MICHIGAN CITY, Ind. – United Technologies, parent company of Sullair Corp., has reached an agreement with the private equity firms The Carlyle Group and BC Partners for the purchase of Hamilton Sundstrand Corp.’s Industrial businesses, including Sullair.
Established in 1965, Sullair is a leading compressor manufacturer, and is the only air compressor manufacturer to concentrate exclusively on rotary screw technology. With subsidiaries in China and Australia, Sullair is a globally recognized manufacturer of compressed air contaminant removal equipment, vacuum systems, stationary and portable compressors, and contractors’ air tools. In 1999, United Technologies Corp. acquired Sundstrand. Sundstrand was combined with UTC’s HamiltonStandard division, forming one of the world’s leading suppliers of high value-added airframe components and sub-systems.
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.
“The partnership between Carlyle and BC Partners provides a unique growth opportunity for Sullair," said Henry Brooks, president of 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.
“As president of Sullair Corp., 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.”
