UTC Climate, Controls & Security Sells Its Fire and Security Branch Operations in the U.S.

FARMINGTON, Conn., April 10, 2012 /PRNewswire/ -- UTC Climate, Controls & Security, a unit of United Technologies Corp. (NYSE: UTX), has closed on the sale of its fire and security branch operations in the U.S. to Comvest Investment Partners, a private equity fund of the Comvest Group. Terms of the deal are not being disclosed. UTC Climate, Controls & Security is a leading provider of integrated building solutions, including heating, air conditioning and refrigeration systems, building controls and automation, and fire and security systems.

This business, with approximately $250 million in sales, 1,350 employees and 40 locations, was formed as a result of a roll-up of Red Hawk and a dozen other small U.S.-based businesses over the last several years.

"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, UTC Climate, Controls & Security. "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." 

About UTC Climate, Controls & Security
UTC Climate, Controls & Security is a leading provider of heating, air conditioning and refrigeration systems, building controls and automation, and fire and security systems, and is focused on meeting the growing demand for greater integration of building systems, leading to safer, high performance buildings. UTC Climate, Controls & Security is a unit of United Technologies Corp. (NYSE: UTX), a leading provider to the aerospace and building systems industries worldwide.

About Comvest
The Comvest Group provides flexible financing solutions to lower middle-market companies, often meeting time-critical and complex funding requirements.  Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.3 billion of capital in over 100 public and private companies. Please visit www.comvest.com.

SOURCE UTC Climate, Controls & Security