SPX to expand electrical heating product portfolio
SPX Technologies has entered into a definitive agreement to purchase ASPEQ Heating Group, a manufacturer of electrical heating products, from Industrial Growth Partners, a San Francisco-based private equity firm. ASPEQ will become a part of SPX Technologies’ HVAC Heating platform, within its electrical heating business, along with Marley Engineered Products (MEP). The purchase is expected to close in the second quarter of 2023.
ASPEQ provides electrical heating solutions to customers in industrial and commercial markets under the brands INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay PipeHeating, BBC, and Solar Products.
“We are looking forward to welcoming ASPEQ to the SPX Technologies team,” said Gene Lowe, president and CEO of SPX Technologies. “This will be our largest acquisition to date and will significantly expand our portfolio of electrical heating products where we see attractive growth trends, including decarbonization.”
Dave Smith, ASPEQ’s president and CEO, said, “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.”