The enterprise value of the transaction is approximately US$110 million, paid in cash at closing.
The GPS business consists of three 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 CEO. “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.”
May River Capital focuses on partnering with lower middle-market industrial growth businesses. The firm’s portfolio already includes pump makers Industrial Flow Solutions and Unibloc Hygienic Technologies.
