Houlihan Lokey Advises Halma

Houlihan Lokey is pleased to announce the divestiture of AAI, a subsidiary of Halma plc (LSE:HLMA), to Saothair Capital Partners, LLC (Saothair). The transaction closed on July 25, 2025.

Headquartered in Auburn Hills, Michigan, AAI is a leading designer and manufacturer of fire and life safety detection solutions for commercial and residential applications. The company specializes in wireless smoke, heat, and carbon monoxide (CO) detectors for residential security systems, as well as commercial duct smoke and CO detectors. AAI has more than 40 years of industry experience, with a strong track record of new product development and deep expertise in regulatory compliance and technical certifications. AAI’s products are sold directly to residential security system OEMs, HVAC and fire system OEMs, and commercial distributors, with its commercial offerings sold under the APC brand. All AAI products are designed to meet stringent regulatory codes and standards. Following the transaction, AAI will be named Air Products and Controls Inc.

Halma is a global group of life-saving technology companies focused on growing a safer, cleaner, and healthier future for everyone every day. It operates across three broad markets: safety, environment, and health. With a market capitalization of $16.5 billion, Halma employs more than 9,000 people in over 20 countries, with major operations in the U.K., mainland Europe, the U.S., and Asia-Pacific.

Saothair is a private investment firm focused exclusively on investing in middle-market manufacturing and industrial businesses. It makes controlling equity investments in companies across various industries, including paper and packaging, plastics, metals processing, automotive, building products, healthcare-related products, food and beverage, and other manufacturing. Saothair works in partnership with each key stakeholder invested in the business’s long-term success.

Houlihan Lokey served as the exclusive sellside advisor to Halma and assisted in marketing, structuring, and negotiating the transaction. This transaction highlights Houlihan Lokey’s dedicated sector expertise and continued success across the global security and safety solutions and building products markets. This transaction represents Houlihan Lokey’s second divestiture on behalf of Halma since 2021 and is emblematic of Houlihan Lokey’s demonstrated track record in corporate carve-outs.

RELATED: Security and Safety Solutions, Building Products, Mergers & Acquisitions