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 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 ENVIRONMENTAL
CECO 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: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications in power generation, petrochemical processing, refining, midstream gas transport and treatment, electric vehicle and battery production, metals and mineral processing, polysilicon production, battery recycling, beverage can production, and produced and oily water/wastewater treatment along with a wide range of other industrial applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.
About May River Capital
May River Capital is a Chicago-based private equity firm focused on partnering with lower middle-market industrial growth businesses. The firm invests in high-performing companies in advanced manufacturing, engineered products and instrumentation, specialized industrial services, and value-added industrial distribution services. For more information, please visit www.mayrivercapital.com.
