SPX Technologies announced it has completed the acquisition of Neptronic for total cash consideration of CA$605 million, approximately $430 million, subject to customary closing adjustments. The enterprise value to EBITDA multiple implied in the transaction is modestly above the upper end of the company’s recently transacted range of 8 to 12 times.
Neptronic designs and manufactures highly engineered HVAC solutions, including intelligent controls, electric duct heaters, humidifiers, actuators, and valves. The company serves customers through a network of OEMs and channel partners focused on mission-critical applications such as data centers, healthcare, and education. Based in Montreal, Canada, Neptronic has approximately 300 employees and generates annual revenue of about $75 million.
Neptronic will join SPX Technologies’ HVAC segment, expanding the company’s position in precision thermal management and adding controls, electric duct heaters, actuators, actuated valves, and humidifiers to its product portfolio. SPX said the acquisition advances its evolution toward intelligent, controls-enabled HVAC solutions and plans to expand Neptronic’s channel access and customer reach while providing capital and operational resources to scale the business.
SPX management plans to provide updated 2026 guidance reflecting the impact of the Neptronic acquisition on July 30, 2026, when the company reports its second quarter results. SPX Technologies is headquartered in Charlotte, North Carolina, and trades on the New York Stock Exchange under the ticker SPXC.
KEY QUOTES:
“We are excited to welcome Neptronic to the SPX Technologies team. Neptronic’s differentiated controls and thermal management solutions are highly complementary to our existing portfolio and further advance our HVAC growth strategy. The addition of Neptronic expands our capabilities as an integrated controls-enabled systems provider and enhances our portfolio with highly complementary product categories that can be leveraged across our HVAC platform and global footprint.”
Gene Lowe, President and CEO, SPX Technologies
“Joining SPX Technologies represents an exciting opportunity for Neptronic. SPX’s scale, operational resources and strong channel relationships in the HVAC market will help accelerate our growth while preserving the engineering expertise, innovation and customer focus that have defined our business for nearly 50 years.”
Biagio Di Lorenzo, CFO and President, Neptronic
