Sentinel Capital Partners Carves Out Industrial Fire Business from Carrier

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

SOURCE Sentinel Capital Partners