According to an article published on Tuesday by Unquote, private equity firms Bain Capital and Advent International have formed a consortium for the purpose of acquiring Chubb Fire & Security, a British-based provider of security and fire safety products as well as installation and monitoring services.
Chubb’s former parent company, United Technologies (UTC), initially tried to sell the business two years ago prior to separating into three different companies. However, UTC would later put the sale of the company on hold after bids from prospective buyers came in below the $3 billion they were reportedly looking for.
Earlier this year, the company’s current parent, Carrier, reportedly put the business on the auction block again seeking a deal of similar value.
