What ASPEQ Heating Group does

ASPEQ Heating Group manufactures custom-configured electric heating and thermal management solutions for industrial, commercial, military/marine, and transportation markets in North America. The portfolio covers more than 30 distinct product categories including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, explosion-proof heaters, infrared heaters, and integrated controls. The product line is anchored by a multi-brand platform of acquired specialists: INDEECO (commercial HVAC and marine, founded 1929), Heatrex (railroad and power generation process heaters, 1959), AccuTherm (tubular elements, immersion and circulation heaters, 1978), Brasch (comfort heating for commercial and institutional markets), Spectrum (rail infrared), Banner-Day Pipe Heating (TraceFREE impedance heating), Solar Products (OEM infrared), and BBC Industries (commercial/industrial infrared). Differentiation rests on engineering-driven customization for applications that standardized offerings cannot serve, supported by ISO 9001:2015 certification and UL, CSA, FM, and ABS product certifications.

ASPEQ generates revenue through direct sale of custom-configured electric heating equipment via a nationwide network of manufacturer representatives, with quote-based pricing and multi-year contract structures. Sales are engineering-led, addressing demand for the conversion of legacy steam and natural gas-fired heating systems to electric across industrial processes and commercial end markets. The company operates manufacturing facilities in St. Louis and Pacific (Missouri), Meadville (Pennsylvania), Monroe City (Missouri), Pompton Lakes (New Jersey), Cleveland (Ohio), and Saginaw (Michigan). Customer concentration is diversified across four primary verticals (industrial, commercial, military/marine, transportation/rail), with no disclosed anchor customers.

The company was founded in 2008 as a platform to acquire INDEECO, expanded via Heatrex (2010) and AccuTherm (2011), and was acquired by Bunker Hill Capital in June 2015, then by Industrial Growth Partners in November 2019. Under IGP ownership, ASPEQ executed four add-on acquisitions through 2023 (Spectrum, Banner-Day, Solar Products, BBC Industries). In May 2023, SPX Technologies (NYSE:SPXC) entered into a definitive agreement to purchase ASPEQ for approximately $418 million in cash; the transaction closed in June 2023. ASPEQ now operates as part of SPX Technologies' HVAC Heating platform within its electrical heating business alongside Marley Engineered Products, and was joined in the platform by Thermolec Ltd. in January 2026.

Name

ASPEQ Heating Group

Legal name

ASPEQ Heating Group

Website

https://aspeqheating.com

Company type

Private

Founded year

2008

Operating status

Acquired

Headcount range

11–50 employees

Short description

ASPEQ Heating Group manufactures custom-configured electric heating and thermal management solutions for industrial, commercial, military/marine, and transportation markets through a multi-brand portfolio of eight acquired specialists including INDEECO, Heatrex, AccuTherm, and BBC Industries, serving customers across North America.

Ownership category

akta.pro rank

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Electric Heating Equipment Sales: ASPEQ generates revenue through the sale of custom-configured electric heating, power controls, and thermal management products including immersion heaters, circulation heaters, duct heaters, tubular elements, unit heaters, comfort heaters, explosion-proof heaters, infrared heaters, and integrated controls. The company serves industrial, commercial, military/marine, and transportation markets with over 30 distinct product categories.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ASPEQ Heating Group is a manufacturer of custom-configured electric heating and thermal management equipment for industrial, commercial, military/marine, and transportation/rail markets. Operating through a portfolio of complementary brands (INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, Banner-Day Pipe Heating, Solar Products, BBC Industries), the company provides over 30 distinct product categories including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, explosion-proof heaters, infrared heaters, and integrated controls.

Product overview

ASPEQ Heating Group is a strategic platform company formed through acquisitions to serve Industrial, Commercial, and Military/Marine electric heating markets. The portfolio operates as a multi-brand platform combining complementary technologies: INDEECO (commercial HVAC, explosion-resistant heaters), Heatrex (railroad/power generation process heaters), AccuTherm (tubular elements, immersion/circulation heaters), Brasch (comfort heating equipment), Spectrum (rail industry infrared heaters), Banner-Day Pipe Heating (impedance TraceFREE systems), Solar Products (medium-wave infrared panel heaters), and BBC Industries (commercial/industrial infrared heaters). Together these brands provide over 30 distinct product categories covering immersion/circulation heaters, duct heaters, tubular elements, unit heaters, explosion-proof heaters, and integrated controls for applications across nearly every industrial process and commercial end market.

Differentiator

Problem solved

Functional benefit

Brands

• AccuTherm: Process heating equipment for food equipment, oil and gas, and appliance markets, specializing in tubular elements and immersion and circulation heaters.
• BBC Industries
• Banner-Day Pipe Heating
• Brasch Manufacturing
• Heatrex
• INDEECO
• Solar Products
• Spectrum

