Funds managed by Syntagma Capital completed the acquisition of European commercial HVAC and refrigeration businesses of Lennox International Inc. for $23 million.
December 28, 2023
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Funds managed by Syntagma Capital entered into an agreement to acquire European commercial HVAC and refrigeration businesses of Lennox International Inc. (NYSE:LII) on September 21, 2023. The consideration will be a combination of cash, a note receivable, and contingent consideration. The closing of the transaction is subject to obtaining required consents, works council consultations, and customary closing conditions. The transaction was approved by board of Lennox International. The transaction is expected to be completed in the fourth quarter of 2023. Willkie Farr & Gallagher LLP acted as legal advisor to Syntagma Capital Management SA. PricewaterhouseCoopers International Limited acted as accountant and financial due diligence provider to Syntagma Capital. Deloitte Touche Tohmatsu LLC acted as accountant to Syntagma Capital.
Funds managed by Syntagma Capital completed the acquisition of European commercial HVAC and refrigeration businesses of Lennox International Inc. (NYSE:LII) for $23 million on December 29, 2023. The consideration consists of cash received from Syntagma of $6.7 million, note receivable issued by Syntagma at closing, which is due on the fifth anniversary of the closing date and carries interest at 7.5% per annum of $9.9 million and a contingent consideration related to 2023 and 2024 financial performance of the entities disposed.
Lennox International Inc. is a provider of climate control solutions. The Company designs, manufactures and markets a range of products for the heating, ventilation, air conditioning and refrigeration (HVACR) markets. It operates through three segments: Home Comfort Solutions, Building Climate Solutions, and Corporate and Other. Home Comfort Solutions segment manufacture and market a broad range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies and related products. Building Climate Solutions segment manufacture and sell unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, variable refrigerant flow commercial products, curb, curb adapters, drop box diffusers, HVAC recycling and salvage service, condensing units, unit coolers, fluid coolers, air cooled condensers, and others.
Funds managed by Syntagma Capital completed the acquisition of European commercial HVAC and refrigeration businesses of Lennox International Inc. for $23 million.
LENNOX INTERNATIONAL INC. 
