Platinum Equity agrees to sell Heat Controller to Lennox

Platinum Equity has signed a definitive agreement to sell Heat Controller, an HVAC equipment supplier, to Lennox (NYSE: LII). Financial terms of the transaction were not disclosed.

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

The sale marks Platinum Equity's final exit from its MARS investment. In 2025, the firm divested the MARS parts division to CSW Industrials, Inc. (NYSE: CSW) for $650 million. During its ownership, Platinum Equity also completed the acquisition of Global, the Source, expanded Heat Controller's product categories, and recruited a new management team led by Philip Windham as CEO.

"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.

Windham said the company looks forward to its next chapter with Lennox, crediting Platinum Equity's operational resources and strategic guidance for strengthening the business.

The 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.

You May Also Be Interested In

• DiamiR and AlzLabs team up on Alzheimer's blood biomarker study
• Blockmate plans $750,000 private placement for Wyoming data centre
• Nokia and Google Cloud to integrate Gemini AI into network software