Sentinel Capital Partners has formed IEP Technologies, a company created through a carve-out of the industrial explosion protection businesses of UTC Climate, Controls & Security, a unit of United Technologies.
IEP Technologies provides systems and services that suppress, isolate and vent potential combustible dust or vapor explosions in process industries. Products and services are marketed under the names Fenwal Explosion Protection (USA), Incom Explosionsschutz (Switzerland), Kidde Explosionsschutz (Germany) and Kidde Explosion Protection (United Kingdom). IEP Technologies is headquartered in Boston (www.ieptechnologies.com).
“We are very excited about IEP Technologies’ growth potential and thrilled to be partnering with its talented management team,” said Eric Bommer, a Sentinel partner. “IEP Technologies’ creation came about through a lot of hard work by IEP Technologies’ management, Sentinel’s team, and a large group of dedicated outside advisors to complete a highly complex corporate carve-out, including four separate business units spread across four different countries.”
IEP Technologies is led by CEO Randy Davis, an industry veteran and the previous General Manager of UTC Climate, Controls & Security’s Fenwal Explosion Protection group.
“I believe the formation of IEP Technologies is a significant event in the evolution of the industrial explosion protection industry,” said Mr. Davis. “For the first time, one company will encompass the product development, application design engineering, and field service capabilities of four market leaders across the globe. This, in turn, will lead to enhanced product innovation and robust service and support for our customers. Our executive team members are shareholders in our business and our goal, with Sentinel’s support, is to further cement IEP Technologies’ position as the global market leader in providing explosion protection solutions for combustible dust and vapor threats.”
Sentinel Capital Partners invests in smaller middle market companies in the United States and Canada in partnership with management. The firm invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs of between $7 million and $35 million. Sectors of interest include aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare products and services, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).
In the past eighteen months, Sentinel has made five new platform investments, and has completed six exits, including: Chromalox, a manufacturer of electric heating solutions for process control applications; Inscape Publishing, a provider of assessment and training products and services; Interim Healthcare, a franchisor of home healthcare services; LTI Boyd, an industrial manufacturer of sealing and energy management products; Massage Envy, a provider and franchisor of massage therapy and facial treatment services; and Southern California Pizza Company, the largest Pizza Hut franchisee in southern California.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-23-13