Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns show up across SPX's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.
18 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
Crawford United specializes in highly engineered air handling and industrial products. SPX is integrating Crawford's Commercial Air Handling Equipment businesses into its HVAC segment; Crawford's Industrial & Transportation Products businesses (serving aerospace and other markets) are also part of the acquired group. approximately $300.0 million (net cash consideration).
Thermolec specializes in custom electric duct heating and related solutions. approximately $141.5 million (net cash consideration).
Sigma & Omega specialize in highly engineered hydronic heating and cooling equipment, including vertical stack heat pumps and fan coils, institutional heating products, and both air-cooled and water-cooled commercial self-contained units. $143.3 million (net of working-capital adjustment of $0.3M and cash acquired of $0.2M).
CEO, FY2025: “Total company revenues increased 10% year over year, primarily driven by the acquisition of KTS and Sigma Omega as well as higher project sales in detection and measurement.” On integration: “it's been about half a year with Kranze and maybe a quarter or so with Sigma & Omega … very good.”
KTS specializes in digital interoperability and tactical networking solutions, primarily for the defense industry. $340.0 million net cash consideration (inclusive of $46.5M tied to future service obligations of certain existing employees; net of a $2.4M working-capital adjustment).
CEO, FY2025: “Year over year, adjusted EPS grew 16% to $1.65 for the quarter. Total company revenues increased 10% year over year, primarily driven by the acquisition of KTS and Sigma Omega.”
Ingénia specializes in the design and manufacture of custom air handling units that demand high levels of precision and reliability in healthcare, pharmaceutical, education, food processing and industrial end markets. $292.0 million (net of $2.1M working-capital adjustment and $1.5M cash acquired).
CEO, 2025 call: “We expect to announce site locations for the U.S. production expansion of our TAMCO actuated dampers and Ingénia custom air handling units … incremental production capacity anticipated to come online in the first half of 2026.”
ASPEQ Heating Group is a leading provider of electrical heating solutions to customers in industrial and commercial markets. SPX acquired ASPEQ from Industrial Growth Partners V, L.P. via an Agreement and Plan of Merger. approximately $418 million in cash at announcement; $421.5 million at close (net of $0.3M working-capital adjustment and $0.9M cash acquired).
CEO: “ASPEQ is a great addition. In particular, their duct heating. They have the original patents on duct heating and a very strong market position there. We see a very nice combination there.”
TAMCO is a market leader in motorized and non-motorized dampers that control airflow in large-scale specialty applications in commercial, industrial, and institutional markets. $125.5 million (inclusive of a $0.2M working-capital adjustment; net of $1.0M cash acquired).
CEO: “We really like this … engineered air movement. You talk about Ingénia, you talk about TAMCO, you talk about Strobic and Cincinnati Fan. We see a lot of runway here.”
ITL is a leader in the design and manufacture of highly-engineered Aids to Navigation systems, including obstruction lighting for telecommunications towers, wind turbines and numerous other terrestrial obstructions. $40.4 million (net of $1.1M cash acquired).
CEO: “With the acquisitions of Sealite, Sabik, and ITL, we do believe we are the very strong global leader here, approximately $170 million.”
Cincinnati Fan is a leader in engineered air movement solutions, including blowers and critical exhaust systems. $145.2 million (net of $2.5M cash acquired; later $0.4M working-capital receipt).
CEO: “engineered air movement … you talk about Strobic and Cincinnati Fan. We see a lot of runway here and … very attractive opportunities to continue to build and strengthen that business.”
ECS is a leader in the design and manufacture of highly-engineered tactical datalinks and radio frequency (RF) countermeasures, including counter-drone and counter-IED RF jammers. $39.4 million (net of $5.1M cash acquired); seller eligible for up to $15.0M earn-out.
CEO: “Our CommTech business manages RF signals.” (Detection & Measurement franchise commentary)
Sealite is a leader in the design and manufacture of marine and aviation Aids to Navigation products. The acquisition included Sealite USA, LLC (d/b/a Avlite Systems) and Star2M Pty Ltd. $80.3 million (net of $2.3M cash acquired).
CEO: “With the acquisitions of Sealite, Sabik, and ITL, we do believe we are the very strong global leader here, approximately $170 million. And we've diversified geographically as well as end markets.”
Sensors & Software is a leading manufacturer and distributor of ground penetrating radar products used for locating underground utilities, detecting unexploded ordnance, and geotechnical and geological investigations. $15.5 million (net of $0.3M cash acquired); up to $3.7M contingent consideration.
CEO: “We see a lot of growth opportunities in location inspection as well.” (Detection & Measurement franchise)
ULC Robotics is a leading developer of robotic systems, machine learning applications, and inspection technology for the energy, utility, and industrial markets. $89.2 million (net of $4.0M cash acquired); seller eligible for up to $45.0M earn-out.
CEO: “If you think about robotics that goes underground, managing your water, wastewater, or your gas lines, we believe we're the leader in North America with our Cues Robotics brand.”
Patterson-Kelley is a manufacturer and distributor of commercial boilers and water heaters.
SGS Refrigeration is a manufacturer of industrial refrigeration products. $10.0 million plus a deferred payment not to exceed $1.5 million.
Sabik Marine is primarily a manufacturer of obstruction lighting products (Aids to Navigation). $77.2 million (net of $0.6M cash acquired).
CEO: “With the acquisitions of Sealite, Sabik, and ITL, we do believe we are the very strong global leader here, approximately $170 million.”
Cues is a manufacturer of pipeline inspection and rehabilitation equipment. The acquisition was completed through the purchase of all of the issued and outstanding shares of Cues' parent company. $164.4 million (net of $20.6M cash acquired).
CEO: “we believe we're the leader in North America with our Cues Robotics brand. Some very good innovation there.”
Schonstedt is a manufacturer and distributor of magnetic locator products used for locating underground utilities and other buried objects. $16.4 million (net of $0.3M cash acquired).