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Lennox buys 21 dealerships with revenues of $187 million

July 11, 2000
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DALLAS — Lennox International Inc. announced that Lennox Retail Inc., the retail arm of its wholly owned subsidiary, Lennox Industries Inc., has acquired 21 hvac dealerships since Lennox International made its initial public offering on July 29.

Total consideration for these companies consisted of approximately $91 million (U.S.) in cash and stock. Total annualized revenues for the 21 acquired companies are approximately $187 million.

The latest round of acquisitions brings the total hvac dealerships acquired by Lennox to 73 since the company first announced its retail acquisition strategy last year. Total annualized revenues for the 73 acquired companies are approximately $330 million.

“Our unique one-step distribution system has helped our retail acquisition strategy to be especially effective,” said Bob Schjerven, president and chief operating officer, Lennox Industries.

“At the same time, we have significantly strengthened our relationships with both our independent dealers and the 1,300-plus dealers who have joined our Associate Dealer Program.”

“We’re excited at the progress Lennox Retail is making in implementing our North American retail acquisition strategy,” said John Norris, Lennox International chairman and ceo. “We intend to continue researching and pursuing the best-available acquisition opportunities for our long-term strategic plans.

“While there is tremendous growth potential for Lennox in the retail sector, we are balancing that strategy with a continued commitment to the success of our independent and associate dealers.”

Lennox International Inc. is the parent company of Lennox Industries Inc., Armstrong Air Conditioning Inc., Heatcraft Inc., and Lennox Global Ltd.

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