Transaction Overview
- Represented ASPEQ Heating Group (“ASPEQ”), a portfolio company of Industrial Growth Partners, on its sale to SPX Technologies (NYSE:SPXC) for $418 million in cash.
- ASPEQ designs and manufactures highly-engineered, electric thermal-management technologies across a wide array of critical industrial, commercial and military / marine applications for a highly-diversified range of end-markets and customers.
Drivers of Interest
- Platform of scale in a fragmented $21B+ U.S. total addressable market with a proven track record of completing strategic acquisitions.
- Unique, multi-channel strategy enables ASPEQ to efficiently serve a diverse mix of customers across a variety of end markets and applications.
- Strong customer relationships, spec-presence and replacement / upgrade nature of ASPEQ’s products drive high margin, recurring revenues.
- Electrification megatrends driving adoption of electric heating solutions.
- Exceptional level of application expertise and operational flexibility.
- Multiple actionable growth levers.
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