SPX Technologies acquired SGS Refrigeration Inc. (“SGS”) for $10.0 million plus a deferred payment not to exceed $1.5 million, a transaction completed in July 2019, structured as all cash plus deferred payment.
SGS Refrigeration Inc. (“SGS”) operates in HVAC, had revenue of about approximately $12.0 million (twelve months prior to acquisition). SPX purchased SGS Refrigeration of Dixon, Illinois in July 2019. Founded in 2010, SGS makes industrial evaporators and evaporative condensers and had partnered with SPX since 2015 to build the Cube line of evaporative condensers. With 2018 revenue of about $15 million, the business reports within the HVAC Cooling unit of SPX's HVAC segment.
Adds industrial refrigeration product capability to the HVAC platform.
HVAC reportable segment
Advisory firms were not disclosed for this transaction.