SYNTAGMA CAPITAL Enters Into Exclusive Negotiations to Acquire Lennox’ European Commercial HVAC and Refrigeration Divisions
25 Setembro 2023 - 3:00AM
Business Wire
Syntagma Capital today announces that it has entered into
exclusive negotiations with Lennox International (NYSE: LII) to
acquire its European Commercial HVAC and Refrigeration businesses.
The HVAC division designs and manufactures commercial heating, air
conditioning and air handling equipment. The Commercial
Refrigeration division designs and manufactures commercial
evaporators, condensing units, condensers, and dry coolers. The
Businesses serve customers in the industrial, retail, logistics,
residential, office and HORECA sectors in over 40 countries. The
Businesses are headquartered in Lyon, France and employ ca. 940
people across 4 sites and their commercial organization. In 2023,
Lennox EMEA is expected to generate ca. €200m in revenues.
The proposed transaction, which is subject to the fulfillment of
customary closing conditions, including the information and
consultation of works councils and other regulatory approvals, is
expected to be completed by the end of 2023.
“We are excited about the opportunity to invest in Lennox EMEA
and continue to grow the business. This transaction illustrates our
expertise in corporate carve-outs as it is composed of two
simultaneous transactions. While M&A and financing markets
remain quite challenging, we continue to find attractive
opportunities to invest our capital while providing sellers with
divestiture solutions for complex carve-outs where speed and
certainty are of the essence. This transaction represents our 3rd
carve out in 2023 alone and reflects Syntagma’s strategy to acquire
businesses that will benefit from a new owner to drive the next
area of growth,” said Syntagma Managing Partner Sebastien Kiekert
Le Moult.
“Syntagma’s ability to manage complex carve out was critical in
differentiating us. Both businesses provide significant
opportunities for growth in the coming years,” said Syntagma
Partner Frank Coenen. “We expect to leverage the company’s
extensive technical know-how and strong customer relationships, to
accelerate its growth, both organically and through targeted
M&A investments in key product areas and geographies.”
Syntagma’s team involved in the transaction included Sebastien
Kiekert Le Moult (Managing Partner), Frank Coenen (Partner),
Benjamin Dahan (Partner), João Pilecco (Senior Vice President),
Gabriele Lo Monaco (Senior Associate) and Alicia Azema (Senior
Analyst).
Syntagma was advised by Willkie Farr & Gallagher (M&A
legal and antitrust), PwC (financial DD and tax structuring),
Deloitte (tax and social), Kaiser Associates (operations) and
4Strategies (strategy).
About Syntagma Capital
Syntagma invests in companies that can benefit from hands-on
operational expertise to accelerate growth and improve performance
for all stakeholders. We are true operators with experience working
in and managing companies on a global scale, leveraging our
in-house resources to develop successful strategies, execute them
to realize their full potential and create sustainable long-term
value. Syntagma invests and operates companies in a broad range of
industries with a specific focus on the material, chemical,
industrial and business services markets and including
manufacturing, distribution, transportation and logistics,
equipment rental, metals services and other industries. Syntagma,
as signatory of the UN PRI, is committed to high ESG standards
across all its investments and is based in Brussels, Belgium. For
more information, please visit: https://syntagmacapital.com.
About Lennox
Lennox (NYSE: LII) is a leader in energy-efficient
climate-control solutions. Dedicated to sustainability and creating
comfortable and healthier environments for residential and
commercial customers while reducing their carbon footprint, Lennox
leads the field in innovation with its cooling, heating, indoor air
quality, and refrigeration systems.
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version on businesswire.com: https://www.businesswire.com/news/home/20230924154803/en/
Marie Ciparisse Phone:
+32 (0)2 315 70 12 Email
mciparisse@syntagmacapital.com
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