SYNTAGMA CAPITAL completes the acquisition of Lennox’s European Commercial HVAC and Refrigeration divisions

Syntagma Capital announces that it has completed the acquisition of the European Commercial HVAC and Refrigeration businesses of Lennox International (NYSE: LII).

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 combined businesses serve customers in the industrial, retail, logistics, office and HORECA sectors in over 40 countries. The businesses are headquartered in Lyon (France) and employ ca. 940 people across 4 sites in France and in Spain and its pan European commercial organization. In 2023, Lennox EMEA is expected to generate ca. €200m in revenues.

Syntagma is pleased to announce the acquisition of Lennox’s European Commercial HVAC and Refrigeration divisions, marking the third investment of the fund. Amidst a complex M&A landscape, this transaction underscores our adeptness in navigating through challenging times, showcasing our highly selective approach to capital allocation. In addition, this investment endorses Syntagma’s position as a leading partner for global corporates looking to divest businesses to responsible, experienced and committed investors” said Syntagma Managing Partner Sebastien Kiekert Le Moult.

Lennox’s European Commercial HVAC and Refrigeration divisions are outstanding businesses with an industry-leading technology and strong sector position. We look forward to leveraging Syntagma’s extensive network and resources to support organic and inorganic growth initiatives and to partnering with the management team to enhance the continued expansion of the platform” said Syntagma Partner Frank Coenen.

Syntagma’s team involved in the transaction included Sebastien Kiekert Le Moult (Managing Partner), Frank Coenen (Partner), Benjamin Dahan (Partner), João Pilecco (Principal), Gabriele Lo Monaco (Senior Associate) and Alicia Azéma (Senior Analyst).

Syntagma was advised by Willkie Farr & Gallagher (M&A legal and antitrust), PwC (financial due diligence, valuation and tax structuring), Deloitte (tax and social due diligence), Kaiser Associates (operational due diligence), Montalto Consulting (carve-out) 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.



Marie Ciparisse

Phone: +32 (0)2 315 70 12