M&A Advisory
K&L Gates
Full Credential Description
SPX Technologies faced the challenge of expanding its HVAC Heating platform by acquiring a leader in electrical heating solutions. The company sought to enhance its product offerings and market position within the electrical heating business. To address this need, K&L Gates provided tailored legal advice for SPX Technologies' agreement to purchase ASPEQ Heating Group from Industrial Growth Partners for approximately $418 million in cash. This strategic acquisition was aimed at integrating ASPEQ's capabilities into SPX's existing operations, thereby strengthening its market presence. The K&L Gates team, led by partners Rick Giovannelli and Leah Baucom, facilitated the transaction by navigating various legal complexities, including corporate, antitrust, environmental, and labor issues. The firm’s extensive experience in manufacturing transactions was crucial in ensuring a smooth process, which was anticipated to close in the second quarter of 2023, pending regulatory approvals. As a result of this acquisition, SPX Technologies is positioned to enhance its product and operational efficiencies in the HVAC sector, potentially leading to increased market share and revenue growth in the electrical heating solutions market.
Measurable Results
Successfully completed $418M transaction