RICHARDSON, Texas — Lennox International Inc. has signed an agreement to purchase the HVAC division of NSI Industries from Sentinel Capital Partners for approximately $550 million.
NSI’s HVAC platform includes Duro Dyne, Supco, and other critical components and HVAC accessories brands. The acquisition enhances Lennox’s ability to deliver a comprehensive, integrated portfolio of parts and supplies supported by enhanced digital and distribution capabilities across North America, a Lennox press release said.
“This acquisition strengthens our ability to deliver complete lifecycle solutions for residential and commercial customers and reinforces our position as a one-stop partner for the HVAC industry,” said Lennox CEO Alok Maskara. “By adding trusted heritage brands, including Duro Dyne and Supco, into our portfolio, we are responding to the needs of our customers who have asked for a broader parts and supplies offering. As a company, Lennox just celebrated 130 years of HVAC innovation, and I look forward to welcoming the new employees from this acquisition as we come together to further transform the North American HVAC industry.”
Duro Dyne and Supco offer a portfolio of HVAC parts and supplies that complement Lennox’s current residential and commercial HVAC products, and the two companies have distribution and manufacturing sites across the U.S. and Canada, the press release said. Duro Dyne is a manufacturer of HVACR components and accessories, and Supco provides technician-focused HVACR parts.
“My team members and I are excited to join Lennox,” said John MacQuarrie, president of the NSI Industries HVAC division. “The resources Lennox brings us will help us ensure our legacy of success, built over 70-plus years by our team members and channel partners, continues.”
The acquisition is expected to close in the fourth quarter of this year, subject to regulatory approvals.