SPX Technologies buys Neptronic for $430M in HVAC push

SPX Technologies Inc. completed its acquisition of Neptronic Inc. for CA$605 million, or about US$430 million in cash, the company said Wednesday, adding intelligent controls and thermal management products to its HVAC portfolio.

"We are excited to welcome Neptronic to the SPX Technologies team," said Gene Lowe, president and chief executive officer of SPX Technologies. "Neptronic's differentiated controls and thermal management solutions are highly complementary to our existing portfolio and further advance our HVAC growth strategy."

The enterprise value-to-EBITDA multiple on the deal sits modestly above the upper end of SPX's recently transacted range of 8 to 12 times, the company said. Neptronic, based in Montreal, generates about US$75 million in annual revenue from its 300 employees and operates from a 93,000-square-foot integrated facility. The company designs and manufactures intelligent controls, electric duct heaters, humidifiers, actuators and actuated valves, serving original equipment manufacturers and channel partners focused on data centers, healthcare and education.

The acquisition expands SPX's position in precision thermal management, a segment benefiting from rising demand for data center cooling and energy-efficient building systems. Neptronic's technology platform advances SPX's push toward controls-enabled HVAC solutions that can be sold across its global footprint. SPX, which operates in 16 countries from its Charlotte, North Carolina headquarters, plans to provide updated 2026 guidance incorporating Neptronic on July 30, when it reports second-quarter results.

"Joining SPX Technologies represents an exciting opportunity for Neptronic," said Biagio Di Lorenzo, chief financial officer and president of Neptronic. "SPX's scale, operational resources and strong channel relationships in the HVAC market will help accelerate our growth while preserving the engineering expertise, innovation and customer focus that have defined our business for nearly 50 years."

SPX intends to expand Neptronic's channel access and customer reach while providing capital and operational resources to scale the business. Neptronic's solutions are expected to be leveraged across the broader SPX HVAC portfolio, enabling more integrated offerings for customers globally.

This article is for informational purposes only and does not constitute investment advice.