Carrier - M&A Summary and Business Overview

MachineryCompany

Carrier M&A Summary

Carrier has acquired 15 companies, including 5 in the last 5 years. A total of 4 acquisitions came from private equity firms. It has also divested 12 assets.

Carrier’s largest acquisition to date was in 2005, when it acquired CommAir Mechanical Services for $32M. It’s largest disclosed sale occurred in 2023, when it sold Global Access Solutions to Honeywell International for $5.0B. Carrier has acquired in 7 different US states, and 5 countries. The Company’s most targeted sectors include manufacturing (22%) and distribution (22%).

Carrier Business Overview

Where is Carrier headquartered?

Carrier is headquartered in Palm Beach Gardens, Florida.

What is Carrier’s revenue?

Carrier disclosed revenue of 20,421M USD for 2022 and 20,613M USD for 2021.

How many employees does Carrier have?

Carrier has 52,000 employees.

What sector is Carrier in?

Carrier is a machinery company.

When was Carrier founded?

Carrier was founded in 2019.

M&A Summary

  • M&A Total Activity26
    • M&A Buy Activity14
    • M&A Sell Activity12
  • Total Sectors Invested 8
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 18
  • M&A Advisors 8

Carrier

Carrier Global Corp.

13995 Pasteur Boulevard,
Palm Beach Gardens, Florida 33418
United States,
(561) 365-2000
www.carrier.com

Carrier is a producer of heating, air-conditioning and refrigeration solutions. Carrier provides sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and foodservice customers. Carrier was founded in 2019 and is based in Palm Beach Gardens, Florida.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.0/yr) # 9 - 5 - - - 14
vol $32M $32M
Sell (0.8/yr) # 8 1 1 - 1 1 12
vol $3.1B $5.0B $1.4B $9.5B
  26

Most Recent M&A

Company Date Value Type
Carrier - Industrial Fire Business 2024-03-05 1.4B USD Divestiture
Palm Beach Gardens, Florida
Global Access Solutions 2023-12-08 5.0B USD Divestiture
Palm Beach Gardens, Florida
Cavius ApS 2021-10-19 - Add-on Acquisition
Silkeborg, Denmark · www.cavius.com
Nlyte Software, Inc. 2021-09-22 - Add-on Acquisition
Edison, New Jersey · www.nlyte.com
BrokerBay, Inc. 2021-09-16 - Add-on Acquisition
Toronto, Ontario · www.brokerbay.com
Chubb Fire & Security Group 2021-07-27 3.1B USD Divestiture
Ashford, United Kingdom · www.chubbfiresecurity.com
Guangdong Giwee Group Co., Ltd. 2021-04-13 - Add-on Acquisition
Foshan City, China · www.giwee.com
Temperature Equipment Corp. (TEC) 2021-03-16 - Add-on Acquisition
Chicago, Illinois · www.tecmungo.com
Beijer Ref AB 2020-12-07 - Stake Sale
Malmö, Sweden · www.beijerref.com
Carrier Corp. - Carrier Refrigeration Service Operations 2018-11-28 - Divestiture
Stockholm, Sweden
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Sensitech, Inc. 2006-06-16 FreightWatch International Ltd. 2012-06-18 1
Beverly, Massachusetts · www.sensitech.com Austin, Texas · www.freightwatchintl.com

M&A by Sector

Sector Buy # Value Sell # Value
Manufacturing 3 (21%) - 3 (25%) -
Distribution 3 (21%) - 1 (8%) -
Business Services 2 (14%) 32M (100%) 2 (17%) 1.4B (15%)
Safety/Security 1 (7%) - 2 (17%) 8.1B (85%)
Software 2 (14%) - - -
Machinery - - 2 (17%) -
Electronics 1 (7%) - - -
Energy Services and Equipment 1 (7%) - - -
Environmental 1 (7%) - - -
Metals/Mining - - 1 (8%) -
Transportation - - 1 (8%) -
Total 14 $32M 12 $9.5B

By Geo

State/Country Buy Value Sell Value
United States 10 32M 5 6.4B
  Massachusetts 2 - - -
  Colorado 2 - - -
  California 2 32M - -
  Florida - - 2 6.4B
  Texas 1 - - -
  New Jersey 1 - - -
  Illinois 1 - - -
  Georgia 1 - - -
  Michigan - - 1 -
  Alabama - - 1 -
Canada 1 - 2 -
  Quebec - - 2 -
  Ontario 1 - - -
Netherlands 1 - 2 -
Sweden - - 2 -
China 1 - - -
Denmark 1 - - -
United Kingdom - - 1 3.1B
Domestic 10 (71%) 32M (100%) 5 (42%) 6.4B (67%)
Cross-border 4 (29%) - 7 (58%) 3.1B (33%)
Total 14 $32M 12 $9.5B

Top M&A Advisors

Financial Deals
Goldman Sachs
2
Scott-Macon Ltd.
2
J.P. Morgan Securities
1
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison
1
Linklaters
1

Deal Values

buy # Total
< $100M 1 $32M
TOTAL $32M
Largest CommAir Mechanical Services, Inc.
$32M (2005-05-31)
sell # Total
> $1B 3 $9.5B
TOTAL $9.5B
Largest Global Access Solutions
$5.0B (2023-12-08)

M&A Connections

Deals
Acquired from
Investor(s)
21%
3 (21%)
Strategic(s)
7%
1 (7%)
Divested to
Investor(s)
33%
4 (33%)
Strategic(s)
67%
8 (67%)

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