CECO Environmental to Acquire GRC
10 January 2022
CECO Environmental Corp. (Nasdaq: CECE) ("CECO"), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, announced it has agreed to acquire industrial flow control leader GRC. The acquisition will be integrated into the company's Effox-Flextor-Mader, Inc. ("EFM") joint venture with Chartwell Investments Entrepreneur & Founder Capital, LLC ("Chief Capital"). The transaction is expected to close by April 2022, subject to customary closing conditions, and will be financed with a mix of cash, debt, and equity from the joint venture.
GRC is a worldwide leader in the engineering and manufacturing of non-metallic (rubber) expansion joints and flow control products with a highly diversified industrial customer base. With the acquisition, CECO expands its existing offering of EFM dampers and metallic expansion joints to include rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves. The addition of GRC expands the addressable market size for CECO from $200 million to $500 million.
Courtesy of CECO.