In June 2015, we acquired ASPEQ Heating Group, a leading manufacturer of highly-engineered electric heat and thermal management solutions, operating within the highly fragmented $3.0 billion global electric heating equipment market. Our due diligence confirmed that the ASPEQ brands were among the most recognizable in the industry with an established reputation for performance, quality, and innovation, but the business was under-managed in the area of sales and marketing, representing a significant opportunity.
Immediately after closing the transaction, we completed a detailed strategic plan, including a prioritization of major growth initiatives. We decided to make a change to the senior leadership team and hired Dave Smith as CEO and Jim Killeen as VP of Sales & Marketing who have reinvigorated the entire organization and reorganized the go-to-market strategy and established a direct sales team to supplement ASPEQ’s independent rep network. In addition, we recently enhanced the product portfolio with the acquisitions of Heaterco and the Electric Heating Division of Brasch Manufacturing, and plan to pursue additional value-added acquisitions. The performance momentum under the current leadership team has been exceptional, and the business is on track to deliver over $60 million of sales for 2019.
The results shown above are unaudited on a gross basis before fees and expenses.
Past performance is no guarantee of future results.