SPX Technologies acquires Ingenia in deal to be accretive to HVAC unit growth

SPX Technologies announced that it has acquired privately held Ingenia Technologies for approximately CA$405M approximately US$300M in cash, including acquired real estate. Ingenia is now part of SPX Technologies’ Cooling platform, within its HVAC segment, and further expands the Company’s position in Engineered Air Movement solutions. Ingenia is anticipated to have annualized revenue of approximately US$100 M for the full-year 2024, and its margins and anticipated revenue growth rate are higher than the HVAC segment average. Gene Lowe, President and CEO of SPX Technologies commented, “We are very excited to welcome Ingenia to the SPX Technologies team. Ingenia’s well-respected brand and attractive niche-engineered products are a strong fit within our EAM business. We see multiple opportunities to further scale our position in this attractive market through the combination of Ingenia’s high performance air handling solutions and SPX’s strong distribution channels and business system. Ingenia’s investments in robotics and automation and its proprietary software enable unmatched speed to market and significant value for customers. This is SPX’s 14th acquisition since 2018, and further validates our strategy of building high-quality, market-leading platforms.”