SPX Technologies plans to “significantly expand” its electric heating business by purchasing ASPEQ Heating Group for $418 million.
The Charlotte-based company has entered into an agreement to purchase ASPEQ with Industrial Growth Partners, a San Francisco-based private equity firm, SPX said in a press release Monday.
This is SPX Technologies' 13th and largest acquisition since 2018, said Gene Lowe, CEO of SPX Technologies, in a statement.
ASPEQ, based in St. Louis, offers industrial and commercial brands such as INDEECO, Heatrex and AccuTherm. ASPEQ's annual revenue is about $120 million, according to SPX.
Subject to regulatory approval, the transaction is expected to close in the second quarter, in early July.
About SPX Technologies
SPX Technologies, a provider of products and technologies in the areas of heating, ventilation and air conditioning, detection and measurement technology, employs more than 3,300 people in 15 countries.
Last month, SPX Technologies acquired Canada-based TAMCO for $125 million to expand its HVAC operations. TAMCO makes motorized and non-motorized dampers that control airflow in thermal applications such as data centers and healthcare facilities, according to SPX.
Last August, SPX Technologies was created from the corporate restructuring of the SPX Corp. group of companies.
In 2020, SPX moved its headquarters to 6325 Ardrey Kell Road in South Charlotte.
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