Business
CECO Environmental Announces Completion of the Divestiture of Its Fluid Handling Business to May River Capital
ADDISON, Texas, April 01, 2025 (GLOBE NEWSWIRE) -- CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company
About this update from Ceco Environmental Corp.
[{"type":"text","content":"ADDISON, Texas, April 01, 2025 (GLOBE NEWSWIRE) -- CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announced it has completed the previously announced divestiture of its Fluid Handling business (also known as its Global Pump Solutions, or GPS, business) contained in its Industrial Process Solutions segment to May River Capital, effective March 31, 2025. The enterprise value of the transaction is approximately $110 million, paid in cash at closing. The Company intends to use the proceeds from this transaction to pay down debt and to fund future strategic growth investments. The GPS business consists of three niche leadership severe service industrial metallic, fiberglass and thermoplastic centrifugal pump brands - Dean, Fybroc and Sethco - which joined the CECO family through an acquisition in 2013. The business operates from strategic locations in Indianapolis, Indiana and Telford, Pennsylvania, and services over 1,500 customers globally. “I am pleased to have completed our previously announced divesture of GPS, which enables greater alignment of our portfolio of leading environmental solution businesses against our high growth opportunities in energy and industrial markets,” said Todd Gleason, CECO’s Chief Executive Officer. “We believe that the GPS business is well positioned as a niche leader in its respective end markets and applications, and we also believe that we have found the right buyer and future home to ensure its continued success and development of the GPS team. This sale will – after our recent acquisitions of Verantis Environmental and Profire Energy - create additional capacity for further investment in CECO’s growth and business expansion, and execution of our strategies in Industrial Air, Industrial Water, and the Energy Transition.” EC M&A and Koley Jessen were the primary financial and legal advisors to CECO for the transaction. Paul Hastings and TD Securities served as legal and financial counsel to May River Capital. ABOUT CECO ENVIRONMENTALCECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets globally through its key business segments: Enginee...