Sentinel Capital Partners, a private equity firm specializing in midmarket investments, announced the sale of NSI Industries’ HVAC division, which includes the Duro Dyne and Supco brands, to Lennox International for approximately $550 million in cash. The deal marks a strategic shift for NSI as it refocuses on its core electrical products business, returning to its roots as a pure-play manufacturer and distributor of electrical components.
Following the divestiture, NSI Industries will continue to operate as a focused electrical products company, known for its portfolio of trusted brands, including Bridgeport, Polaris, and Tork. These brands represent NSI’s continued emphasis on insulated connectors, fittings, and other high-value electrical components that serve a replacement-driven market with steady demand.
According to Sentinel, the sale aligns with Lennox International’s long-term strategic goals. It strengthens its HVAC portfolio while allowing NSI to streamline its operations and sharpen its focus on the electrical sector. Sentinel’s investment and partnership with NSI over the past four years helped drive growth, expand market share, and strengthen its position as a leading player in electrical manufacturing and distribution.
John Van Sickle, Partner at Sentinel, emphasized the complementary nature of the deal and the opportunity it presents for both parties. NSI’s HVAC President, John MacQuarrie, highlighted the division’s pride in its accomplishments under Sentinel and its enthusiasm for joining Lennox for the next chapter of growth.
Sentinel’s track record in the electrical manufacturing and distribution space includes previous investments in ECM Industries and Power Products, both leaders in electrical products for construction, lighting, irrigation, and related industries. The firm’s industrial expertise extends across a diverse portfolio, including Chromalox, Engineered Controls, LTI Boyd, RotoMetrics, Sonny’s, and Spectrum Safety Solutions.
With over $11.2 billion in capital raised since its founding in 1995, Sentinel Capital Partners continues to invest across niche markets in business services, consumer, healthcare services, and industrial sectors. Through its collaborative approach, Sentinel provides its portfolio companies with operational support and strategic guidance to enhance growth and value creation.
KEY QUOTES:
“There is an excellent strategic fit between NSI’s HVAC division and Lennox. 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.”
— John Van Sickle, Partner, Sentinel Capital Partners
“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. We remain focused on operational excellence, product innovation, and delivering exceptional value to our customers.”
— John MacQuarrie, President, HVAC Division, NSI Industries
