PLATINUM EQUITY TO SELL HEAT CONTROLLER TO LENNOX

Sale positions Heat Controller for continued growth

Divestiture represents final exit of the firm's investment in HVAC/R distributor Motors & Armatures

LOS ANGELES, June 18, 2026 /PRNewswire/ -- Platinum Equity today announced that it has signed a definitive agreement to sell Heat Controller, a leading HVAC equipment supplier, to Lennox (NYSE: LII). Financial terms of the transaction were not disclosed.

Headquartered in Jackson, Michigan, Heat Controller serves distributors across North America through its established Comfort-Aire and Century brands. Heat Controller was acquired by Platinum Equity in 2024 as part of its investment in Motors & Armatures, Inc. ("MARS"), a leading distributor of HVAC/R parts, supplies and equipment.

"The sale of Heat Controller represents the culmination of our MARS investment and delivers a successful outcome driven by focused execution on our original investment thesis," said Platinum Equity Co-President Jacob Kotzubei. "During our stewardship, we partnered with the company's management team to create value through new product introductions, strategic M&A, synergy realization, investments in leadership talent, and an exit strategy that maximized value while divesting separate divisions to their most natural strategic buyers."

"We are grateful for our partnership with the entire MARS and Heat Controller team and are proud of what we accomplished during our ownership," said Platinum Equity Managing Director Dan Krasner. "We believe Lennox is an ideal strategic home for the Heat Controller business and are confident the company is well positioned to continue building on its momentum in this next chapter as part of the Lennox platform."

"We appreciate Platinum Equity's support and partnership during an important chapter in our company's evolution," said Philip Windham, Chief Executive Officer of Heat Controller. "Their operational resources, strategic guidance and commitment to investing in the business helped strengthen our platform and create new opportunities for growth. We are excited to begin our next chapter with Lennox and continue delivering the service, flexibility and value our customers depend on."

After investing in MARS in July 2024, Platinum Equity led a comprehensive transformation of the company, which included:

• Completing the strategic acquisition of Global, the Source, bringing US-based in-house manufacturing capabilities to MARS and enhancing the combined company's financial profile
• Expanding into new product categories such as pads, pans, equipment hangers, float switches, chemicals, and other accessories
• Driving significant cost savings across procurement, freight, and damage reduction
• Recruiting a world-class management team from a leading HVAC OEM, led by Philip Windham as CEO
• Divesting the MARS parts division in 2025 to CSW Industrials, Inc. (NYSE: CSW) for $650 million
• Now divesting Heat Controller to Lennox

The Heat Controller transaction is expected to close later this year, subject to customary closing conditions and regulatory approvals.

O'Melveny & Myers LLP is serving as legal advisor to Platinum Equity on the sale of Heat Controller.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $48 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O^® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 550 acquisitions.

About Lennox
Lennox (NYSE: LII) is a leader in energy-efficient building solutions and is committed to creating healthier and more comfortable environments. Serving residential and commercial customers, the company delivers innovative heating, cooling, indoor air quality, refrigeration, and water heating systems. Through trusted products, parts, and services, and advanced technology, Lennox delivers connected solutions that support the full lifecycle of customer needs. Additional information is available at www.lennox.com. Media inquiries may be directed to [email protected].

Contact:

Dan Whelan
Platinum Equity
[email protected]

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SOURCE Platinum Equity