Blackstone is set to acquire Flow Control Holdings, a Cincinnati-based manufacturer of engineered flow-control components for data centers, from Audax Private Equity, according to a filing.
Financial terms were not disclosed. The deal is expected to close in the fourth quarter.
Flow Control produces parts used in coolant distribution units, in-row manifolds, and secondary fluid networks for data centers, as well as products for food, beverage, and pharmaceutical markets. Its components are supplied to original-equipment manufacturers and hyperscalers.
Audax, which is headquartered in Boston and managed approximately $20 billion in assets as of July 2026, will retain a minority equity stake in Flow Control Holdings after the transaction. Over its four-year ownership, Audax guided Flow Control through the development of its data-center cooling position and completed 10 acquisitions to expand the business.
Scott Kerns, chief executive officer of Flow Control Holdings, noted the company's investments and acquisition activity under Audax's ownership.
Bilal Khan, senior managing director at Blackstone, and Mark Zhu, managing director, said in a statement: "We believe that FCH has enormous tailwinds for continued growth as the latest generations of high-performance AI infrastructure increasingly rely on liquid cooling technology."
Flow Control's financial advisors were Houlihan Lokey and Jefferies, with Ropes & Gray LLP serving as legal counsel. Blackstone was advised by William Blair, UBS, and Goldman Sachs, with Kirkland & Ellis LLP as legal counsel.
