Press Release - November 8, 2019|
IGP Acquires ASPEQ Heating Group
Industrial Growth Partners, in partnership with management, has acquired ASPEQ Heating Group LLC and its affiliated entities and subsidiaries thereof (collectively, "ASPEQ" or the "Company").
Headquartered in St. Louis, Missouri, ASPEQ is a leading provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine, and transportation markets. The Company serves a highly diversified customer base and provides over 30 distinct product categories, including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, and explosion-proof heaters, among others, as well as integrated controls and spare parts. Products are marketed through a multi-channel approach under the longstanding and well-known INDEECO, Heatrex, AccuTherm, and Brasch brands.
"IGP’s familiarity and experience with thermal management products and our core end markets make them an ideal equity partner for us," said Dave Smith, CEO at ASPEQ. "I am extremely excited for the opportunity to be working alongside them for the second time in my career; our familiarity and prior working relationship should enable us to hit the ground running."
On November 8, 2019, Industrial Growth Partners V, L.P., in partnership with management and certain outside investors, acquired ASPEQ, marking the eighth platform investment for IGP’s fifth fund. The transaction creates a platform for the Company to accelerate its growth, including enhancing its go-to-market strategy and product portfolio, expanding its end market reach, and pursuing acquisition opportunities. The acquisition is an attractive fit with IGP’s strategy of investing in niche industrial companies with leading market positions and significant growth opportunities. To learn more about IGP, please visit http://www.igpequity.com.