LENNOX INTERNATIONAL INC acquired Service Experts Inc. for approximately $307.0 million, including 12.2 million shares of LII common stock and the assumption of $175 million of debt (per FY2002 10-K, Note 6), a transaction completed in January 2000, structured as combination (stock plus assumption of debt). The deal was a Merger.
Service Experts Inc. operates in North American retail / Service Experts, is based in United States. On January 21, 2000, Lennox acquired Service Experts Inc., a holding company owning retail outlets for heating and air conditioning products and services across the United States. The acquisition took the form of a merger in which Service Experts shareholders received 0.67 of a share of LII common stock per share. Approximately $154.6 million was allocated to the fair value of assets acquired, $118.8 million to liabilities assumed, and $271.5 million to goodwill. Service Experts greatly expanded Lennox's program of selling HVAC products and services directly to consumers.
The acquisition of heating and air conditioning dealers and service centers extended Lennox's distribution directly to the consumer, a then-new direction for the HVAC industry.
Service Experts gave Lennox a direct-to-consumer retail footprint of company-owned dealer service centers, complementing its manufacturing and wholesale distribution. Integrated Service Experts centers with the dealer service centers Lennox had acquired since 1998 to build a North American retail segment. North American retail segment (Service Experts operations)
On January 21, 2000, the Company acquired Service Experts Inc., a holding company owning retail outlets for heating and air conditioning products and services. The acquisition was accounted for under the purchase method of accounting.Lennox International FY2002 10-K, Acquisitions and Divestitures note
Advisory firms were not disclosed for this transaction.