Industrial Growth Partners Acquires ASPEQ Heating Group

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

June 2, 2023

Manufacturing

SPX Technologies (NYSE: SPXC) acquired ASPEQ Heating Group, a St. Louis-based provider of custom electric heating and thermal management products, for approximately $418 million. The transaction closed in June 2023 and expands SPX's HVAC heating portfolio by adding ASPEQ's brands and capabilities; the seller was private equity firm Industrial Growth Partners.

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.

Industrial Growth Partners Acquires AEM

September 13, 2021

Manufacturing

Industrial Growth Partners (IGP), in partnership with management and certain outside investors, acquired AEM (Holdings) Inc., AEM Group Limited and subsidiaries, creating a new platform investment to accelerate the company's growth. Founders Daniel and Cai Li Chang sold the company but retain a significant minority equity stake; Daniel Chang was named Chairman and Rick Busch was appointed CEO.