Benzinga | Nov 15, 2021 11:10AM EST

SPX Corp. Reports Will Purchase Cincinnati Fan From Dominus Capital, No Terms Disclosed

Highly Strategic Acquisition Expands HVAC Cooling Platform into Attractive Engineered Air Movement Market; Closing Expected by Year End 2021

CHARLOTTE, N.C., Nov. 15, 2021 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) announced today that it has entered into a definitive agreement to purchase Cincinnati Fan & Ventilator Co., Inc. ("Cincinnati Fan"), a leader in engineered air movement solutions, including blowers and critical exhaust systems, from Dominus Capital, L.P. ("Dominus"). Cincinnati Fan is headquartered in Mason, Ohio and has approximately 215 employees in the US and the UK.

"We are very excited about welcoming Cincinnati Fan to the SPX team," said Gene Lowe, President and CEO of SPX. "Cincinnati Fan's well-known brand and attractive niche-engineered products are a strong fit with our global HVAC Cooling business, where we already share some common distribution in the US. We see multiple opportunities to create additional value, and accelerate our combined growth, by leveraging Cincinnati Fan's technical expertise in engineered air movement across our US and global cooling platforms. This will be our 10th acquisition since 2018. The transaction further validates our strategy of building high quality, market-leading platforms, and helps create a foundation for further growth in closely adjacent HVAC end markets."

"The combination of Cincinnati Fan with SPX's Global Cooling business is an excellent fit," said Paul Burton, President and CEO of Cincinnati Fan. "Bringing together our high-quality, engineered air movement solutions with SPX's global footprint and marketing infrastructure will provide numerous opportunities for both our employees and customers. I look forward to working with the SPX team to build an even stronger, more valuable platform." Mr. Burton will continue to lead Cincinnati Fan following the closing of the transaction.

The transaction is expected to close by year end 2021 and is subject to regulatory approval and customary closing conditions. Other terms of the transaction are not being disclosed at this time. Once fully integrated, SPX anticipates that the acquisition will be accretive to its HVAC segment margin.

SPX was represented by BlackArch Partners, LLC as financial adviser and Holland & Knight LLP as legal counsel. William Blair served as financial advisor, and White & Case LLP served as legal counsel for Cincinnati Fan.