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Spx Technologies Announces Agreement To Purchase Aspeq Heating Group

May 01, 2023•about 2 years ago

Acquiring Company

SPX Technologies

Acquired Company

ASPEQ

CharlotteManufacturingManufacturing

Description

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).

Company Information

Company

SPX Technologies

Location

Charlotte, North Carolina, United States

About

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.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed

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