- SPX Technologies Inc (NYSE:SPXC) has entered into a definitive agreement to purchase ASPEQ Heating Group from a private equity firm Industrial Growth Partners.
- Under the terms of the agreement, SPXC will purchase ASPEQ and certain tax attributes for $418 million in cash.
- ASPEQ will become a part of SPX Technologies’ HVAC Heating platform, within its electrical heating business.
- Saint Louis, Missouri-based 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.
- ASPEQ has annual revenue of about $120 million and is expected to be accretive to the margin of SPX Technologies’ HVAC segment.
- SPX intends to finance the acquisition by drawing on its revolving credit facility and borrowing under its recently announced incremental term loans.
- The transaction is expected to close in the second quarter of 2023.
- SPXC held $157.1 million in cash and equivalents as of Dec. 31, 2022.
- Price Action: SPXC shares are trading higher by 3.22% at $65.73 on the last check Monday.
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