SPX Technologies acquired Patterson-Kelley, LLC for $59.9 million, a transaction completed in November 2019, structured as all cash.
Patterson-Kelley, LLC operates in HVAC, had revenue of about approximately $35.0 million (twelve months prior to acquisition). In November 2019 SPX's subsidiary The Marley Company acquired Patterson-Kelley from Harsco Corporation for cash consideration of about $60 million. Based in East Stroudsburg, Pennsylvania, Patterson-Kelley manufactures and distributes commercial boilers and water heaters. Its results are reported within the Heating platform of SPX's HVAC segment, reinforcing SPX's push into high-efficiency commercial boilers.
Adds commercial boiler and water-heater capacity to SPX's heating-focused HVAC platform.
HVAC reportable segment
Advisory firms were not disclosed for this transaction.