Industrial Growth Partners (IGP) Equity-Backed ASPEQ Heating Group, LLC Acquires Solar Products, Inc.

July 2022

Genz & Associates is pleased to announce the acquisition of Solar Products, Inc. by ASPEQ Heating Group, LLC, a portfolio company of Industrial Growth Partners (IGP). Solar Products, Inc., based in Pompton Lakes, New Jersey, is the largest manufacturer of custom infrared electric heaters for the OEM market for more than 50 years.

Industrial Growth Partners and ASPEQ retained Genz & Associates as their buy-side M&A advisor to assist with ASPEQ’s acquisition growth strategy. Genz & Associates has worked with IGP for over six years on various initiatives. The acquisition of Solar Products is the first acquisition Genz has closed with ASPEQ and the eighth overall with IGP.

About ASPEQ

ASPEQ Heating Group, LLC, headquartered in St. Louis, Missouri, designs and manufactures electric heating and thermal management equipment and controls for commercial, Industrial, transportation, and marine markets.

About Industrial Growth Partners

Founded in 1997, Industrial Growth Partners is a private equity firm based in San Francisco. The firm specializes in entrepreneur/family-owned recapitalization, corporate divestitures, and co-operative divestitures. The firm seeks to invest in niche manufacturers and industrial services businesses headquartered in the United States or Canada.

About Genz

Established in 2011, Genz & Associates is a leading buy-side mergers and acquisitions advisory firm with offices in Austin, Los Angeles, and Phoenix. Our core focus is partnering with leading investors seeking to deploy capital into industry-specific platform investments, add-on/strategic acquisitions, and buy-and-build strategies. Since its founding, the firm has closed 90+ transactions with an enterprise value exceeding $3 billion.