PE Deals

IGP-backed ASPEQ acquires electric heating company Solar Products

ASPEQ is a provider of electric heating, power controls, and thermal management products.

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  • IGP acquired ASPEQ in November 2019
  • Founded in 1997, IGP has over $2.2 billion of equity capital raised since inception
  • IGP invests in middle-market companies in the industrial sector

ASPEQ Heating Group LLC , a portfolio company of Industrial Growth Partners, has acquired Pompton Lakes, New Jersey-based Solar Products, a provider of custom infrared electric heaters. No financial terms were disclosed.

Based in St. Louis, Missouri, ASPEQ is a provider of electric heating, power controls, and thermal management products.

IGP acquired ASPEQ in November 2019.

With the addition of Solar Products, ASPEQ adds new manufacturing technologies, capabilities and customers. The combined business will benefit from ASPEQ’s strong salesforce, engineering group, and operational scale.

“The acquisition of Solar Products is a significant boost to our continually growing line of electric heating and thermal solutions. Combining these talented teams and solid product lines will produce tangible solutions for customers of both businesses across North America,” said Dave Smith, ASPEQ’s president and CEO, in a statement.

Founded in 1997, IGP has over $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.