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 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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Hennepin Partners LLC