M&A Deal Summary

Carrier Acquires Sensitech

On June 16, 2006, Carrier acquired business services company Sensitech from Citizens Capital and Annex Capital

Acquisition Highlights
  • This is Carrier’s 2nd transaction in the Business Services sector.
  • This is Carrier’s 4th transaction in the United States.
  • This is Carrier’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2006-06-16
Target Sensitech
Sector Business Services
Buyer(s) Carrier
Sellers(s) Citizens Capital
Annex Capital
Deal Type Add-on Acquisition

Target

Sensitech

Beverly, Massachusetts, United States
Sensitech offers a robust portfolio of products and services designed to help you monitor and manage the cold chain of the world’s most temperature-sensitive, perishable products: food, pharmaceuticals, biologics, and industrial chemicals.

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Buyer(S) 1

Buyer

Carrier

Palm Beach Gardens, Florida, United States

Category Company
Founded 2019
Sector Machinery
Employees48,000
Revenue 22.5B USD (2024)
DESCRIPTION
Carrier research center in Jupiter, Florida.
Carrier research center in Jupiter, Florida.

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.


DEAL STATS #
Overall 5 of 15
Sector: Business Services M&A 2 of 2
Type: Add-on Acquisition M&A Deals 3 of 13
State: Massachusetts M&A 1 of 2
Country: United States M&A 4 of 10
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-31 CommAir Mechanical Services

Oakland, California, United States

CommAir Mechanical Services, Inc. engages in maintaining, repairing, and installing heating, ventilation, air conditioning, and refrigeration equipment and systems.

Buy $32M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-28 Edward B. Ward & Co.

South San Francisco, California, United States

E.B. Ward & Company / Valair, is a long- standing Carrier distributor of residential, light commercial and commercial products.

Buy -

Seller(S) 2

SELLER

Citizens Capital

Boston, Massachusetts, United States

Category Private Equity Firm
Founded 1997
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Citizens Capital is the private equity affiliate of Citizens Financial and provides both mezzanine and equity capital to later-stage privately-held companies in the US. Citizens looks to commit $3 to $15 million in subordinated debt transactions and $1 to $3 million for growth equity needs. Target sectors include manufacturing, consumer products, distribution, and service-based industries. The Firm's investment horizon is five to seven years. Citizens Capital is based in Boston, Massachusetts.


DEAL STATS #
Overall 4 of 11
Sector: Business Services M&A 2 of 2
Type: Add-on Acquisition M&A Deals 2 of 8
State: Massachusetts M&A 2 of 5
Country: United States M&A 4 of 11
Year: 2006 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-25 The Faucet Queens

Cranbury, New Jersey, United States

The Faucet Queens, Inc. is a marketer and distributor of convenience-oriented home hardware products to the food and drug retail channel. Company provides the broadest line of home hardware products in the industry with 14 product lines and over 650 SKUs, including hand tools, kitchen and bath items, twine, padlocks, paint supplies, automotive items and sewing related items. Faucet Queen serves as the outsourced supply chain management partners for many of the top grocery and drug retail chains throughout the United States and Canada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-10 Champion Energy

New Rochelle, New York, United States

Distributor of residential and commercial heating oil.

Sell -
SELLER

Annex Capital

New York, New York, United States

Category Private Equity Firm
Founded 2004
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Annex Capital Management is a private investment firm focused on secondary private equity transactions and special situations opportunities. Annex is sector agnostic with an emphasis on consumer products, including food and beverage, information services, telecommunications and specialized manufacturing. Annex was formed in 2004 with the spinout of Dresdner Bank's direct investment portfolio into a new secondary firm backed by Coller Capital. Annex Capital is based in New York City.


DEAL STATS #
Overall 6 of 13
Sector: Business Services M&A 1 of 2
Type: Add-on Acquisition M&A Deals 2 of 5
State: Massachusetts M&A 1 of 1
Country: United States M&A 6 of 13
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-17 Gardenburger Co.

Irvine, California, United States

Gardenburger Company is the brand name of a veggie burger. The company was originally incorporated as "Wholesome & Hearty Foods, Inc." in March 1985. Initial funding was given to founders Paul Wenner and Allyn Smaaland, as part of a venture capital investment program of Louisiana-Pacific Corp., whereby L-P took immediate controlling interest. A second round of venture capital financing was provided about a year later.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-18 Metaldyne

Plymouth, Michigan, United States

Metaldyne LLC is a designer and supplier of metal-formed components and assemblies for engine and transmission applications including engine connecting rods, transmission valve bodies, crankshaft dampers and pulleys, forged and finished differential gears and assemblies, and balance shaft modules.

Buy -