2023-05-01 07:47:49 ET
- SPX Technologies ( NYSE: SPXC ) to purchase ASPEQ Heating Group, an electrical heating solutions, from Industrial Growth Partners, a San Francisco-based private equity firm for ~$418M in cash.
- ASPEQ will become a part of SPX Technologies’ HVAC Heating platform, within its electrical heating business, along with Marley Engineered Products.
- Closing is expected in Q2 2023.
- Dave Smith, ASPEQ’s President and CEO comments “The combination of ASPEQ and SPX Technologies’ electrical heating business is a natural next step in the growth of our business that will provide numerous opportunities for employees and customers. Bringing together two strong portfolios of leading electrical heating brands with SPX Technologies’ substantial resources, marketing and channel infrastructure and business system is a recipe for significant growth and value creation. The ASPEQ team looks forward to working with the SPX Technologies team to build an even stronger, more valuable business.”
For further details see:
SPX Technologies to purchase ASPEQ Heating Group for $418M