SPX Technologies Completes Neptronic Acquisition CA$605M

SPX Technologies completed the acquisition of Neptronic for CA$605 million (about US$430 million), with the deal valued at an enterprise multiple modestly above SPX’s stated 8-12x EBITDA range. Neptronic, a Montreal-based maker of HVAC solutions such as intelligent controls, electric duct heaters, humidifiers, actuators and valves, has roughly 300 employees and annual revenue around US$75 million. The acquisition expands SPX’s HVAC segment, adding differentiated controls and multiple product lines to broaden its channel reach and geographic footprint. SPX intends to accelerate Neptronic’s growth by leveraging its capital, operational resources, and existing sales channels while preserving Neptronic’s engineering culture and speed to market. The integration is framed as strengthening SPX’s position in precision thermal management and enabling more integrated, intelligent HVAC solutions across its portfolio. Market reactions emphasize the deal as a strategic expansion for SPX in the HVAC market, with guidance updates anticipated later in 2026.