SPX Technologies acquired Cues, Inc. for $164.4 million (net of $20.6M cash acquired), a transaction completed in June 2018, structured as all cash.
Cues, Inc. operates in Detection & Measurement, had revenue of about approximately $84.0 million (twelve months prior to acquisition). 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.
Establishes SPX's leadership in underground pipeline inspection and rehabilitation for water, wastewater and gas networks.
North American leadership in pipeline inspection/rehabilitation, later paired with ULC robotics. Detection and Measurement reportable segment CEO: “we believe we're the leader in North America with our Cues Robotics brand. Some very good innovation there.”
Advisory firms were not disclosed for this transaction.