Lone Star Funds Affiliate Acquires Carrier's Commercial and Residential Fire Business to Form Kidde Global Solutions

Pacific Avenue Capital Partners Acquires KiddeFenwal from Carrier Global

July 2, 2024

Manufacturing

Los Angeles-based private equity firm Pacific Avenue Capital Partners has acquired substantially all the assets of KiddeFenwal from Carrier Global Corporation after bankruptcy-court approval. The carve-out purchases the global fire suppression and safety controls manufacturer (headquartered in Ashland, Massachusetts) with the stated aim of stabilizing the business and investing to accelerate product innovation and global growth.

Sentinel Capital Partners Acquires Carrier's Industrial Fire Business to Create Spectrum Safety Solutions

July 2, 2024

Industrial Services

Sentinel Capital Partners has acquired the industrial fire business from Carrier Global Corporation for an enterprise value of $1.425 billion and launched Spectrum Safety Solutions as a standalone platform. Spectrum, headquartered in Stamford, Connecticut, comprises the Det-Tronics, Marioff, Autronica and Fireye brands, has ~1,400 employees and manufacturing sites in the United States, Norway and Finland.

RapidFire Safety & Security Acquires Texas Star Fire Systems

March 6, 2024

Construction

RapidFire Safety & Security, a PE-backed fire, life safety and security platform, has acquired Texas Star Fire Systems to establish a foundational presence in Texas. The deal, completed in partnership with Concentric Equity Partners and Financial Investments Corporation (the Steans family office), positions RapidFire for rapid expansion across Austin, San Antonio, Houston and the Dallas/Fort Worth area.

Lone Star Funds Acquires Hillenbrand, Inc.

February 10, 2026

Manufacturing

An affiliate of Lone Star Funds has completed the previously announced all-cash acquisition of Hillenbrand, Inc. for an enterprise value of approximately $3.8 billion. The transaction takes Hillenbrand private (its common stock will be delisted) and Lone Star will partner with Hillenbrand's management to execute strategic growth and operational plans.

Altus Fire & Life Safety Acquires Star Fire Protection

August 11, 2025

Industrial Services

Altus Fire & Life Safety, a portfolio company of funds advised by Apax Partners LLP, has acquired Star Fire Protection to expand Altus's presence in the U.S. Northeast. The deal will allow Altus to offer its full suite of fire protection and life safety services to Star Fire's customers and strengthen regional coverage.

Carrier Global Corporation Acquires Toshiba Carrier Corporation Stake from Toshiba

July 31, 2022

Building Products

Carrier Global Corporation has completed the acquisition of substantially all of Toshiba Corporation's ownership stake in Toshiba Carrier Corporation (TCC) for approximately $900 million. TCC, a global provider of residential and light commercial HVAC solutions including VRF and heat pump products with roughly $2 billion in 2021 sales and about 6,600 employees, will join Carrier's newly created Global Comfort Solutions business unit headquartered in Tokyo.