Copeland to Acquire SPH Sustainable Process Heat

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.

Danfoss Acquires Palladio Compressors

October 1, 2025

Manufacturing

Danfoss has acquired Palladio Compressors Srl to add screw-compressor technology to its portfolio, supporting large-scale HVAC/R systems and high‑temperature heat pumps. The deal integrates Palladio’s efficient screw compressors — designed for natural and low‑GWP refrigerants — into Danfoss’s broader compressor, valves, controls and heat‑exchanger offering to expand capabilities and address mid‑range energy applications.

Dover Acquires SPS Cryogenics B.V. and Special Gas Systems B.V.

August 12, 2024

Manufacturing

Dover (through its OPW CES platform) has acquired SPS Cryogenics B.V. and its affiliated business Special Gas Systems B.V., both based in Heerhugowaard, the Netherlands. The acquisition expands OPW CES's cryogenic vacuum‑insulated piping and gas systems capabilities and strengthens Dover's European presence to support growing demand in clean energy and industrial gas markets.

Blackstone-led Consortium Acquires Emerson's Remaining Interest in Copeland

June 6, 2024

Manufacturing

Private equity funds managed by Blackstone, with investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and GIC, will acquire Emerson's remaining 40% interest in the Copeland joint venture (formerly Emerson Climate Technologies) for approximately $3.5 billion. The deal — in which Copeland will repurchase the seller's note — furthers Emerson's portfolio simplification and is expected to close in the second half of 2024, subject to regulatory approvals.

H.I.G. Capital to Acquire Spheros (Valeo Thermal Commercial Vehicles Division)

March 14, 2024

Automotive

H.I.G. Capital (via an affiliate) has signed a definitive agreement to acquire Valeo's Thermal Commercial Vehicles division, which will operate as Spheros after closing. Headquartered in Gilching (Munich), Germany, Spheros is a global developer and manufacturer of thermal management and HVAC systems for buses, coaches and refrigerated transport; the transaction is a carve-out from Valeo and is expected to close in 2024 subject to regulatory approvals.

Modine Acquires Scott Springfield Manufacturing

February 26, 2024

Industrial Services

Modine (NYSE: MOD) entered into a definitive agreement to acquire Scott Springfield Manufacturing, a Canadian air handling unit (AHU) manufacturer based in Calgary. The deal gives Modine a complementary AHU product portfolio and a blue-chip customer base across hyperscale/colocation data centers, indoor air quality for healthcare, telecommunications, and aerospace.