Deal Details

NSI Industries to Sell Duro Dyne and Supco to Lennox

Industrial

NSI Industries, a portfolio company of Sentinel, sale of Duro Dyne and Supco to Lennox

Summary

NSI Industries, LLC (“NSI Industries” or the “Company”), a portfolio company of Sentinel Capital Partners (“Sentinel”), has entered a definitive agreement to sell the HVAC division of NSI Industries, which includes Duro Dyne, Supco and other leading brands, to Lennox International Inc. (“Lennox”) (NYSE: LII) for approximately $550 million in cash. The acquisition is expected to close in the fourth quarter of 2025, subject to various regulatory approvals.

Baird served as lead advisor to NSI Industries on this transaction.

About

NSI Industries is a leading manufacturer and supplier of branded electrical and HVAC components to third-party distributors in the United States and Canada. NSI Industries is made up of a portfolio company of well-respected brands: Bridgeport, Polaris, Tork and others. The Company makes and distributes more than 2,000 products throughout North America. NSI Industries is headquartered in Huntersville, North Carolina.

Sentinel is a leading midmarket private equity firm that seeks to deliver consistently superior results by providing management teams with vital resources to improve their businesses, facilitate growth and create value. Sentinel also provides junior capital solutions as a minority investor. Working collaboratively internally and with its management partners, Sentinel acts as a strategic sounding board to help solve business challenges and capitalize on opportunities. Sentinel's proven investment strategy focuses on niche markets in the business services, consumer, healthcare services and industrial sectors. Sentinel has raised more than $11.2 billion of capital since inception in 1995 and has steadfastly adhered to its core principles over the past three decades. Sentinel is headquartered in New York, New York.

The HVAC division of NSI Industries, including Duro Dyne and Supco, is a market-leading supplier of branded HVAC components and accessories for diverse commercial and residential applications. Duro Dyne and Supco maintain a 70+ year reputation for premium quality, offering comprehensive HVAC solutions across the United States and Canada. Duro Dyne is known as a market-leading manufacturer of mission-critical HVAC components and accessories. Supco provides high-performing, technician-focused HVAC parts. The HVAC division of NSI Industries is headquartered in Huntersville, North Carolina.

Lennox is a leader in energy-efficient climate-control solutions. Dedicated to sustainability and creating comfortable and healthier environments for their residential and commercial customers while reducing their carbon footprint, Lennox leads the field in innovation with cooling, heating, indoor air quality and refrigeration systems. Lennox is headquartered in Richardson, Texas.

Industrial

NSI Industries, a portfolio company of Sentinel, sale of Duro Dyne and Supco to Lennox