St. Louis, MO – ASPEQ Heating Group (“ASPEQ” or the “Company”), a portfolio company of Industrial Growth Partners (“IGP”) and a leading provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine and transportation markets, has been acquired by SPX Technologies (NYSE:SPXC). Hennepin Partners acted as a financial advisor to ASPEQ Heating Group. SPX Technologies purchased ASPEQ including certain tax attributes for approximately $418 million in cash.
Headquartered in Saint Louis, ASPEQ provides electrical heating solutions to customers in various markets under the well-known and respected brands INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay PipeHeating, BBC, and Solar Products. The Company provides over 30 distinct product categories, including immersion and circulation heaters and duct heaters, among others, as well as integrated controls and spare parts.
The combination of ASPEQ with SPX Technologies’ existing Marley Engineered Products business creates opportunities to enhance new product innovation, provides access to relevant products, and creates efficiencies for customers by sharing complementary resources. Clear product and geographic synergies and expanded engineering development expertise provide opportunities to innovate the next generation of heating solutions while strengthening supply chain stability.
“We are delighted to be joining SPX Technologies’ electrical heating team. Bringing together SPX Technologies’ marketing and channel infrastructure and business system with ASPEQ’s technology, and strong product development and application expertise creates numerous opportunities for employees, customers, and shareholders. I personally look forward to working with the SPX Technologies team to build an even stronger, more valuable platform,” said ASPEQ’s CEO, Dave Smith.