PE Deals

IGP exits heating firm ASPEQ for $418m

The seller is SPX Technologies.

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  • IGP acquired ASPEQ in November 2019
  • Based in San Francisco, IGP invests in industrial middle-market companies
  • Founded in 1997, IGP has over $3.4 billion of equity capital raised since inception

Industrial Growth Partners has sold St. Louis, Missouri-based ASPEQ, a provider of electric heating and thermal management products, for $418 million. The seller is SPX Technologies.

IGP acquired ASPEQ in November 2019.

On the deal, Dave Smith, president and CEO of ASPEQ, said in a statement, “IGP provided valuable support and resources to assist ASPEQ as we executed on our long-term strategic plan to grow the Company and better serve our customers. Despite the challenges of COVID and heightened market uncertainty over the past several years, we doubled down on our strategic initiatives and emerged ultimately stronger and nearly twice as large. I’m very proud of my team and thankful for the resolve that IGP demonstrated during that turbulent time and for their guidance throughout the course of the partnership. ASPEQ is now positioned better than ever for growth as part of SPX Technologies.”

Based in San Francisco, IGP invests in industrial middle-market companies. Founded in 1997, IGP has over $3.4 billion of equity capital raised since inception.