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Ceco Environmental Acquires PMFG

Environmental technology company Ceco Environmental will acquire PMFG, a provider of engineered equipment for the abatement of air pollution, the separation and filtration of contaminants from gases and liquids, and industrial noise control equipment, according to the companies.

The firms expect the transaction to close in the third quarter of 2015.

Ceco will acquire all of the outstanding shares of PMFG common stock for cash and stock valued at $6.85 per share (about $150 million equity value or $130 million enterprise value).

The companies say Ceco and PMFG’s products and end markets when combined will represent one of the most comprehensive product portfolios in the industry with approximately $500 million in environmental, energy and fluid handling-related revenue.

Last November Ceco acquired Emtrol, which designs and manufactures fluid catalytic cracking and industrial cyclone technology, for $36 million.

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