Boston-based private equity investor Bunker Hill Capital has acquired ASPEQ Heating Group, a manufacturer of highly engineered electric-heating and thermal-management technologies.
In addition to Bunker Hill Capital and other co-investors, majority-holder of ASPEQ, John Eulich, and ASPEQ’s senior management team both reinvested meaningful proceeds in the deal.
ASPEQ’s highly engineered designs, sold under the INDEECO, Heatrex and AccuTherm brands, are value-added solutions versus more standardised, higher-volume heating elements. ASPEQ’s brands are among the most recognisable in the industry, with an established reputation for performance, quality, reliability and innovation at competitive prices. The Company’s broad product portfolio comprises thousands of unique products, covering approximately 30 product categories that address virtually every electric heating application across nearly every industrial process and commercial end market. ASPEQ is strategically focused on engineering and manufacturing customised solutions that address unique customer needs for end markets and applications that cannot be served effectively by competitors’ standardised offerings. “
ASPEQ’s management team, work force, and engineering talent are all dedicated to manufacturing the industry’s most technologically advanced heating solutions,” says Mark DeBlois (pictured), Managing Partner of Bunker Hill Capital. “The Company’s commitment to its customers is evidenced by its ability to produce highly engineered, customised heating technologies. We are very excited to partner with CEO Mike Howard and his team in scaling the business to its next level of growth.”
Collectively, Company management has more than 175 years of product and application engineering experience and a broad technology and product portfolio that ranges from base heating elements to complex and innovative thermal management systems for more challenging applications.
Mike Howard, CEO of ASPEQ, says, “We see Bunker Hill Capital as the ideal partner to help us achieve the next phase of higher growth for ASPEQ. We look forward to continuing to build the ASPEQ platform through our network of sales reps and customer relationships as well as by entering new end markets. We believe that together with Bunker Hill Capital’s strategic and operational insight we can grow our leadership position within the heating solutions market.”
