SPX Technologies acquired Ingénia Technologies Inc. for $292.0 million (net of $2.1M working-capital adjustment and $1.5M cash acquired), a transaction completed in February 2024, structured as all cash.
Ingénia Technologies Inc. operates in HVAC. 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.
Goodwill reflects expected market growth for Ingénia's existing operations and increased volumes achieved by selling Ingénia's products through existing SPX sales channels.
High-precision custom air handling for demanding end markets; channel and capacity synergies with TAMCO and Marley. HVAC reportable segment 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.”
Advisory firms were not disclosed for this transaction.