CHARLOTTE, N.C. – SPX Technologies, Inc. has announced that it has completed the acquisition of Sigma Heating and Cooling and Omega Heat Pump. The purchase price of approximately $144 million (CAD 200 million) reflects an acquisition multiple consistent with SPX’s typical range of 8x-12x Adjusted EBITDA*.
Founded in 1997, Sigma & Omega is a Toronto-based manufacturer of highly engineered hydronic heating and cooling equipment, including vertical stack heat pumps and fan coils, institutional heating products and both air-cooled and water-cooled commercial self-contained units. With approximately 220 employees, Sigma & Omega is anticipated to have annualized revenues of approximately $65 million in 2025.
Sigma & Omega will operate as part of SPX’s hydronics business, along with Weil-McLain and Patterson-Kelley, within our HVAC segment. A substantial majority of Sigma & Omega’s sales come from domestic Canadian customers. SPX plans to significantly increase Sigma & Omega’s sales to U.S. customers, supported by the expansion of U.S.-based production. Management plans to update full-year 2025 guidance to include the impact of Sigma & Omega on May 1, 2025, when SPX Technologies reports Q1 2025 results.
“We are excited to welcome the Sigma & Omega team to the SPX Technologies family,” said Gene Lowe, president and CEO of SPX Technologies. “This acquisition is highly complementary and creates significant potential synergies with our existing HVAC businesses. Sigma & Omega’s differentiated product offering fits perfectly with our existing portfolio of solutions, enhances the value we provide to our customers, and is consistent with our reputation for quality and innovation. Sigma & Omega’s vertical stack water sourced heat pumps and fan coils, and commercial self-contained units are frequently paired with hydronics equipment and cooling towers, creating numerous opportunities to leverage our existing channels.”
Lowe continued, “Sigma & Omega’s custom and configurable engineered solutions strategically position us for continued growth in attractive end markets, such as high-rise residential buildings, hotels, schools, hospitals and commercial properties across North America. Additionally, their proprietary configuration software offers significant value to customers and enhances production efficiency – critical advantages as we grow.”
David Herzstein and Anthony Gaspari, the founders of Sigma & Omega commented, “We are delighted for Sigma & Omega to be joining SPX Technologies’ HVAC team. Combining SPX Technologies’ expertise and resources with Sigma & Omega’s strong technology and long-standing reputation for flexible high-quality solutions is a natural progression in our growth journey. This partnership creates new opportunities for employees, customers, and shareholders. We look forward to helping the SPX Technologies team build an even stronger, more valuable platform.”