Products and services

• INDEECO Electric Heating Equipment Commercial HVAC heating equipment supplier offering duct, unit, and comfort electric heaters, including heavy-duty wash-down and explosion-resistant heaters for harsh environments; serves industrial and military marine markets.
• Heatrex Process Electric Heaters Process electric heaters for railroad and power generation industries, providing custom solutions including bolt heaters, immersion, fluid and air circulation, hopper, infrared process, refrigeration defrost, switch gear, tubular and finned element heaters.
• AccuTherm Process Heating Equipment Process heating equipment manufacturer specializing in tubular elements, highly-engineered immersion and circulation heaters for food equipment, oil and gas, and appliance markets.
• Brasch Manufacturing Electric Comfort Heating Equipment Electric comfort heating equipment leader for commercial, industrial, and institutional markets, producing duct heaters, unit heaters, wall/ceiling/floor heaters, baseboard heaters, and convector heaters.
• Spectrum Infrared Heaters Infrared heater manufacturer for rail, utility, casting & forging, and warehouse industries, offering track switch heaters, rail car thaw sheds, die-casting and forging anvils, and large warehouse heaters.
• Banner-Day Pipe Heating (TraceFREE) Impedance Heating Systems Electric impedance heating solutions provider using TraceFREE technology for thermal solutions ranging from freeze protection to temperatures exceeding 1000°F, serving food and beverage and industrial process industries.
• Solar Products Infrared Heaters America's leading supplier of premium electric infrared heaters providing custom medium-wave panel heaters, quartz tubes, and specialty heaters for thermoforming, screen printing, curing, drying, semiconductor and electronics markets.
• BBC Industries Infrared Heaters Electric commercial and industrial infrared heater manufacturer providing infrared heating components, equipment and systems, including long wavelength heaters, industrial dryer and oven assemblies, and associated controls.
• Immersion and Circulation Heaters Electric heating solutions for liquid heating applications in industrial processes.
• Explosion-Proof Heaters Specialized electric heaters designed for hazardous environments requiring explosion-proof ratings for safety compliance, suitable for military, marine, and industrial applications.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• BBC IndustriescoreStrategic or Co-development Partner · 15 February 2023ASPEQ acquired BBC Industries' assets on February 15, 2023. BBC Industries specializes in infrared electric heaters and heating systems for industrial and commercial markets. BBC continues to operate in Pacific, MO.
• Solar Products, Inc.coreStrategic or Co-development Partner · 1 July 2022ASPEQ acquired Solar Products on July 1, 2022. Solar Products is a provider of infrared electric heaters for the OEM market, including medium-wave panel heaters, quartz tubes, and specialty heaters with over 60 years of experience.
• Banner-Day Pipe HeatingcoreStrategic or Co-development Partner · 22 April 2022ASPEQ acquired the Pipe Heating Solutions division from BannerDay on April 22, 2022. Banner-Day PipeHeating is a market leader in impedance pipe heating systems for food/beverage and industrial process industries.
• Spectrum, Inc.coreStrategic or Co-development Partner · 17 February 2021ASPEQ acquired Spectrum's business assets on February 17, 2021. Spectrum manufactures electric infrared heaters for rail, utility, casting & forging, and warehouse industries.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Chromalox: Pittsburgh-based manufacturer of industrial electric heating, heat transfer, and temperature control solutions serving petrochemical, oil & gas, power, and commercial markets. Directly comparable as one of the largest North American competitors in custom electric process heating and comfort heating.
• Watlow: St. Louis-based designer and manufacturer of industrial electric heaters, sensors, controllers, and complete thermal systems. Highly comparable given geographic proximity, customer overlap in process industries, and similar focus on engineered thermal solutions.
• Tutco (HEICO): Manufacturer of electric heating elements, open coil elements, and process heaters serving appliance, HVAC, rail, and industrial markets. Directly overlaps with ASPEQ's duct heater, comfort heater, and infrared product lines.
• Backer Marathon: Manufacturer of tubular heating elements, finned strip heaters, and immersion heaters for OEM and industrial customers. Directly comparable to ASPEQ's AccuTherm tubular elements and immersion/circulation heater product categories.
• Tempco Electric Heater Corporation: Custom manufacturer of industrial electric heaters including band, cartridge, immersion, circulation, and air heaters for OEM and process applications. Closely comparable to ASPEQ's custom-configured process heating portfolio.
• Durex Industries: Manufacturer of electric heaters, temperature sensors, and custom thermal systems for industrial and OEM markets. Comparable to ASPEQ in serving process industries with engineered heating solutions and integrated controls.
• Vulcan Electric: Manufacturer of industrial electric heaters including immersion, circulation, duct, and tubular heaters for process industries. Comparable in product breadth across process heating categories with ASPEQ's AccuTherm and INDEECO brands.
• Hotwatt: Manufacturer of electric heating elements including cartridge, band, strip, and immersion heaters serving OEM and industrial markets. Comparable to ASPEQ's tubular element and OEM-focused heating product lines.
• Thermolec: Montreal-based manufacturer of custom electric duct heating solutions, recently acquired by SPX Technologies in January 2026 and integrated alongside ASPEQ and Marley Engineered Products. Direct comparable as a North American electric heating specialist now under the same SPX HVAC Heating platform.
• Marley Engineered Products: Manufacturer of electric comfort heating products (unit heaters, infrared, baseboard, wall heaters) for commercial, industrial, and institutional markets. Now a sister company to ASPEQ inside SPX's HVAC Heating platform; highly comparable given overlapping product lines and customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/aspeqheating
• LinkedInlinkedin.com/company/aspeq-heating-group

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ASPEQ Heating Group