M&A Deal Summary

SPX Technologies Acquires Ingenia

On February 7, 2024, SPX Technologies acquired machinery company Ingenia for 405M CAD

Acquisition Highlights
  • This is SPX Technologies’ 7th transaction in the Machinery sector.
  • This is SPX Technologies’ 4th largest (disclosed) transaction.
  • This is SPX Technologies’ 3rd transaction in Canada.
  • This is SPX Technologies’ 1st transaction in Quebec.

M&A Deal Summary
Date 2024-02-07
Target Ingenia
Sector Machinery
Buyer(s) SPX Technologies
Deal Type Add-on Acquisition
Deal Value 405M CAD
Advisor(s) McCarthy Tétrault (Legal)

Target

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.

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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 24 of 24
Sector (Machinery) 7 of 7
Type (Add-on Acquisition) 18 of 18
State (Quebec) 1 of 1
Country (Canada) 3 of 3
Year (2024) 1 of 1
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-01 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.

Buy $418M
Mergr

Product

Company

Legal