United Technologies may edge out PE for FirePro buyout
US-based United Technologies has reportedly emerged as the front runner to buy Bangalore-based fire-protection firm FirePro Systems for $200 million – an asset that is said to also have been courted by global private equity firms.
Citing bankers close to the deal, The Business Standard reported that United Technologies' $6.5 billion subsidiary UTC Fire & Security would acquire the unit. United Technologies itself claims $54 billion under management, with operations in the global aerospace and building industries.
Last week, news surfaced that Apax was among the global private equity firms considering a buyout of FirePro. The company's appeal stems from its healthy balance sheet, which listed INR7 billion ($152.5 million) in revenue in 2010 through operations in the fire safety, prevention, detection and suppression areas. It is hoped revenue will grow to INR10 billion with a new owner.
FirePro, which launched in 2002 and claims to have 1,400 employees who have worked on 1,500 projects, has offices in India, Australia, Singapore, Malaysia, the UAE and Germany. It says that 25% of revenues come from overseas businesses.
FirePro received a INR1.5 billion investment from Standard Chartered Private Equity in 2009 and raised INR500 million from AIG in 2006.
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