Lennox to Acquire NSI Industries' HVAC Division for $550M

Lennox has agreed to acquire the HVAC division of NSI Industries from Sentinel Capital Partners for approximately $550M. The division includes Duro Dyne and Supco, leading critical component and accessories brands that complement Lennox's current HVAC products. The acquisition is expected to close in Q4, subject to regulatory approvals.

Lennox International Inc. (NYSE: LII) has announced plans to acquire the heating, ventilation, and air-conditioning (HVAC) division of NSI Industries, a privately held company owned by Sentinel Capital Partners. The acquisition, valued at approximately $550 million, includes the Duro Dyne and Supco brands, which are leading critical component and accessories providers in the HVAC industry. The deal is expected to close during the fourth quarter of 2025, subject to various regulatory approvals.

The acquisition will bolster Lennox's parts and supplies business, enhancing its ability to deliver a comprehensive, integrated portfolio of HVAC products and services. Duro Dyne and Supco offer a robust product portfolio that complements Lennox's current residential and commercial HVAC products, with distribution and manufacturing sites across the USA and Canada.

Lennox CEO Alok Maskara stated, "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." The addition of trusted heritage brands like Duro Dyne and Supco will respond to customer demands for a broader parts and supplies offering.

NSI Industries HVAC President John MacQuarrie expressed excitement about the acquisition, noting that Lennox's resources will help ensure the legacy of success built over 70+ years by NSI's team members and channel partners continues. The acquisition is expected to close in the fourth quarter of 2025, pending regulatory approvals.

References:
1. [https://www.morningstar.com/company-reports/1322031-lennox-acquisition-of-nsi-industries-hvac-division-will-bolster-parts-and-supplies-business?listing=0P0000039O](https://www.morningstar.com/company-reports/1322031-lennox-acquisition-of-nsi-industries-hvac-division-will-bolster-parts-and-supplies-business?listing=0P0000039O)
2. [https://www.marketscreener.com/news/lennox-international-inc-signed-a-definitive-agreement-to-acquire-hvac-division-of-nsi-industries-ce7c51dcd881f127](https://www.marketscreener.com/news/lennox-international-inc-signed-a-definitive-agreement-to-acquire-hvac-division-of-nsi-industries-ce7c51dcd881f127)
3. [https://ca.finance.yahoo.com/news/lennox-signs-agreement-acquire-hvac-120000048.html](https://ca.finance.yahoo.com/news/lennox-signs-agreement-acquire-hvac-120000048.html)
4. [https://www.wsj.com/articles/sentinel-capital-partners-to-sell-hvac-division-of-nsi-industries-for-550-million-5bbc814b](https://www.wsj.com/articles/sentinel-capital-partners-to-sell-hvac-division-of-nsi-industries-for-550-million-5bbc814b)