SPX Technologies has completed the acquisition of Neptronic for a total cash consideration of CA$605 million, approximately US$430 million. The transaction implies an EBITDA multiple modestly above the upper end of SPX's recently transacted range of 8 to 12 times. Neptronic, based in Montreal, Canada, designs and manufactures engineered HVAC solutions including intelligent controls, electric duct heaters, humidifiers, actuators, and valves, serving data centers, healthcare, and education markets with about 300 employees and annual revenues of approximately US$75 million. The acquisition expands SPX's HVAC segment, adding differentiated controls and thermal management products that can be leveraged across its global platform and sales channels. SPX plans to provide updated 2026 guidance incorporating Neptronic on July 30, 2026, when it reports second-quarter results.
SPX CorpSPX Technologies acquires Neptronic for $430M, expanding HVAC segment with differentiated products.