Decision CPC 65_2021

ΚΥΠΡΙΑΚΗ ΔΗΜΟΚΡΑΤΙΑ Decision CPC: 65/2021 Case Number: 08.05.001.021.053 THE CONTROL OF CONCENTRATIONS BETWEEN ENTERPRISES LAW No. 83(Ι)/2014 Notification of a concentration concerning the acquisition of the share capital of The Chamberlain Group LLC, Systems LLC and the relevant assets by Blackstone Inc., via Chariot Buyer LLC Commission for the Protection of Competition: Mrs. Loukia Christodoulou, Chairperson Mr. Andreas Karydis Member Mr. Panayiotis Ousta Member Mr. Aristos Aristeidou Palouzas Member Mr. Polynikis-Panagiotis Charalambides Member Date of Decision: 2nd of November 2021 SUMMARY OF THE DECISION On 22/09/2021, the Commission for the Protection of Competition (hereinafter the “Commission”) received on behalf of Blackstone Inc. (hereinafter, together with any of its affiliated companies or its affiliated investment funds, “Blackstone”) a notification of a proposed concentration. The notification was filed according to Section 10 of the Control of Concentrations between Enterprises Law 83(I)/14 (hereinafter the “Law”). The notification concerns a concentration, according to which, Blackstone, via Chariot Buyer LLC (hereinafter the “Chariot Buyer”), will acquire the share capital of The Chamberlain Group LLC (hereinafter the “Target 1”), Systems LLC (hereinafter the “Target 2”) and relevant assets. 1  Chariot Buyer is a special purpose vehicle, which had no previous activities. It was established in order to operate as an acquisition company for the purposes of this transaction. Blackstone is a global alternative asset manager. It is listed on the New York Stock Exchange. Blackstone operates as an investment management company and not as a holding or conglomerate company. Therefore, each company in Blackstone’s investment portfolio is subject to separate management, financing and each has different investors. Moreover, each company of Blackstone’s portfolio has its own board of directors, which often includes representatives of Blackstone.  Chamberlain Group, Inc. is a manufacturer and distributor of residential and commercial door openers and access control products. This company belongs to The Duchossois Group, Inc.. Duchossois Group, Inc. (the Seller) is a private investment company which is consisted by other operating companies and an investment company. The operating companies of Duchossois Group, Inc. consist of pioneering companies in the field of access control for business and home markets.  Systems LLC is a manufacturer and distributor of dock-leveler equipment. It belongs to Systems Holdings, Inc. which is controlled by SHI Parent. The assets that will be sold, belongs to Duchossois Real Estate LLC and are used by Systems LLC, for its activities. The concentration is based on a Purchase Agreement dated 04/09/2021 (hereinafter “Agreement”) between The Duchossois Group, Inc, Duchossois Real Estate LLC and System Holdings Inc. (together as the Sellers) and Chariot Buyer LLC, as the Buyer. Based on this Agreement, Blackstone will acquire the share capital of The Chamberlain Group LLC, Systems LLC and relevant assets, via Chariot Buyer LLC. According to the Agreement, the Sellers will hold a percentage of shares which will represent approximately 15% of the equity ownership of Chariot Buyer. The Commission, taking into account the facts of the concentration, has concluded that this transaction constitutes a concentration within the meaning of section 6 2