Bunker Hill Capital sells ASPEQ Heating Group

Bunker Hill Capital, a  Boston-based private equity investor in lower middle market companies, has sold ASPEQ Heating Group (ASPEQ), a St Louis-based manufacturer of highly engineered electric‐heating and thermal‐management technologies to San Francisco-based Industrial Growth Partners.

Bunker Hill Capital acquired ASPEQ in June 2015 and was joined in the transaction with equity, senior debt and subordinated debt financing from management, Abacus Finance Group, Madison Capital Funding, BB&T Capital Partners and BMO Mezzanine Fund. In addition to the incumbent management team, Bunker Hill Capital recruited Dave Smith as CEO in 2017, and Jim Killeen as Vice President of Sales in early 2018. 
 
“We were fortunate to recruit an industry veteran of Dave’s caliber from the thermal products sector to lead an already strong management team and ultimately exceed our investment goals,” says Mark DeBlois, a Managing Partner at Bunker Hill Capital. “In addition to Dave’s leadership, we want to recognise the efforts of ASPEQ’s entire senior leadership team for their contributions to the Company’s success, including Jim Killeen, Steve Lincks, Dave Knoebel, Stacey Sappington, and Cindi Ferrell.”
 
Advisors to Bunker Hill Capital and ASPEQ included Hennepin Partners, as investment banker, and Morgan Lewis & Bockius, as legal counsel.