UTC Sells Fire & Security Division
UTC Climate, Controls & Security, Farmington, Conn., a unit of United Technologies Corp., 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 provider of integrated building solutions, including fire and security systems, heating, air conditioning and refrigeration systems, and building controls and automation.
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 and chief executive officer, 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.”