Charlotte-based SPX Applied sciences increasing HVAC enterprise with $418M acquisition

SPX Technologies plans to “significantly expand” its electrical heating business with $418 million purchase of ASPEQ Heating Group.

The Charlotte-based company has entered an agreement to buy ASPEQ from Industrial Growth Partners, a San Francisco-based private equity firm, SPX said Monday in a news release.

This is SPX Technologies’ 13th and largest acquisition since 2018, SPX Technologies CEO Gene Lowe said 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, SPX said.

The transaction, subject to regulatory approval, is expected to close in the second quarter by early July.

About SPX Technologies

SPX Technologies, a supplier of products and technologies in the HVAC and detection and measurement markets, has more than 3,300 employees in 15 countries.

Last month, SPX Technologies acquired Canada-based TAMCO for $125 million to expand the HVAC operations. TAMCO manufactures 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 formed from the corporate reorganization of SPX Corp. group of companies.

In 2020, SPX moved its headquarters to 6325 Ardrey Kell Road in South Charlotte.

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