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DALLAS - Lennox (NYSE:LII), the $20.8 billion HVAC industry leader with a strong financial health rating according to InvestingPro, announced Monday it has signed a definitive agreement to purchase the HVAC division of NSI Industries from Sentinel Capital Partners for approximately $550 million.
The acquisition will add several brands to Lennox’s portfolio, including Duro Dyne, a manufacturer of HVAC/R components and accessories, and Supco, a provider of HVAC/R parts. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals.
"This acquisition strengthens our ability to deliver complete lifecycle solutions for residential and commercial customers," said Alok Maskara, Chief Executive Officer of Lennox.
The deal will expand Lennox’s parts and supplies offerings for both commercial and residential HVAC customers across North America. The NSI Industries’ HVAC division includes manufacturing and distribution sites throughout the United States and Canada.
John MacQuarrie, NSI Industries HVAC President, expressed support for the transaction, stating that his team is "excited to join Lennox."
Lennox, which recently marked 130 years in the HVAC industry, manufactures cooling, heating, indoor air quality, and refrigeration systems. The company stated in its press release that the acquisition responds to customer requests for a broader parts and supplies portfolio.
In other recent news, Lennox International reported impressive second-quarter earnings for 2025, surpassing analysts’ expectations with an adjusted earnings per share (EPS) of $7.82, compared to the forecasted $6.86. The company’s revenue also exceeded projections, reaching $1.5 billion against a forecast of $1.47 billion. Following these results, several firms adjusted their price targets for Lennox. JPMorgan increased its price target to $592 from $549, citing improved margins in the Home Comfort Solutions segment and higher volume in the Building Climate Solutions division. Mizuho raised its price target to $650 from $595, noting a "sizable" earnings beat and raised guidance despite expected volume challenges in the second half of the year. Oppenheimer set a new price target of $730, up from $650, highlighting Lennox’s results exceeding consensus estimates for both revenue and earnings, along with an increase in full-year guidance. These developments reflect strong performance and positive outlooks from analysts.
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