SPX Technologies acquires ASPEQ Heating Group
Snapshot
SPX Technologies acquired ASPEQ Heating Group for approximately $418 million in cash at announcement; $421.5 million at close (net of $0.3M working-capital adjustment and $0.9M cash acquired) in June 2023. The transaction was structured as all cash. ASPEQ Heating Group is a HVAC business.
- Acquirer
- SPX Technologies
- Target
- ASPEQ Heating Group
- Value
- approximately $418 million in cash at announcement; $421.5 million at close (net of $0.3M working-capital adjustment and $0.9M cash acquired)
- Date
- June 2023
- Type
- merger
- Status
- ready
The deal at a glance
About this deal
SPX Technologies acquired ASPEQ Heating Group for approximately $418 million in cash at announcement; $421.5 million at close (net of $0.3M working-capital adjustment and $0.9M cash acquired), a transaction completed in June 2023, structured as all cash. The deal was a merger.
ASPEQ Heating Group operates in HVAC. ASPEQ Heating Group is a leading provider of electrical heating solutions to customers in industrial and commercial markets. SPX acquired ASPEQ from Industrial Growth Partners V, L.P. via an Agreement and Plan of Merger.
Goodwill reflects expected market growth for ASPEQ's existing operations and increased volumes achieved by selling ASPEQ's products through existing SPX sales channels.
Original patents on duct heating and a strong electric-heat market position, combinable with SPX's existing Marley Engineered Products electric-heat franchise. Cross-sell of ASPEQ products through existing SPX sales channels. HVAC reportable segment CEO: “ASPEQ is a great addition. In particular, their duct heating. They have the original patents on duct heating and a very strong market position there. We see a very nice combination there.”
No advisory firms have been disclosed for this transaction.