A California private equity firm has purchased ASPEQ Heating Group, a St. Louis-based industrial heating manufacturer.
ASPEQ supplies custom electric heating for industrial, commercial, military, marine and transportation use, marketed under INDEECO, Heatrex, AccuTherm and Brasch brands. Its heating products include immersion heaters, duct heaters, and explosion-proof heaters, among others.
The company was owned by Boston-based Bunker Hill Capital, a private equity investor. Bunker announced on Tuesday that it had sold ASPEQ to Industrial Growth Partners, based in San Francisco.
Bunker Hill Capital bought ASPEQ in June 2015. The firm recruited Dave Smith as CEO in 2017, and Jim Killeen as vice president of sales in early 2018.
ASPEQ is headquartered in Brentwood's Hanley Industrial Court, and employs about 300.