SPX Technologies acquired Cincinnati Fan & Ventilator Co., Inc. for $145.2 million (net of $2.5M cash acquired; later $0.4M working-capital receipt), a transaction completed in December 2021, structured as all cash.
Cincinnati Fan & Ventilator Co., Inc. operates in HVAC. SPX completed its acquisition of Cincinnati Fan & Ventilator in December 2021 after agreeing to buy the company from Dominus Capital the prior month. Cincinnati Fan is a specialist in engineered air movement, producing blowers and critical exhaust systems. The purchase strengthened SPX's HVAC platform with additional engineered air-quality capabilities.
Expands SPX's engineered air movement HVAC platform.
Engineered air movement leadership complementary to TAMCO, Ingénia and Strobic. HVAC reportable segment CEO: “engineered air movement … you talk about Strobic and Cincinnati Fan. We see a lot of runway here and … very attractive opportunities to continue to build and strengthen that business.”
Advisory firms were not disclosed for this transaction.