Press Release Carrier Corporation - Monomoy Capital Partners
HARTFORD, CONNECTICUT - Seale & Associates, Inc. announced that it acted as exclusive financial advisor to Carrier Corporation ("Carrier"), a subsidiary of United Technologies Corporation ("UTC"), on the sale of Carrier's Heat Transfer Products Group ("HTPG") commercial refrigeration business to Monomoy Capital Partners and Starboard Capital Partners, both private investment firms. Specific terms of the transaction were not disclosed. Previously, Seale had acted as the exclusive financial advisor to Carrier in the sale of its International Cold Storage commercial walk-in cooler business.
HTPG, with annual revenues of approximately $90 million, is a manufacturer of highly-engineered refrigeration condensing units, evaporator coils and air cooled condensers for the food service, food retail and other non-consumable markets. Headquartered in Brea, California, HTPG employs more than 500 associates and operates manufacturing and distribution facilities in Scottsboro, Alabama and Yuma, Arizona.
UTC, with annual revenues of $53 billion, provides high technology products and services to the building systems and aerospace industries. It has six segments: Otis, Carrier, UTC Fire & Security, Pratt & Whitney, Hamilton Sundstrand and Sikorsky. Carrier is a leader in providing heating, ventilation, air-conditioning and refrigeration (HVACR) systems, controls, services and sustainable building solutions for residential, commercial, industrial, food service and transportation applications.
Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients' most complex dealings.