CECO Environmental Corp (Nasdaq: CECO, “CECO”) has divested select Fluid Handling assets (also known as its Global Pump Solutions, or “GPS” business), contained in its Industrial Process Solutions, segment to May River Capital.

The enterprise value of the transaction is approximately $110 million, paid in cash at closing. CECO intends to use the proceeds from this transaction to pay down debt and to fund future strategic growth investments.

The GPS business consists of three brands: Dean Pumps, Fybroc, and Sethco. The platform designs and manufactures metallic centrifugal pumps and horizontal and vertical corrosion resistant pumps made from FRP, stainless steel and thermoplastics. Dean, Fybroc and Sethco pumps are deployed in a wide range of mission critical, severe-duty applications across chemical processing, construction, oil & gas, and water & wastewater industries, among others. The business operates from strategic locations in Indianapolis, Indiana and Telford, Pennsylvania, and services over 1,500 customers globally.

CECO Environmental Corp. is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets globally through its key business segments: Engineered Systems and Industrial Process Solutions.

May River Capital is a Chicago-based private equity firm focused on partnering with lower middle-market industrial growth businesses. The firm invests in high-performing companies in advanced manufacturing, engineered products and instrumentation, specialized industrial services, and value-added industrial distribution services.

EC M&A acted as exclusive financial advisor to CECO.