M&A Deal Summary

Industrial Growth Partners Acquires ASPEQ Heating Group

On November 12, 2019, private equity firm Industrial Growth Partners acquired electrical equipment company ASPEQ Heating Group from Bunker Hill Capital, Apogem Capital and Five Points Capital

Acquisition Highlights
  • This is Industrial Growth Partners’ 5th transaction in the Electrical Equipment sector.
  • This is Industrial Growth Partners’ 35th transaction in the United States.
  • This is Industrial Growth Partners’ 1st transaction in Mississippi.
Investment Fate
  • ASPEQ Heating Group was sold to a publicly-traded strategic buyer in 2023 for 418M USD.

M&A Deal Summary
Date 2019-11-12
Target ASPEQ Heating Group
Sector Electrical Equipment
Buyer(s) Industrial Growth Partners
Sellers(s) Bunker Hill Capital
Apogem Capital
Five Points Capital
Deal Type Secondary Buyout

Target

ASPEQ Heating Group

St. Louis, Mississippi, United States
website
ASPEQ Heating Group is a provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine, and transportation markets. ASPEQ serves a highly diversified customer base and provides over 30 distinct product categories, including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, and explosion-proof heaters, among others, as well as integrated controls and spare parts. Products are marketed through a multi-channel approach under the longstanding and well-known INDEECO, Heatrex, AccuTherm, and Brasch brands. ASPEQ Heating Group was formed in 2008 and is based in St. Louis, Mississippi.

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Buyer(S) 1

Buyer

Industrial Growth Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
PE ASSETS 2.2B USD
Size Large
Type Sector Focused
DESCRIPTION

Industrial Growth Partners (IGP) is a private equity firm that invests in privately held, lower middle-market manufacturing and manufacturing services companies. Specific areas of interest include industrial components and equipment, electrical and electronic equipment, process instrumentation and controls, analytical instruments and measuring devices, filtration and pumps, specialty chemicals, plastics, and healthcare/safety equipment. Prospective transaction situations include management buyouts, leveraged buyouts, corporate divestitures, recapitalizations, management buy-ins, and growth capital financings. Target companies typically are profitable and have annual revenues up to $250 million. IGP was formed in 1997 and is based in San Francisco, California.

DEAL STATS #
Overall 36 of 43
Sector (Electrical Equipment) 5 of 7
Type (Secondary Buyout) 16 of 19
State (Mississippi) 1 of 1
Country (United States) 35 of 42
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-15 Integrated Polymer Solutions

Long Beach, California, United States

Integrated Polymer Solutions is a manufacturer of custom, highly-engineered elastomeric components, such as seals, gaskets, and tooling for composite manufacturing, for the aerospace, military, biopharma, and specialty industrial end markets. Integrated Polymer Solutions was founded in 1985 and is based in Long Beach, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 Integrated Global Services

Richmond, Virginia, United States

Integrated Global Services is a provider of highly engineered, proprietary surface protection solutions and technologies to a diversified global customer base. The Company’s technologies and services solve metal wastage and reliability problems in mission-critical equipment found across energy, power generation and other industrial end markets.

Sell -

Seller(S) 3

SELLER

Bunker Hill Capital

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2003
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Bunker Hill Capital is a private equity firm that makes control investments in profitable, lower middle-market companies with EBITDA of $3 to $15 million. Bunker Hill looks for fundamentally sound businesses with defensible market positions, but at an 'inflection' point in its growth cycle. Sectors of interest include business services, industrial, retail, and consumer products and services. Bunker Hill Capital was formed in 2003 and is based in Wellesley, Massachusetts.

DEAL STATS #
Overall 6 of 7
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 5 of 5
State (Mississippi) 1 of 1
Country (United States) 6 of 7
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-24 Rizing

Stamford, Connecticut, United States

Rizing is a global SAP consulting firm with the objective to empower businesses to unlock the intelligent enterprise with SAP cloud technologies, geospatial solutions, and proprietary, cutting-edge products to optimize and extend SAP such as Blueline, Lyra, Codex, Mercury, and Hydrogen. With real-life experience in business areas like enterprise asset management, human capital management, and consumer industries. Rizing is based in Stamford, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-14 Taos

San Jose, California, United States

Taos is a multi-cloud consulting and managed services firm. The company brings years of experience with leading brands across technology, financial services, healthcare, retail, transportation and education. A leading adopter of public cloud technologies, Taos has forged strong partnerships with Amazon Web Services, Google Cloud Platform, and Microsoft Azure to deliver data center migration, platform engineering and hybrid cloud managed services.

Sell -
SELLER

Apogem Capital

Chicago, Illinois, United States

website

Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 37 of 49
Sector (Electrical Equipment) 3 of 4
Type (Secondary Buyout) 17 of 23
State (Mississippi) 1 of 1
Country (United States) 37 of 49
Year (2019) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-09 Nobles Worldwide

St. Croix Falls, Wisconsin, United States

Nobles Worldwide, Inc. is the largest supplier of ammunition feed systems to all branches of the U.S. military and its allies. Nobles are recognized globally for their superior durability products, cutting-edge designs, and rigorous quality assurance. Nobles Worldwide offer lighter, stronger and more flexible materials used in ammunition chutes, magazines, gun mounts, and weapon stations. Nobles are based in St. Croix Falls, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-23 Innovative Labs

Springville, Utah, United States

Innovative Labs is a developer, formulator, and provider of single serve and multi-dose ingestible health and wellness products for brands and direct sales companies. IFP provides highly differentiated formulating, blending, filling, distribution, and other critical services for small-format nutritional supplements, food items, household products, and other consumer packaged goods. Innovative Labs was founded in 2006 and is based in Springville, Utah.

Buy -
SELLER

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.

DEAL STATS #
Overall 38 of 56
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 22 of 25
State (Mississippi) 1 of 1
Country (United States) 38 of 56
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-11 GrammaTech

Ithaca, New York, United States

GrammaTech is a provider of cybersecurity solutions for government and commercial clients. GrammaTech’s software enables users to quickly scan code for vulnerabilities that cause breaches, system failures or poor reliability. GrammaTech’s expertise in application security testing has been built by decades of cutting-edge research for the national security community and other US government agencies. GrammaTech was formed in 1988 and is based in Ithaca, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-30 CURT Group

Eau Claire, Wisconsin, United States

CURT Group is a designer, manufacturer, and distributor of towing solutions, and trailer and cargo management accessories for passenger vehicles and trucks. Its products are sold through installers, distributors, e-commerce, retail, and auto dealer channels. CURT Group was founded in 1994 and is based in Eau Claire, Wisconsin.

Sell -
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