Blackstone buys maker of LiftMaster garage doors

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The Chamberlain Group LLC said Tuesday it agreed to be acquired by the Blackstone Group Inc.’s
BX,
-0.45%
private equity unit in a deal that values the owner of LiftMaster garage door openers and other home products at $5 billion. Private equity firm The Duchossois Group Inc., which is selling Chamberlain Group to Blackstone, will retain an ownership stake in the company and two seats on its board of directors. Chamberlain Group CEO JoAnna Sohovich said the deal will help the company capitalize on new market opportunities. Craig Duchossois, executive chair of The Duchossois Group, said the Chamberlain Group, “has been an important part of our family” since 1980. Blackstone global head of core private equity Peter Wallace and Seth Meisel, senior managing director, led the deal for Blackstone. The acquisition is expected to close by the end of the year. Shares of Blackstone fell 0.4% on Tuesday

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