SPX Technologies Announces Acquisition of Neptronic

SPX Technologies, Inc. (“SPX” or the “Company”) announced today that it has completed the acquisition of Neptronic Inc. (“Neptronic”) for a total cash consideration of CA$ 605 million (approximately US$ 430 million), subject to customary closing adjustments.

The multiple of enterprise value to earnings before interest, tax, depreciation and amortization (“EBITDA multiple”) implied in the transaction is modestly above the upper-end of the Company’s recently transacted range of 8-12x.

Neptronic designs and manufactures highly engineered HVAC solutions including intelligent controls, electric duct heaters, humidifiers, actuators and valves.

Neptronic serves customers through a strong network of OEMs and channel partners, focused on mission-critical applications including data centers, healthcare and education.

Based in Montreal, Canada, Neptronic has about 300 employees and generates annual revenues of approximately US$ 75 million.

Neptronic will become part of SPX Technologies’ HVAC segment, expanding the Company’s position in precision thermal management solutions and expanding its offering with high-quality brands and products that it can leverage across its platform and geographic footprint.

The addition of Neptronic strengthens SPX’s portfolio with differentiated controls, electric duct heaters, actuators, actuated valves, and humidifiers - strategic product categories with strong market fundamentals and a natural fit within the Company’s existing sales channels.

Neptronic’s technology platform further advances SPX’s evolution toward delivering intelligent, controls-enabled HVAC solutions for customers globally.

SPX intends to accelerate Neptronic’s growth by expanding channel access and customer reach and by providing the capital and operational resources to scale the business while preserving its innovation-led culture and speed to market.

Neptronic’s solutions are also expected to be leveraged across the broader SPX HVAC portfolio, enabling more intelligent, fully integrated HVAC solutions.

“We are excited to welcome Neptronic to the SPX Technologies team,” said Gene Lowe, SPX Technologies President and CEO.

“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.”

“Joining SPX Technologies represents an exciting opportunity for Neptronic,” said Biagio Di Lorenzo, CFO and President of Neptronic.

SPX management plans to provide updated 2026 guidance, incorporating the impact of Neptronic, on July 30, 2026, when SPX Technologies reports Q2 2026 results.

SPX Technologies is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets.

Based in Charlotte, North Carolina, SPX has operations in 16 countries.

SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.”