M&A Deal Summary

SPX Technologies Acquires ASPEQ Heating Group

On May 1, 2023, SPX Technologies acquired electrical equipment company ASPEQ Heating Group from Industrial Growth Partners for 418M USD

Acquisition Highlights
  • This is SPX Technologies’ 1st transaction in the Electrical Equipment sector.
  • This is SPX Technologies’ 4th largest (disclosed) transaction.
  • This is SPX Technologies’ 13th transaction in the United States.
  • This is SPX Technologies’ 1st transaction in Mississippi.

M&A Deal Summary
Date 2023-05-01
Target ASPEQ Heating Group
Sector Electrical Equipment
Buyer(s) SPX Technologies
Sellers(s) Industrial Growth Partners
Deal Type Add-on Acquisition
Deal Value 418M USD

Target

ASPEQ Heating Group

St. Louis, Mississippi, United States
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

SPX Technologies

Charlotte, North Carolina, United States
Category Company
Founded 1912
Sector Machinery
Employees4,100
Revenue 1.7B USD (2023)
DESCRIPTION
Entrance to SPX's corporate headquarters in Charlotte, North Carolina.
Entrance to SPX's corporate headquarters in Charlotte, North Carolina.

SPX Technologies is a global supplier of highly specialized, engineered solutions for the energy and food/beverage industries. Key products include processing systems and components for the food and beverage industry, pumps, valves and filtration equipment used in oil and gas processing, power transformers used by utility companies, and cooling systems for power generation plants and HVAC applications. SPX Technologies was founded in 1912 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 23 of 24
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 17 of 18
State (Mississippi) 1 of 1
Country (United States) 13 of 13
Year (2023) 2 of 2
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-03 TAMCO

Smiths Falls, Ontario, Canada

TAMCO is a manufacturer of high-end, superior-quality dampers and air control products, serving commercial, industrial, and institutional markets. TAMCO is devoted to designing and developing products that are durable, maintenance-free, energy-efficient, and unparalleled in performance. TAMCO was founded in 1995 and is based in Smiths Falls, Ontario.

Buy $125M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-07 Ingenia

Mirabel, Quebec, Canada

Ingenia specializes in the design and manufacture of air handling units, from fast delivery modular units to fully custom projects. From traditional to fully integrated systems with controls and piping, the company's solutions are used in high-value applications in a number of end markets, including health sciences (hospitals and research labs), pharmaceutical, education, food processing, office buildings, and industrial. Ingenia was formed in 2004 and is based in Mirabel, Quebec.

Buy CA$405M

Seller(S) 1

SELLER

Industrial Growth Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 3.4B 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 30 of 34
Sector (Electrical Equipment) 5 of 6
Type (Add-on Acquisition) 14 of 18
State (Mississippi) 1 of 1
Country (United States) 30 of 33
Year (2023) 1 of 4
Size (of disclosed) 4 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-20 Hultec

Fort Worth, Texas, United States

Hultec is a designer, manufacturer, and distributor of engineered elastomer gaskets, seals, and other critical products for the potable and non-potable water, industrial, and agricultural end markets. Hultec was founded in 1981 and is based in Fort Worth, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-18 Process Insights

Houston, Texas, United States

Process Insights focus on process monitoring, analytics, control, and safety applications around the globe. The company's premium brands are used across a wide range of applications and end markets to ensure safe operations, increase product quality, and attain increasingly higher levels of efficiency and throughput in process industries. Sensors, monitors, detectors, analyzers, instrumentation, and software used in these applications are mission-critical to continually improve quality, reduce disruptions, downtime, and lost productivity, all while managing increasing regulatory complexity and operating cost in industrial processes. Process Insights was formed in 2017 and is based in Houston, Texas.

Buy -
Mergr

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