Industrial Products

ASPEQ Heating Group

Leading designer and manufacturer of custom-configured and highly-engineered electric heating and thermal management products to the industrial, commercial, military, marine and transportation markets.

Transaction Overview

  • Represented Bunker Hill Capital on the sale of its portfolio company ASPEQ Heating Group LLC (“ASPEQ”) to Industrial Growth Partners (“IGP”).
  • ASPEQ designs and manufactures highly-engineered, thermal-management technologies across a wide array of critical industrial and commercial applications for a highly-diversified range of end-markets and customers.

Key Observations

  • Client was looking to provide liquidity to stockholders after strong organic growth and successful add-on acquisitions.

Drivers of Interest

  • Deep technical and application expertise.
  • Highly engineered portfolio of solutions for critical applications.
  • Entrenched relationships across diverse customers and markets.
  • Large, growing end-markets.
  • Stable base of high-margin recurring revenue.
  • Experienced and growth-oriented leadership team.
  • Executing a proactive multi-channel strategy for growth.
  • High degree of confidence in growth.
  • Proven acquisition platform.
  • Strong financial momentum.
Hennepin Partners LLC