M&A · Industrials · Electrical Industrial Apparatus
Ceco Environmental Corp to acquire Thermon Group Holdings, Inc.
Announced Feb 24, 2026 · Closed Jun 1, 2026
Deal value$2.20BEV $2.20B
Premium—To unaffected price
EV / Adj. EBITDA19.6x4.2x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- Ceco Environmental Corp (CECO)
- Target
- Thermon Group Holdings, Inc. (THR)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $2.20B
- Status
- Closed Jun 1, 2026
Deal protections
- Break fee (target pays)
- $74.7M · 3.4%
- Reverse fee (buyer pays)
- $105M · 4.8%
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities
Advisors
- To the acquirer
- Citigroup, TD Cowen
- To the target
- Morgan Stanley
- Citigroup fee
- $1.0M
Sector context · Industrials
- Comparable deals
- 95 in the prior 24 months
- Premium
- Sector median 35.0%
- EV / Adj. EBITDA
- 19.6x vs. 10.3x sector median
- Break fee
- 3.4% vs. 2.5% sector median
Timeline
- AnnouncedFeb 24, 2026
- Proxy filedApr 23, 2026
- Definitive proxyApr 23, 2026
- Shareholder voteMay 27, 2026
- ClosedJun 1, 2026
Valuation · fairness opinions
Discounted cash flowCitigroup$47.90$65.20
Discounted cash flowCitigroup$67.80$88.50
Precedent transactionsCitigroup$61.95$73.70
Trading comparablesCitigroup$66.85$78.60
Trading comparablesCitigroup$66.55$79.50
Trading comparablesMorgan Stanley$41.00$51.75
Future share priceMorgan Stanley$43.75$55.75
Discounted cash flowMorgan Stanley$42.50$57.25
Precedent transactionsMorgan Stanley$36.00$46.50
Analyst price targetsMorgan Stanley$54.00$62.00
Implied value per Thermon Group Holdings, Inc. share by analysis, from Citigroup and Morgan Stanley · DCF discount rate 9.8%–11.2%.