Carrier Announces Close of $1.425B Sale of its Industrial Fire Business to Spectrum Safety Solutions

Carrier Global Corporation, global supplier of intelligent climate and energy solutions, announced it has completed the sale of its Industrial Fire business to Sentinel Capital Partners for an enterprise value of $1.425 billion.    

Carrier intends to use net proceeds from the Industrial Fire sale to pay down debt, expecting to return to ~2x net leverage by the end of 2024. As previously disclosed, the company also expects to resume share repurchases in 2024.

Sentinel Capital Partners, a private equity firm that invests in promising midmarket companies, announced today that it acquired the industrial fire business from Carrier Global Corporation (NYSE: CARR) at an enterprise value of $1.425 billion. Sentinel's purchase creates Spectrum Safety Solutions, a new standalone platform.

Headquartered in Stamford, Connecticut, Spectrum is a leading manufacturer of branded industrial fire detection and suppression products and services in mission-critical and high-hazard environments. Spectrum's four highly recognized industrial safety brands are Det-Tronics, Marioff, Autronica, and Fireye. Spectrum serves companies in critical infrastructure, marine, clean energy, and other industrial markets in more than 20 countries. Spectrum has approximately 1,400 employees globally, with manufacturing facilities in Bloomington, Minnesota; Derry, New Hampshire; Trondheim, Norway; and Kerava, Finland.

Sentinel's experience in the industrial sector includes Chromalox (engineered industrial electric heating products), ECM Industries (diversified electrical products), IEP Technologies (industrial explosion protection systems), LTI Boyd (engineered sealing and thermal management components), Nekoosa (specialty paper and film products), Power Products (diversified electrical products), RotoMetrics (rotary tooling products), and Sonny's (car wash equipment, components, and systems).