IGP-backed ASPEQ acquires certain business assets of Spectrum Inc

ASPEQ, which is backed by Industrial Growth Partners, has acquired certain business assets of Spectrum Inc.

ASPEQ, which is backed by Industrial Growth Partners, has acquired certain business assets of Spectrum Inc. No financial terms were disclosed. Based in Cleveland, the acquired business assets of Spectrum include electric track switch heaters, hot air blowers, thaw shed heaters, and associated controls for the rail industry.

PRESS RELEASE

San Francisco, CA – ASPEQ Heating Group LLC (“ASPEQ”), a leading provider of custom-configured electric heating and thermal management products, has acquired certain business assets of Spectrum, Inc. (“Spectrum”), based in Cleveland, OH. ASPEQ, headquartered in Saint Louis, MO, serves the industrial, commercial, military, marine, and transportation markets under longstanding INDEECO, Heatrex, AccuTherm, and Brasch brands. ASPEQ was acquired by Industrial Growth Partners in November 2019.

The acquired business assets and product lines include electric track switch heaters, hot air blowers, thaw shed heaters, and associated controls for the rail industry. With the addition of Spectrum, ASPEQ strengthens its market position within the rail industry and adds new Class 1 freight, regional and commuter rail customers. The acquisition also provides new manufacturing technologies and capabilities to ASPEQ.

“The acquisition of Spectrum is a significant boost to our growing rail industry business. Combining these talented teams and solid product lines will produce tangible solutions for both transit and freight customers across North America,” said Dave Smith, ASPEQ’s President and CEO.

Acquisition Details – On February 17, 2021, ASPEQ acquired certain business assets and product lines from Spectrum. ASPEQ and IGP continue to seek add-on acquisitions that can enhance ASPEQ’s position as a leading provider of custom-configured electric heating and thermal management products. To learn more about ASPEQ, please visit www.aspeqheating.com.

Industrial Growth Partners, founded in 1997, is a San Francisco-based specialist private investment firm with $2.2 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams.