SPX Technologies acquired Cincinnati Fan & Ventilator Co., Inc. for $145.2 million (net of $2.5M cash acquired; later $0.4M working-capital receipt), a transaction completed in December 2021, structured as all cash.
Cincinnati Fan & Ventilator Co., Inc. operates in HVAC. Cincinnati Fan is a leader in engineered air movement solutions, including blowers and critical exhaust systems.
Expands SPX's engineered air movement HVAC platform.
Engineered air movement leadership complementary to TAMCO, Ingénia and Strobic. HVAC reportable segment 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.”
Advisory firms were not disclosed for this transaction.