Sentinel Capital Partners carves out industrial fire business from Carrier


Creates Standalone Platform Spectrum Safety Solutions


NEW YORK, July 2, 2024 – 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 Autronica, Det-Tronics, Fireye, and Marioff. 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.