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CECO acquires GRC

CECO Environmental Corp has acquired GRC, an industrial flow company.

CECO Environmental Corp has acquired GRC, an industrial flow company. No financial terms were disclosed. As a result of the acquisition, GRC is now a part of the Effox-Flextor-Mader, Inc, a joint venture with Chief Capital.

PRESS RELEASE

DALLAS, March 8, 2022 /PRNewswire/ — CECO Environmental Corp. (Nasdaq: CECE) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today announced it has completed the acquisition of industrial flow control leader GRC.  As a result of the acquisition, GRC is now a part of the Effox-Flextor-Mader, Inc. (“EFM”) joint venture with Chartwell Investments Entrepreneur & Founder Capital, LLC (“Chief Capital”). Lloyd Aanonsen, president and CEO, GRC, is now the vice president and general manager of the damper and expansion joints platform for CECO.

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. As originally announced on Jan. 10, CECO now serves an addressable market size of $500 million with this acquisition, thereby expanding 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. In addition, the acquisition is expected to increase CECO’s short cycle sales and be highly accretive on an earnings and cash flow basis.

“We are excited to officially welcome GRC and their strong leadership team to our organization,” said Todd Gleason, CEO of CECO Environmental. “With this acquisition, we are advancing further into the water, storm water and wastewater markets, a large area of focus for CECO’s growth this year. I look forward to working with the GRC management team in helping us deliver turnkey, environmentally friendly solutions that protect critical infrastructure, piping, and flow controls for these markets.”

ABOUT CECO ENVIRONMENTAL

CECO is a global leader in industrial air quality and fluid handling serving a broad landscape of industrial and other niche markets. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect our shared environment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom Engineered Systems for applications including power generation, petrochemical processing, general industrial, refining, midstream oil & gas, electric vehicle production, poly silicon fabrication, battery recycling, beverage can, and water/wastewater treatment along with a wide range of other applications. CECO is listed on Nasdaq under the ticker symbol “CECE”. For more information, please visit www.cecoenviro.com.

ABOUT GRC

GRC is a worldwide leader in the engineering, manufacturing, and sales of non-metallic (rubber) expansion joints and other rubber flow control products for a worldwide customer base.  The company, otherwise known as General Rubber LLC, is widely recognized for its ability to provide engineered solutions for challenging piping and ducting system applications across multiple industries, executing on large-scale new construction capital works projects, as well as facility improvements on a small, medium, and large scale. The company was the first U.S. manufacturer of rubber expansion joints to become ISO 9001 certified. For more information, please visit www.general-rubber.com.