Deal Details

ASPEQ Is Acquired by SPX

Industrial

ASPEQ, a portfolio company of IGP, sale to SPX

Summary

ASPEQ Heating Group (“ASPEQ” or the “Company”), a portfolio company of Industrial Growth Partners (“IGP”), has announced a definitive agreement to be acquired by SPX Technologies (“SPX”) (NYSE: SPXC). Under the terms of the agreement, SPX will purchase ASPEQ for approximately $418 million in cash. The transaction is expected to close in Q2 2023, subject to regulatory clearance under the Hart-Scott-Rodino Act.

Baird served as a financial advisor to IGP on this transaction.

About

ASPEQ is a leading provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine and transportation markets. The Company 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, Brasch, Spectrum, BannerDay PipeHeating, Solar Products and BBC brands. ASPEQ is headquartered in St. Louis, Missouri.

Industrial Growth Partners is a specialist private investment partnership focused exclusively on acquiring middle-market industrial manufacturing and niche services businesses. IGP principals bring unique industry experience, insights and guidance to the management teams of its portfolio companies to help drive transformational growth. Since inception, IGP has raised $3.4 billion in equity capital across six funds and have successfully invested alongside management in over 40 platform transactions. IGP is headquartered in San Francisco, California.

SPX Technologies is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX has more than 3,300 employees in 15 countries.

Industrial

ASPEQ, a portfolio company of IGP, sale to SPX