The deal adds Montreal-based HVAC manufacturer Neptronic to SPX’s HVAC segment, with updated 2026 guidance due on July 30 alongside second-quarter results.
SPX Technologies said it has completed its acquisition of Neptronic for total cash consideration of CA$605 million, or about US$430 million, subject to customary closing adjustments. The company said the implied enterprise value-to-EBITDA multiple was modestly above the upper end of its recently transacted 8-12x range. Neptronic, based in Montreal, Canada, designs and manufactures HVAC solutions including intelligent controls, electric duct heaters, humidifiers, actuators and valves, and serves OEMs and channel partners in mission-critical markets such as data centers, healthcare and education. The business has about 300 employees and generates annual revenue of roughly US$75 million. SPX said Neptronic will join its HVAC segment, broadening its precision thermal management portfolio and strengthening its push into intelligent, controls-enabled HVAC systems. The company said it expects to accelerate Neptronic’s growth through wider channel access, greater customer reach, and added capital and operational support, while using Neptronic’s products and technology across the broader SPX HVAC portfolio. Gene Lowe, SPX Technologies President and CEO, said the acquisition advances the company’s HVAC growth strategy, while Biagio Di Lorenzo, CFO and President of Neptronic, said SPX’s scale and channel relationships should help speed growth while preserving Neptronic’s engineering-led culture. SPX management said it plans to provide updated 2026 guidance reflecting the acquisition on July 30, 2026, when it reports Q2 2026 results.