Today’s Transactions: <br>BC and Carlyle Consort to Buy HSI
Private equity firms BC Partners and Carlyle Group (NASDAQ: CG) are spending $3.46 billion to buy Hamilton Sundstrand Industrial (HSI), a manufacturer of pumps and compressors for the infrastructure and energy sectors, from United Technologies Corp. (NYSE: UTX).
Carlyle and BC Partners plan to grow the Windsor Locks, Conn. target by boosting product development on an international scale.
The investment will be funded through two funds—BC European Capital IX and Carlyle Partners V LP—as well as a third-party banking consortium, including Citigroup, Credit Suisse, Deutsche Bank, Morgan Stanley, RBC Capital Markets and UBS.
HSI is made up of three businesses: Sundyne, Milton Roy and Sullair. Each unit manufactures pumps and compressors in 19 facilities, located throughout the U.S., the U.K., France, China, Australia, Spain and India.
Citigroup and RBC Capital Markets have also been hired as buy-side financial advisers. Latham & Watkins is providing legal counsel.