Lennox International has released details of a definitive agreement to sell its Lennox EMEA commercial HVAC and refrigeration businesses. The new buyer, Syntagma Capital, will acquire the assets of Lennox EMEA, marking a significant milestone in the strategic direction of this enterprise. Lennox International decided to divest the European business to continue its focus on the North American strategy.The deal covers the manufacturing and distribution of the full HVAC products portfolio, and refrigeration portfolio in Europe, the Middle East, and Africa.
“This strategic move will strengthen and consolidate Lennox EMEA’s position in the European HVACR market, opening the door to new business opportunities,” said Ricardo Freitas, general manager of Lennox EMEA. “We are committed to enhancing the experience of our customers through the provision of premium service levels, new commercial initiatives, strategic investments, product expansion, and operational improvements. With Syntagma Capital's investment, we will amplify our growth and innovation to meet the market's future needs. It marks the start of an exciting new chapter for Lennox EMEA.”
Established in 2009 and based in Brussels, Syntagma Capital is known for boosting company performance and growth through hands-on operational expertise. With €1.1 billion invested in 40+ companies to date, Syntagma Capital has generated €4 billion in revenue and employs over 11,000 people worldwide.
Establishing its European division in 1960 in the UK, Lennox EMEA has played a vital role in the European HVAC and refrigeration market. The company is known for providing sector leadership spearheading important new innovations, and adopting a prominent stance on environmental and sustainability initiatives. With a commercial presence in 46 countries, Lennox EMEA currently employs approximately 980 people and has three production facilities in France and Spain.
The transaction is expected to be completed in the fourth quarter of 2023.