Blackstone secures loan to acquire Flow Control Holdings, betting big on AI cooling infrastructure

Blackstone has secured a first-lien term loan to support its planned acquisition of a controlling stake in Flow Control Holdings, a Cincinnati-based manufacturer of precision components used in data center liquid cooling systems. The deal, announced September 10, 2026, pairs two of Blackstone’s investment vehicles, Blackstone Capital Partners and Blackstone Energy Transition Partners, in a joint move that underscores just how seriously institutional money is treating the AI infrastructure buildout. The seller is Audax Private Equity, which is not walking away entirely. Audax will retain a minority equity stake in Flow Control Holdings and continue working alongside Blackstone and the company’s existing management team. The transaction is expected to close in the fourth quarter of 2026, subject to standard regulatory sign-offs. What Flow Control Holdings actually does Flow Control Holdings, known internally as FCH, makes the unglamorous parts that keep data centers from melting down. Think precision fittings, valves, strainers, hoses, and fabricated assemblies, all engineered to route coolant through increasingly dense server racks. The company also serves sanitary applications in f...