UTC Sells Fire & Security Branch to Private Equity Firm
FARMINGTON, Conn. — UTC Climate, Controls & Security has sold its U.S. fire and security operations to private equity fund Comvest Investment Partners, the company announced Tuesday. Terms of the deal were not released.
As a result of the deal, Comvest will acquire 1,350 employees and 40 branches from the business. UTC formed the unit, which brings in $250 million in sales, with the fold-in of Red Hawk Industries and a dozen other small U.S.-based businesses within the last several years.
The company is strategically reviewing its fire and security portfolio to focus on its most profitable business operations, according to UTC Climate, Controls & Security President and CEO Geraud Darnis.
“With this transaction, the U.S. fire and security branch network will be able to strengthen its operations and enhance its growth profile by taking advantage of Comvest’s deep experience in the industry,” he said.
The announcement comes shortly after the company combined UTC Fire & Security and Carrier Corp. in September.
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