Lennox to Acquire HVAC Supplier Heat Controller from Platinum Equity

The sale of the HVAC equipment supplier follows a two-year transformation period led by Platinum Equity, which acquired the business as part of its 2024 investment in Motors & Armatures (MARS). Under Platinum’s ownership, the company integrated new product categories, including float switches and chemicals, and recruited a management team led by CEO Philip Windham. This divestiture concludes a multi-step strategy that previously saw the sale of the MARS parts division to CSW Industrials for $650 million in 2025.

Platinum Equity Co-President Jacob Kotzubei noted that the exit aligns with the firm's original investment thesis, which focused on streamlining operations and finding strategic buyers for individual divisions. Lennox, a major player in energy-efficient heating and cooling systems, will now incorporate Heat Controller’s Comfort-Aire and Century brands into its existing platform. The deal remains subject to standard regulatory approvals, with O'Melveny & Myers LLP providing legal counsel to the seller.