UTC Climate, Controls & Security, a unit of United Technologies Corp, has closed on the sale of its fire and security branch operations in the US to Comvest Investment Partners.
The company provides integrated building solutions, including heating, air conditioning and refrigeration systems, building controls and automation, and fire and security systems.
The business was formed as a result of a roll-up of Red Hawk and a dozen other small US-based businesses over the last several years, and has approximately $250 million in sales, 1,350 employees and 40 locations.
"UTC Climate, Controls & Security is strategically reviewing its fire and security portfolio to focus on businesses with industry leadership, large scale and higher returns," said Geraud Darnis, president & CEO.
"With this transaction, the US 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."
The Comvest Group provides flexible financing solutions to lower middle-market companies. Since 2000, Comvest has invested more than $1.3 billion of capital in over 100 public and private companies, but the terms of this current deal have not been disclosed.
