SPX Technologies Acquires ASPEQ Heating Group from Industrial Growth Partners for $418M

Industrial Growth Partners Acquires ASPEQ Heating Group

November 8, 2019

Manufacturing

Industrial Growth Partners V, L.P. (IGP), in partnership with management and certain outside investors, has acquired ASPEQ Heating Group LLC, a St. Louis-based manufacturer of custom-configured electric heating and thermal management products. IGP intends to use the transaction as a platform investment to accelerate ASPEQ's growth by enhancing its go-to-market strategy and product portfolio, expanding end-market reach, and pursuing add-on acquisitions.

ASPEQ (backed by Industrial Growth Partners) Acquires Solar Products, Inc.

July 1, 2022

Manufacturing

ASPEQ Heating Group, a St. Louis-based manufacturer of electric heating and thermal management products, acquired certain business assets and product lines of Solar Products, Inc., a Pompton Lakes, New Jersey manufacturer of custom infrared electric heaters. The deal is an add-on acquisition supported by ASPEQ’s sponsor, Industrial Growth Partners, intended to expand manufacturing capabilities, product technologies, and customer reach across industrial end markets.

ASPEQ / Industrial Growth Partners Add-On Acquisition of Spectrum, Inc.

February 17, 2021

Manufacturing

ASPEQ Heating Group LLC, a PE-backed manufacturer of electric heating and thermal management products, acquired certain business assets and product lines of Spectrum, Inc., a Cleveland-area maker of track switch heaters, hot air blowers and rail thaw-shed heaters. The add-on strengthens ASPEQ's position in the rail market (Class 1 freight, regional and commuter rail) and brings new manufacturing technologies and capabilities to ASPEQ.

ASPEQ Heating Group (backed by Industrial Growth Partners) Acquires Assets of BBC Industries

February 28, 2023

Manufacturing

ASPEQ Heating Group LLC, a portfolio company of Industrial Growth Partners, acquired certain business assets of BBC Industries, Inc. on February 15, 2023. The add-on expands ASPEQ's infrared electric heating technology, product scope, customer base and systems capabilities; BBC Industries will continue operating in Pacific, Missouri.

ASPEQ Acquires BannerDay PipeHeating

April 22, 2022

Industrial Services

ASPEQ Heating Group LLC acquired the impedance pipe heating assets (BannerDay PipeHeating) from Banner Engineering & Sales, Inc. (BannerDay) on April 22, 2022. The add-on expands ASPEQ’s electric heating and thermal management capabilities and customer base; ASPEQ is a PE-backed platform owned by Industrial Growth Partners and will integrate the pipe heating line while BannerDay continues to operate its bakery business independently.

SPX Technologies Acquires Thermolec

January 20, 2026

Manufacturing

SPX Technologies has completed the acquisition of Montréal-based Thermolec Ltd. for CA$195 million (approximately US$140 million). Thermolec, a manufacturer of custom electric duct heating and related HVAC solutions with nearly 200 employees and about US$35 million in annual revenue, will join SPX's HVAC Electric Heat business to expand product capabilities and grow sales in the U.S. and Canada.