Divestiture • Business Services

Syntagma Capital Acquires Lennox - European Commercial HVAC and Refrigeration Businesses

On September 21, 2023, private equity firm Syntagma Capital acquired business services company Lennox - European Commercial HVAC and Refrigeration Businesses from Lennox International

Acquisition Context
  • This is Syntagma Capital’s 1st transaction in the Business Services sector.
  • This is Syntagma Capital’s 3rd transaction in France.

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M&A Deal Summary

Date September 21, 2023
Target Lennox - European Commercial HVAC and Refrigeration Businesses
Sector Business Services
Buyer(s) Syntagma Capital
Sellers(s) Lennox International
Deal Type Divestiture

Target Company

Lennox - European Commercial HVAC and Refrigeration Businesses

Lyon, France
Lennox's European Commercial HVAC and Refrigeration Businesses manufactures and sells unitary HVAC products and applied systems. Lennox's European Commercial HVAC and Refrigeration Businesses is based in Lyon, France.
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Buyer Overview 1

DESCRIPTION

Syntagma Capital is a hands-on, operationally focused private equity firm focused on control investments throughout Europe. The Firm will consider a variety of transaction situations with a preference for corporate divestitures and family-owned companies. Sectors of interest include chemicals, materials, industrials, manufacturing, and business services. Syntagma Capital was established in 2009 and is based in Brussels, Belgium.


Deal Context for Buyer #
Overall 3 of 4
Sector: Business Services 1 of 1
Type: Divestiture 3 of 4
Country: France 3 of 3
Year: 2023 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-22 Erasteel

Paris, France

Erasteel offers a wide range of steel grades and alloys produced either by powder metallurgy or conventional metallurgy. Erasteel is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-18 Stahl - Wet-end leather chemicals business

Milan, Italy

Stahl's Wet-end leather chemicals business will include a full wet-end portfolio and manufacturing facilities in Italy and India. Stahl's Wet-end leather chemicals business is based in Milan, Italy.

Buy -

Seller Profile 1

SELLER

Lennox International

Richardson, Texas, United States

Category Company
Founded 1895
Sector Test/Measurement Equipment
Employees14,200
Revenue 5.3B USD (2024)
DESCRIPTION
Lennox International's corporate headquarters in Richardson, Texas.
Lennox International's corporate headquarters in Richardson, Texas.

Lennox International is a provider of climate control solutions for the heating, air conditioning and refrigeration markets. Lennox International was formed in 1895 and is based in Richardson, Texas.


Deal Context for Seller #
Overall 4 of 4
Sector: Business Services 1 of 1
Type: Divestiture 4 of 4
Country: France 1 of 1
Year: 2023 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-25 Lennox - Hyfra Process Cooling Business Unit

Richardson, Texas, United States

Lennox's Hyfra Process Cooling Business Unit provides climate control solutions for the heating, air conditioning and refrigeration markets. is based in Richardson, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-18 NSI Industries HVAC Division

Huntersville, North Carolina, United States

NSI Industries' HVAC Division includes Duro Dyne, Supco, and other critical component and accessory brands. It delivers a comprehensive, integrated portfolio of parts and supplies supported by enhanced digital and distribution capabilities across North America that elevate the customer experience.

Buy $550M

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