CECO Environmental Corp. (NASDAQ: CECO) has successfully completed the divestiture of its fluid handling business, also known as its Global Pump Solutions (GPS) business, to May River Capital for an enterprise value of approximately $110 million in cash. The divestiture was effective as of March 31, 2025. The company intends to utilize the proceeds from this transaction to pay down debt and fund future strategic growth investments.
The GPS business, which joined the CECO family through an acquisition in 2013, comprises three niche leadership severe service industrial metallic, fiberglass, and thermoplastic centrifugal pump brands * Dean, Fybroc, and Sethco. It operates from strategic locations in Indianapolis, Indiana, and Telford, Pennsylvania, and services over 1,500 customers globally.
Following the completion of the divestiture, Todd Gleason, CECO’s Chief Executive Officer, stated, "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 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."
Additionally, the press release mentions that the divestiture will provide additional capacity for further investment in CECO’s growth and business expansion, as well as the execution of strategies in industrial air, industrial water, and the energy transition. The company's recent acquisitions of Verantis Environmental and Profire Energy further underscore its commitment to growth and business expansion.
CEC M&A and Koley Jessen served as the primary financial and legal advisors to CECO for the transaction, while Paul Hastings and TD Securities provided legal and financial counsel to May River Capital.
CECO Environmental Corp. is a leading environmentally focused, diversified industrial company, serving industrial air, industrial water, and energy transition markets globally through its key business segments: Engineered Systems and Industrial Process Solutions. The company is listed on NASDAQ under the ticker symbol "CECO" and was incorporated in 1966, with its global headquarters in Addison, Texas. As a result of these announcements, the company's shares have moved -4.0% on the market, and are now trading at a price of $19.21. If you want to know more, read the company's complete 8-K report here.
