SPX buys Montreal's Neptronic for CA$605M to bulk up HVAC arm
What's the deal? SPX TechnologiesDealroom has a profile for this one. Try Dealroom → (NYSE: SPXC) has completed the all-cash acquisition of NeptronicDealroom has a profile for this one. Try Dealroom → for CA$605 million (about US$430 million), subject to customary closing adjustments. Neptronic, a Montreal-based maker of engineered HVAC solutions, joins SPX's HVAC segment.
What each side brings: Neptronic employs about 300 people and builds intelligent controls, electric duct heaters, humidifiers, actuators, and valves. It generates roughly US$75 million in annual revenue. SPX plans to leverage its technology across its broader HVAC portfolio and existing channels.
What's the endgame? SPX is broadening its precision thermal management and controls-enabled HVAC offerings. The deal fits a run of similar moves: it added Crawford United's commercial air-handling businesses in February 2026 and acquired Thermolec in January 2026.
By the numbers: Management will provide updated 2026 guidance incorporating Neptronic on July 30, 2026, alongside SPX's Q2 2026 results.
What could go wrong? The implied enterprise value to EBITDA multiple is modestly above SPX's recently transacted 8–12x range, meaning SPX paid a premium relative to its recent deals.
The signal: SPX is stacking targeted HVAC acquisitions to build out its controls and thermal management footprint, betting that bolt-on deals will strengthen its position across geographies and product lines.
Read more: StockTitan
Image credit: Generated with Gemini
