Industrial Growth Partners (“IGP”) is pleased to announce the sale of ASPEQ Heating Group LLC (“ASPEQ” or the “Company”) to SPX Technologies (NYSE: SPXC) for $418 million in a transaction that closed on June 2, 2023.
ASPEQ, headquartered in St. Louis, MO, is a leading provider of custom-configured electric heating and thermal management products serving industrial, commercial, military, marine, and transportation markets.
Original Acquisition Details
IGP, together with members of the management team and certain outside investors, acquired ASPEQ in November 2019. Since that time, ASPEQ has achieved meaningful growth and strengthened its market leadership position. The Company made strategic investments to expand its addressable market, develop new products, further build the sales team and bolster its channels to market. These investments included key technical sales and engineering hires, facility expansion and optimization, and investments in inventory and automation. ASPEQ also completed four strategic add-on acquisitions which deepened existing niches and added key new markets and product technologies.
Dave Smith, President and CEO of ASPEQ, commented: “IGP provided valuable support and resources to assist ASPEQ as we executed on our long-term strategic plan to grow the Company and better serve our customers. Despite the challenges of COVID and heightened market uncertainty over the past several years, we doubled down on our strategic initiatives and emerged ultimately stronger and nearly twice as large. I’m very proud of my team and thankful for the resolve that IGP demonstrated during that turbulent time and for their guidance throughout the course of the partnership. ASPEQ is now positioned better than ever for growth as part of SPX Technologies.”