SPX Technologies (NYSE:SPXC) announced today that it has entered
into a definitive agreement to purchase ASPEQ Heating Group
(“ASPEQ”), a leader in electrical heating solutions, from
Industrial Growth Partners, a San Francisco-based private equity
firm. ASPEQ will become a part of SPX Technologies’ HVAC Heating
platform, within its electrical heating business, along with Marley
Engineered Products (MEP).
Headquartered in Saint Louis, Missouri, ASPEQ provides
electrical heating solutions to customers in industrial and
commercial markets under the well-known and respected brands
INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay
PipeHeating, BBC, and Solar Products. ASPEQ has annual revenue of
approximately $120 million and is expected to be accretive to the
margin of SPX Technologies’ HVAC segment.
Under the terms of the agreement, SPX Technologies will purchase
ASPEQ and certain tax attributes for approximately $418 million in
cash. SPX Technologies intends to finance the acquisition of ASPEQ
by drawing on its revolving credit facility and borrowing under its
recently announced Incremental Term Loans. The parties anticipate
the closing of the transaction in the second quarter of 2023,
subject to regulatory clearance under the Hart-Scott-Rodino
Act.
“We are looking forward to welcoming ASPEQ to the SPX
Technologies team,” said Gene Lowe, President and CEO of SPX
Technologies. “This will be our largest acquisition to date and
will significantly expand our portfolio of electrical heating
products where we see attractive growth trends, including
decarbonization. ASPEQ’s strong brands, custom-configured products
and components, and diversified end markets are a very
complementary fit with our existing HVAC Heating platform. We see
multiple opportunities to enhance new product innovation and create
efficiencies for customers through shared channels and resources.
This is SPX Technologies’ 13th acquisition since 2018, and further
validates our strategy of building high-quality, market-leading
platforms, and creating foundations for further growth in closely
adjacent end markets.”
Dave Smith, ASPEQ’s President and CEO, said, “The combination of
ASPEQ and SPX Technologies’ electrical heating business is a
natural next step in the growth of our business that will provide
numerous opportunities for employees and customers. Bringing
together two strong portfolios of leading electrical heating brands
with SPX Technologies’ substantial resources, marketing and channel
infrastructure and business system is a recipe for significant
growth and value creation. The ASPEQ team looks forward to working
with the SPX Technologies team to build an even stronger, more
valuable business.”
SPX Technologies was represented by William Blair & Company,
LLC as financial adviser and K&L Gates as legal counsel. Baird
and Hennepin served as financial advisors and Kirkland & Ellis
LLP served as legal counsel for ASPEQ.
About SPX Technologies: SPX Technologies is a
supplier of highly engineered products and technologies, holding
leadership positions in the HVAC and detection and measurement
markets. Based in Charlotte, North Carolina, SPX Technologies has
more than 3,300 employees in 15 countries. SPX Technologies is
listed on the New York Stock Exchange under the ticker symbol
“SPXC.” For more information, please visit www.spx.com.
About ASPEQ: Headquartered in St. Louis,
Missouri, ASPEQ is a leading provider of custom-configured electric
heating and thermal management products to the industrial,
commercial, military, marine, and transportation markets. The
Company serves a highly diversified customer base and provides over
30 distinct product categories, including immersion and circulation
heaters, duct heaters, tubular elements, unit and comfort heaters,
and explosion-proof heaters, among others, as well as integrated
controls and spare parts. Products are marketed through a
multi-channel approach under the longstanding and well-known
INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay
PipeHeating, and Solar Products brands. ASPEQ was acquired by
Industrial Growth Partners in November 2019. For more information,
please visit our website at www.aspeqheating.com.
Forward-looking Statements: Certain statements
in this press release are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and are subject to the safe harbor created thereby. Please read
these results in conjunction with the Company’s documents filed
with the Securities and Exchange Commission, including the
Company’s most recent annual report on Form 10-K. These filings
identify important risk factors and other uncertainties that could
cause actual results to differ from those contained in the
forward-looking statements, including the following: cyclical
changes and specific industry events in the Company’s markets;
changes in anticipated capital investment and maintenance
expenditures by customers; availability, limitations or cost
increases of raw materials and/or commodities that cannot be
recovered in product pricing; the impact of competition on profit
margins and the Company’s ability to maintain or increase market
share; inadequate performance by third-party suppliers and
subcontractors for outsourced products, components and services and
other supply-chain risks; the uncertainty of claims resolution with
respect to the large power projects in South Africa, as well as
claims with respect to, environmental and other contingent
liabilities; the impact of climate change and any legal or
regulatory actions taken in response there to; cyber-security
risks; risks with respect to the protection of intellectual
property, including with respect to the Company’s digitalization
initiatives; the impact of overruns, inflation and the incurrence
of delays with respect to long-term fixed-price contracts; defects
or errors in current or planned products; the impact of the
COVID-19 pandemic and governmental and other actions taken in
response; domestic economic, political, legal, accounting and
business developments adversely affecting the Company’s business,
including regulatory changes; changes in worldwide economic
conditions; uncertainties with respect to the Company’s ability to
identify acceptable acquisition targets; uncertainties surrounding
timing and successful completion of any announced acquisition or
disposition transactions, including with respect to integrating
acquisitions and achieving cost savings or other benefits from
acquisitions; the impact of retained liabilities of disposed
businesses; potential labor disputes; and extreme weather
conditions and natural and other disasters.
Actual results may differ materially from these statements. The
words “guidance,” “believe,” “expect,” “anticipate,” “project” and
similar expressions identify forward-looking statements. Although
the Company believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct.
Statements in this press release speak only as of the date of
this press release, and SPX Technologies disclaims any
responsibility to update or revise such statements.
Investor and Media Contacts:Paul Clegg, VP,
Investor Relations and CommunicationsPhone: 980-474-3806E-mail:
spx.investor@spx.com
Garrett Roelofs, Manager, Investor RelationsPhone:
980-474-3806E-mail: spx.investor@spx.com
SOURCE SPX Technologies, Inc.
Grafico Azioni SPX Technologies (NYSE:SPXC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni SPX Technologies (NYSE:SPXC)
Storico
Da Giu 2023 a Giu 2024