SPX Technologies has completed the acquisition of Neptronic Inc. for CA$605 million (approximately US$430 million), subject to customary closing adjustments. Neptronic will become part of SPX Technologies’ HVAC segment, adding HVAC controls and engineered air management products to the company’s portfolio.
Neptronic designs and manufactures intelligent controls, electric duct heaters, humidifiers, actuators and valves. The Montreal-based company serves mission-critical applications, including data centers, healthcare and education, through OEMs and channel partners.
Neptronic has about 300 employees and annual revenue of approximately US$75 million. The transaction implies an enterprise value-to-EBITDA multiple modestly above the upper end of SPX Technologies’ recently transacted range of 8-12x.
SPX plans to expand Neptronic’s channel access and customer reach and provide capital and operational resources to scale the business. The company also expects to use Neptronic’s solutions across its broader HVAC portfolio.
“Neptronic’s differentiated controls and thermal management solutions are highly complementary to our existing portfolio and further advance our HVAC growth strategy,” said Gene Lowe, President and CEO of SPX Technologies. SPX plans to provide updated 2026 guidance incorporating the acquisition on July 30, 2026, when it reports its second-quarter results.
