Carrier Global Corp. announced it has completed the sale of its Commercial and Residential Fire business to an affiliate of Lone Star Funds for an enterprise value of $3 billion.

The purchase creates Kidde Global Solutions, a new standalone platform company. Lone Star Funds is a private equity firm with a track record of partnering with manufacturing, building products, and industrial businesses globally. Headquartered in Palm Beach Gardens, Fla., Kidde Global Solutions unifies several brands in fire and life safety, including Kidde, Kidde Commercial, Edwards, GST, Badger, Gloria, and Aritech. 

“We’re excited about our new partnership with Lone Star Funds and the opportunity to focus on accelerating growth,” said Dan Thompson, president and CEO, Kidde Global Solutions. “By leveraging the strengths of our iconic brands along with a relentless focus on constant innovation, we develop cutting-edge safety solutions that fulfill our mission of saving lives, protecting property, and building a safer tomorrow."