Key Takeaways
- • Lone Star Funds, a Dallas-based private equity firm, has closed a $3 billion acquisition of Carrier Global Corporation's Commercial and Residential Fire business, with the divested unit now operating as Kidde Global Solutions.
- • The newly independent Kidde Global Solutions portfolio encompasses iconic fire and life safety brands including Kidde, Kidde Commercial, Edwards, GST, Badger, Gloria, and Aritech, positioning the company as an industry-leading multi-brand platform.
- • The transaction, originally announced in August 2024, was advised by Citi and Bank of America, underscoring institutional-grade execution on a significant industrial services carve-out.
- • Lone Star Funds closed the acquisition concurrent with finalizing its latest real estate fund, Lone Star Real Estate Fund VII (LSREF VII), which raised approximately $2.7 billion in committed capital.
Summary
Lone Star Funds, a Dallas-headquartered private equity firm with a global footprint spanning 10 offices, has successfully completed its acquisition of Carrier Global Corporation's Commercial and Residential Fire business for an enterprise value of $3 billion. The deal, initially announced in August, represents a significant carve-out of a mature, diversified fire and life safety platform into an independent operating company.
The acquired business will operate under the new banner Kidde Global Solutions, consolidating a portfolio of established, market-leading brands in the fire protection and life safety sector. The company's brand architecture includes the flagship Kidde and Kidde Commercial lines, alongside complementary holdings in Edwards, GST, Badger, Gloria, and Aritech—collectively representing what the acquirer characterizes as "some of the most trusted and iconic brands" serving global commercial and residential end-markets.
Lone Star Funds CEO Donald Quintin emphasized the strategic rationale for the acquisition, noting that Kidde Global Solutions represents "an industry-leading portfolio of strong brands and innovative teams with a long history of serving global customers and exciting growth opportunities." This positioning signals Lone Star's intent to invest in organic growth, operational consolidation, and potential bolt-on acquisitions within the fire safety vertical. Financial advisory services were provided by Citi and Bank of America, reflecting the institutional caliber of the transaction.
The timing of the close coincides with Lone Star's broader capital deployment cycle. In September 2024, the firm achieved final close on Lone Star Real Estate Fund VII (LSREF VII) with approximately $2.7 billion in committed capital, demonstrating active capital raising and concurrent capital deployment across both the fire safety industrial and commercial real estate sectors.
The acquired business will operate under the new banner Kidde Global Solutions, consolidating a portfolio of established, market-leading brands in the fire protection and life safety sector. The company's brand architecture includes the flagship Kidde and Kidde Commercial lines, alongside complementary holdings in Edwards, GST, Badger, Gloria, and Aritech—collectively representing what the acquirer characterizes as "some of the most trusted and iconic brands" serving global commercial and residential end-markets.
Lone Star Funds CEO Donald Quintin emphasized the strategic rationale for the acquisition, noting that Kidde Global Solutions represents "an industry-leading portfolio of strong brands and innovative teams with a long history of serving global customers and exciting growth opportunities." This positioning signals Lone Star's intent to invest in organic growth, operational consolidation, and potential bolt-on acquisitions within the fire safety vertical. Financial advisory services were provided by Citi and Bank of America, reflecting the institutional caliber of the transaction.
The timing of the close coincides with Lone Star's broader capital deployment cycle. In September 2024, the firm achieved final close on Lone Star Real Estate Fund VII (LSREF VII) with approximately $2.7 billion in committed capital, demonstrating active capital raising and concurrent capital deployment across both the fire safety industrial and commercial real estate sectors.
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