The Duchossois Group will retain an ownership stake and two seats on the board of directors.
This acquisition is interesting for several reasons. First, it’s one of the few times that a major player in the garage door industry has been bought out by another company. Second, Blackstone is not a typical acquirer in the garage door industry. They are a large private equity firm that specializes in leveraged buyouts and growth capital investments.
So, what does this acquisition mean for Liftmaster and its customers?
For starters, it’s important to note that Blackstone is not planning on making any major changes to Chamberlain Group LLC or its operations. They see the company as a strong business with a good reputation and good products.
That said, Blackstone will be looking to grow the business. One way they plan on doing this is by expanding into new markets. While the details of this move are yet to be seen it will be interesting to watch it unfold.
All in all, this acquisition is good news for Liftmaster. Blackstone is a well-respected private equity firm with a track record of success in growing businesses. With their help, Liftmaster should be able to continue its growth and market share in the garage door industry.
How Much Was Liftmaster Worth when Blackstone Bought It?
Liftmaster is a privately-held company, so the exact sale price has not been disclosed. However, it is estimated that Blackstone paid somewhere around $5 billion for the company.
This is a significant amount of money, and it shows that Blackstone believes Liftmaster is a valuable asset. With their help, Liftmaster should be able to continue growing and becoming an even more dominant player in the garage door industry.
What Does This Mean for the Garage Door Industry?
The garage door industry is already a competitive one, and this acquisition is likely to make it even more so. With Blackstone’s help, Liftmaster will be looking to expand into new markets and grow its business. This could put pressure on other companies in the industry, who will need to step up their game to compete.
In addition, this acquisition could lead to more consolidation in the industry. As Blackstone looks to grow Liftmaster, they may also look to acquire other companies in the garage door industry. This could lead to fewer, larger companies in the industry and less competition overall.
Only time will tell how this acquisition will affect the garage door industry. For now, it’s safe to say that it will be an interesting story to watch unfold.
What Other Garage Door Brands Did Chamberlain Group LLC Own?
In addition to Liftmaster, Chamberlain Group LLC owned several other garage door brands, including:
* Chamberlain
* Craftsman
* Raynor
* Clicker
These brands will all continue to be operated by Chamberlain Group LLC after the acquisition.
What’s New With Liftmaster Since the Acquisition?
In March of 2022, a jury in Texas cleared a Dallas garage door firm (Overhead Door Corp.) of allegations that it owes $62 million for ripping off three patents owned by Blackstone’s recently acquired Chamberlain Group, finding that claims in two of the patents were invalid.
The original complaint was made before the acquisition but the final decision was made after Blackstone had already taken control of Chamberlain.
The acquisition has also led to some changes in Liftmaster’s management team. In May of 2020, John Strain was appointed as the new CEO of Liftmaster. He replaced Doug Chapman, who had been with the company for over 20 years.
Strain is a Blackstone veteran
Are There Any Other Mergers or Acquisitions Going on In the Garage Door Space?
C.H.I. Overhead Doors, a maker of overhead doors based in Illinois, was acquired by Nucor Corp. in the Spring of 2022 for $3 billion. The move will add 800 workers and include the introduction of a wide range of industrial building materials for businesses across North America and beyond.
This is just one of many garage door industry acquisitions that have transpired in recent years. For example, Griffon Corporation, the owner of Clopay Building Products, acquired CornellCookson, a leading maker of rolling steel garage doors, for $180 million in 2018.
The consolidation of the garage door industry is likely to continue as companies look to grow their market share and increase their profits.
Conclusion
The garage door industry is a competitive one, and the recent acquisition of Liftmaster by Blackstone is likely to shake things up. With their help, Liftmaster will be looking to expand into new markets and grow its business. This could put pressure on other companies in the industry, who will need to step up their game to compete.