Sullair Corporation has announced that United Technologies reached an agreement with the private equity firms of The Carlyle Group and BC Partners for the purchase of Hamilton Sundstrand Corporation’s Industrial businesses, including Sullair Corporation. BC Partners and Carlyle have formed a limited partnership and will jointly oversee management of Sullair. This transaction is expected to close in the fourth quarter, upon completion of all required approvals.
The Carlyle Group is a 25-year-old investment firm that boasts an array of sophisticated investors, ranging from public and private pension funds to unions and corporations. BC Partners is a 26-year-old worldwide private equity firm that specializes in buyouts and acquisition financing.
According to Henry F. Brooks, president of Sullair Corporation, “The partnership between Carlyle and BC Partners provides a unique growth opportunity for Sullair. They recognize that our business is a performance leader in our markets with great employees, great products, and vested channel partners. Additional investment in Sullair will enhance our capabilities to compete on a global scale.”
Brooks concluded by saying, “As president of Sullair Corporation, I could not be more pleased with this outcome. Sullair has a history of great performance, and I feel that with the combined BC Partners/Carlyle Group ownership, the future for Sullair is indeed the brightest in my memory.”