WASHINGTON (dpa-AFX) - Private equity firm Sentinel Capital Partners Thursday announced the sale of NSI Industries' HVAC division, which includes the market-leading Duro Dyne and Supco brands, to Lennox International for about $550 million in cash.
With this divestiture, NSI will refocus as a pure-play manufacturer of branded electrical products sold under iconic names like Bridgeport, Polaris, and Tork.
'There is an excellent strategic fit between NSI's HVAC division and Lennox,' said John Van Sickle, a Sentinel partner. 'This sale returns NSI to its roots as an electrical products company serving distributors nationwide. Our partnership with NSI's talented management team builds on the company's strong record of success, great brands, and reputation for superior service to electrical customers.'
'We've been proud to call NSI home for the past four years and look forward to joining the Lennox team in our next chapter of growth,' said NSI's HVAC President, John MacQuarrie. 'We remain focused on operational excellence, product innovation, and delivering exceptional value to our customers.'
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