Monday, September 25, 2023

SYNTAGMA CAPITAL Enters Into Exclusive Negotiations to Acquire Lennox’ European Commercial HVAC and Refrigeration Divisions

BRUSSELS - Monday, 25. September 2023

(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:

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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Marie Ciparisse

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