A maker of engineered systems that clean industrial air and water, CECO Environmental builds pollution-control and fluid-handling equipment used by power plants, oil and gas refineries, and semiconductor and battery factories. Founded in 1966 as the Claremont Engineering Company, it took its name from those initials—CECO—and has grown through acquisitions. In 2026 it signed a deal to merge with Thermon Group Holdings, a maker of industrial heating products.
CECO Environmental updates FY2026 outlook after Thermon acquisition
CECO Environmental Corp. issued a press release on June 9, 2026, updating its full year 2026 outlook to reflect the acquisition of Thermon Group Holdings, Inc., which closed on June 1, 2026.
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The combined company expects full year revenue between $1.275 billion and $1.375 billion, up approximately 20% at the midpoint year over year.
Adjusted EBITDA is expected to be between $195 million and $225 million, up approximately 25% at the midpoint year over year.
Free cash flow is expected to be at least 55% of Adjusted EBITDA.
CECO expects to generate $40 million or more in cost synergies from the Thermon acquisition.
A conference call and webcast to discuss the combination and integration update is scheduled for June 9, 2026, at 8:30 a.m. ET.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
CECO Environmental completes acquisition of Thermon Group Holdings
Thermon shareholders received a mix of cash and CECO common stock, with total consideration including approximately 22.53 million CECO shares and $329.4 million in cash.
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CECO Environmental Corp. completed its merger with Thermon Group Holdings, Inc. on June 1, 2026, with Thermon becoming a wholly-owned subsidiary.
The company incurred additional debt of $235.0 million under a delayed draw term loan and approximately $290 million under its revolving credit facility to fund the cash portion of the merger.
The CECO board expanded from eight to ten members with the appointment of Marcus J. George and Victor L. Richey, former Thermon directors.
Todd Gleason was appointed Chairman of the Board while continuing as CEO, and Jason DeZwirek was designated Lead Independent Director.
2.01 Completion of Acquisition or Disposition of Assets · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
CECO stockholders approve Thermon merger and 2026 equity plan at annual meeting
All eight director nominees were elected, including Jason DeZwirek, Todd Gleason, and Robert E. Knowling Jr.
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At the May 27, 2026 annual meeting, CECO stockholders approved the issuance of shares for the Thermon merger, with 29,620,269 votes for and 18,904 against.
The advisory executive compensation proposal was approved, with 28,796,258 votes for and 851,472 against.
The CECO 2026 Equity and Incentive Compensation Plan was approved, authorizing up to 3,350,000 new shares plus remaining 2021 Plan shares.
The merger with Thermon is expected to close on or around June 1, 2026, with Thermon stockholders electing various consideration forms.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
CECO Environmental amends credit agreement to add $235M term loan and boost revolver to $740M for Thermon acquisition.
On March 30, 2026, CECO Environmental Corp. entered into Amendment No. 1 to its Fourth Amended and Restated Credit Agreement with Bank of America as administrative agent.
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The amendment increases the senior secured revolving credit facility commitments to $740 million and adds a $235 million incremental delayed-draw term loan facility.
The incremental term loan is conditioned on the consummation of the Longhorn Acquisition, the merger with Thermon Group Holdings per the February 23, 2026 merger agreement.
The credit facility matures on January 30, 2031, subject to an extension option, and interest rates vary based on the company's leverage ratio.
As of the effective date, approximately $254.8 million was outstanding under the revolving facility and $0 under the incremental term loan facility.
1.01 Entry into a Material Definitive Agreement · 9.01 Financial Statements and Exhibits
CECO Environmental to acquire Thermon in cash-and-stock merger valued at $63.89 per share
CECO Environmental Corp. entered into a merger agreement to acquire Thermon Group Holdings, Inc. through two sequential mergers, with Thermon becoming a wholly owned subsidiary.
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Thermon stockholders can elect to receive either $63.89 in cash, 0.8110 CECO shares, or a mix of 0.6840 CECO shares and $10.00 in cash, subject to proration.
The transaction requires approval from both Thermon stockholders and CECO stockholders, plus regulatory clearances, with a target closing by August 24, 2026 (extendable to November 23, 2026 for antitrust).
CECO secured a $200 million incremental term loan commitment from Bank of America and may use up to $365 million from its existing credit facility to fund the deal.
Supporting stockholders owning about 15.2% of CECO shares have agreed to vote in favor of the stock issuance.
1.01 Entry into a Material Definitive Agreement · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits