SPX Corp. has acquired Cincinnati Fan & Ventilator Co. Inc., a manufacturer of engineered air movement equipment from Dominus Capital. Under the terms of the purchase agreement, a subsidiary of SPX merged into Cincinnati Fan for consideration of $145 million in cash.
Based in Mason, Ohio, Cincinnati Fan has approximately 215 employees in the United States and United Kingdom. It supplies industrial fans and blowers that can be customized to meet end users’ specifications. Primary products include centrifugal fans and blowers, axial fans, portable fume exhausters and high temperature fans. Paul Burton, the former president and CEO of Cincinnati Fan will continue to lead Cincinnati Fan following the acquisition.
Once fully integrated, SPX anticipates that the acquisition will be accretive to its HVAC segment margin.