CECO to acquire Profire Energy for $125M in cash; $2.55/share, 46.5% premium

CECO ENVIRONMENTAL CORP

CECO to acquire Profire Energy for $2.55/share cash, implying equity value of ~$125M and enterprise value ~$108M.
Premium of 46.5% over Profire's Oct 25 close of $1.74; tender offer to commence by Dec 3, 2024.
Profire estimates 2024 sales >$60M with adj. EBITDA margins ~20%; deal expected to close in Q1 2025.
CECO to fund deal with cash; Profire to become wholly-owned subsidiary, delisted from Nasdaq.
Acquisition unanimously approved by Profire Board; subject to tender of majority shares and HSR clearance.

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