Lennox Acquires AES to Expand Commercial HVAC Services

Rhea-AI Summary

Lennox, a leader in energy-efficient climate-control solutions, has completed the acquisition of AES, a company dedicated to service and sustainability in the light commercial market. AES will become part of the Lennox Commercial Business Segment, enhancing cross-selling and increasing capacity for National Account turn-key installations. AES President Jason Benton will join Lennox in a leadership role.

Positive

• The acquisition of AES will enable Lennox to deliver integrated services to customers across the HVAC life-cycle, potentially increasing revenue and market share.

Negative

• No negative takes found.

• Increases capacity for National Account turn-key installations and enhances cross-selling.
• Unlocks new value and offerings for customers across a "front-to-back" HVAC life-cycle solution.

DALLAS, Oct. 25, 2023 /PRNewswire/ -- Lennox (NYSE: LII), a leader in energy-efficient climate-control solutions, today announced it has completed the acquisition of AES, a company dedicated to service and sustainability in the light commercial market.

Across North America, AES provides installations services, adapter curbs, and reclaim services. AES will become part of the Lennox Commercial Business Segment and enable the delivery of "front-to-back" life-cycle integrated services to AES and Lennox customers.

"AES represents a strong strategic and cultural fit for the Lennox Commercial segment and is consistent with our growth strategy," Lennox EVP and President of the Commercial Heating and Cooling Business Joe Nassab stated. "By adding AES's services to our already strong portfolio, we have positioned our business to grow through providing our customers with more capabilities. In addition, we are thrilled that AES and Lennox share many of the same core values and we look forward to growing together."

AES President Jason Benton will join the Lennox Commercial business segment in a leadership role and will continue to lead the AES business and team of approximately 280 associates.

"This is an excellent fit for us," said Jason Benton, President of AES. "Our customers trust us to respond quickly and personally. We are excited for the opportunity to reach new customers and expand with Lennox resources."

Terms of the acquisition were not disclosed.

About Lennox

Lennox (NYSE: LII) is a leader in energy-efficient climate-control solutions. Dedicated to sustainability and creating comfortable and healthier environments for our residential and commercial customers while reducing their carbon footprint, we lead the field in innovation with our cooling, heating, indoor air quality, and refrigeration systems. Additional information on Lennox is available at www.lennoxinternational.com or by contacting Investor Relations, 972-497-6670, investor@lennoxintl.com.

 

 

 

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SOURCE Lennox International Inc.

FAQ

What is the acquisition Lennox has completed?

Lennox has completed the acquisition of AES, a company in the light commercial market.

What will AES become a part of?

AES will become part of the Lennox Commercial Business Segment.

Who will join Lennox in a leadership role?

AES President Jason Benton will join Lennox in a leadership role.

What potential benefits does the acquisition bring?

The acquisition enables Lennox to deliver integrated services to customers and potentially increase revenue and market share.