KUALA LUMPUR, Sept 25 (Bernama) -- Syntagma Capital has entered into exclusive negotiations with Lennox International to acquire its European Commercial HVAC and Refrigeration businesses.
“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.
“This transaction represents our third 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 in a statement.
The HVAC division designs and manufactures commercial heating, air conditioning and air handling equipment, while the Commercial Refrigeration division designs and manufactures commercial evaporators, condensing units, condensers and dry coolers.
Having served customers in the industrial, retail, logistics, residential, office and HORECA sectors in over 40 countries, the businesses are headquartered in Lyon, France and employ approximately 940 people across four sites and their commercial organisation.
The proposed transaction, which is subject to the fulfilment 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 this year.
Syntagma’s team involved in the transaction included Le Moult, Frank Coenen (Partner), Benjamin Dahan (Partner), João Pilecco (Senior Vice President), Gabriele Lo Monaco (Senior Associate) and Alicia Azema (Senior Analyst).
The company was advised by Willkie Farr & Gallagher (mergers and acquisitions (M&A) legal and antitrust), PricewaterhouseCoopers (financial DD and tax structuring), Deloitte (tax and social), Kaiser Associates (operations) and 4Strategies (strategy).
-- BERNAMA
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