CECO Environmental Corp. (NasdaqGS:CECO) acquired Kemco Systems, Co. LLC on August 23, 2023. As of September 13, 2023, Kemco reported the revenue of approximately $22 million for the period ended December 31, 2022. Kemco?s leadership team will remain to drive the business and work across CECO?s other industrial water businesses to maximize solution selling and services, McDermott Will & Emery LLP acted as legal advisor to Kemco Systems and Janney Montgomery Scott LLC acted as financial advisor to Kemco Systems.
CECO Environmental Corp. (NasdaqGS:CECO) completed the acquisition of Kemco Systems, Co. LLC for $34.9 million on August 23, 2023. Under the consideration terms, CECO paid $24 million in cash and an additional earn-out payments up to $4 million based upon specified financial results through August 31, 2026. CECO received $0.4 million from the former owners of Kemco as a working capital adjustment, reducing the purchase price to $23.6 million, which was financed with a draw on the Company?s revolving credit facility. As a part of acquisition, CECO also assumed a total of $7.257 million of liabilities of Kemco.
CECO Environmental Corp. is an environmentally focused, diversified industrial company. The Companyâs segments include Engineered Systems, which serves the power generation, hydrocarbon processing, water/wastewater treatment, oily water separation and treatment, marine and naval vessels, and midstream oil and gas sectors. The segment offers environmental and equipment protection solutions with its highly engineered platforms, including emissions control, fluid bed cyclones, thermal acoustics, separation and filtration, and dampers and expansion joints, and Industrial Process Solutions segment, which serves the industrial sector with solutions for air pollution and contamination control, fluid handling, and process filtration in applications such as aluminum beverage can production, automobile production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum mill processing, wood manufacturing, desalination, and aquaculture markets.
CECO ENVIRONMENTAL CORP. 
