Creates Standalone Platform Spectrum Safety
Solutions
NEW
YORK, July 2, 2024 /PRNewswire/ --
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.
"We look forward to working with Spectrum's talented management
team to further build its exceptional platform," said Eric Bommer, a Sentinel partner. "Spectrum owns
great brands, has a long history of serving its many global
customers, and has exciting growth opportunities."
"We are extremely pleased to partner with Sentinel. Our new
partnership will enable us to sharpen the focus of the business,
dedicate additional resources to our leading brands, and accelerate
growth," said Rajan Goel, Spectrum's
president and CEO. "The Spectrum team is very strong globally, and
with Sentinel's support, we will be able to serve our customers
more effectively in the next stage of growth."
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). Spectrum is Sentinel's
eighth corporate carveout. Citi was the exclusive financial advisor
to Sentinel, and Kirkland & Ellis provided legal services.
About Spectrum Safety Solutions
Based in Stamford, Connecticut,
Spectrum is a leader in industrial fire detection and suppression
to the infrastructure, energy, and marine sectors. Spectrum serves
clients operating in mission-critical and hazardous environments
worldwide under the Det-Tronics, Marioff, Autronica, and Fireye
brands. To learn more about Spectrum, visit
www.spectrum-safety.com.
About Carrier
Carrier Global Corporation, a global leader in intelligent
climate and energy solutions, is committed to creating solutions
that matter for people and the planet for generations to come. From
the beginning, Carrier has led in inventing new technologies and
entirely new industries. Today, it continues to lead because it has
a world-class, diverse workforce that puts the customer at the
center of everything it does. For more information, visit
www.corporate.carrier.com.
About Sentinel Capital Partners
Sentinel invests in midmarket businesses in the United States and Canada. Sentinel targets the Business
Services, Consumer, Healthcare Services, and Industrials sectors
and invests in management buyouts, recapitalizations, corporate
carveouts, going-private transactions, and noncontrol senior equity
and debt securities of established businesses. For more
information about Sentinel, visit www.sentinelpartners.com.
Contact: Roland Tomforde
Broadgate Consultants
212-232-2222
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SOURCE Sentinel Capital Partners