Houlihan Lokey Advises Advanced Cooling Technologies

Houlihan Lokey is pleased to announce that Advanced Cooling Technologies, Inc. (ACT) has agreed to sell a majority stake to Blackstone Energy Transition Partners.

Founded in 2003 and headquartered in Lancaster, Pennsylvania, ACT designs and manufactures highly engineered thermal management and energy efficiency solutions for mission-critical defense and space, advanced computing, and high-power density applications. ACT leverages IP-driven products grounded in advanced thermal science to offer a full suite of high-performance solutions spanning components to fully integrated, custom thermal management systems. ACT’s innovative solutions and early-stage design partnerships with leading OEMs and Primes drive spec’d-in, sole-source positions across a diverse set of defense and space programs, while its dual-use technologies are well positioned to meet next-generation data center and high-performance chip cooling requirements.

Blackstone is the world’s largest alternative asset manager, with more than $1.3 trillion in assets under management.  Blackstone Energy Transition Partners is a leading energy investor with a successful long-term record, having committed more than $27 billion of equity globally across a broad range of sectors. The acquisition of ACT marks the latest in a series of energy-efficiency-focused investments for Blackstone, which will look to leverage its global scale and deep domain expertise across the high-growth data center ecosystem to further ACT’s continued technological leadership and market expansion amid record customer demand.

The transaction is expected to close in the second quarter, subject to customary closing conditions and regulatory approvals.

Houlihan Lokey served as the exclusive financial advisor to ACT and assisted in structuring and negotiating the transaction on its behalf. This transaction underscores the firm's continued success and momentum in the engineered solutions segment, including thermal management, advanced materials, and proprietary A&D solutions. Since 2020, Houlihan Lokey’s Aerospace, Defense & Government practice has closed 90+ transactions worth more than $17 billion in enterprise value. Houlihan Lokey’s Aerospace, Defense & Government practice is among the largest dedicated industry banking teams worldwide. In 2025, Houlihan Lokey’s Industrials Group was ranked as the No. 1 M&A advisor for global industrials transactions under $5 billion, according to LSEG.*

*Excludes accounting firms and brokers.

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