PMFG
10-K - Mar 14, 2017
On September 3, 2015, the Company completed its acquisition of 100% of PMFG’s outstanding common stock for a purchase price of $136.7 million. PMFG’s shareholders had the option to elect to exchang...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Ceco Environmental Corp.
CECOActiveCIK 3197 · Core Solid Waste & Recycling
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CECO filings, SEC EDGAR
$2,934
Market cap ($MM)
$2,917
Enterprise value ($MM)
$812
Revenue · LTM ($MM)
$78
EBITDA · LTM ($MM)
10%
EBITDA margin
3.6x
EV / revenue
37.5x
EV / EBITDA
2.7x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01CECO is a scaled public consolidator in Solid Waste, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is WM, RSG, WCN, CLH, GFL, CWST.
Balance sheet & capacity
Indicative capacity read: 2.7x net debt / EBITDA with EBITDA of $77.7MM.
$45
Cash & equiv. ($MM)
$253
Total debt ($MM)
$208
Net debt ($MM)
2.7x
Net debt / EBITDA
Valuation
Where it trades against its peer set
CECO versus the scaled public Core Solid Waste & Recycling comparables.
Indexed share-price performance
CECO versus available Core Solid Waste & Recycling peers and SPY.
+1078%
CECO
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Ceco Environmental Corp. | CECO | $812 | $78 | 10% | $2,934 | $2,917 | 3.6x | 37.5x | 2.7x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
CECO's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
56
Active years
11
Named deals
10
Avg / active year
5.1
Acq. cash outflow ($MM)
N/A
Banker read
- 01CECO reads as a programmatic acquirer: 56 disclosed acquisitions across 11 active years, or 5.1 per active year. The chart shows activity in 11 of the last 11 visible years.
- 02In the last three years, the file shows 7 acquisitions versus 6 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $534MM of disclosed spend is concentrated in lumpy years, with FY13 the largest year at $104MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
CECO count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
7 / 6
Last three years is up 17% vs prior three.
Peak count year
FY14
4 disclosed acquisitions in the peak visible year.
Recent spend
$236MM
is up 95% vs prior three; peak FY13 at $104MM.
Named evidence
10 rows
18% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Sep 3, 2015 | PMFG | Core solid waste, recycling, and environmental services | $137 | On September 3, 2015, the Company completed its acquisition of 100% of PMFG’s outstanding common stock for a purchase price of $136.7 million. PMFG’s shareholders had the option... | 10-K† |
| Jan 3, 2025 | Profire Energy, Inc. | Core solid waste, recycling, and environmental services | $123 | On January 3, 2025, the Company acquired all outstanding shares of Profire for $122.7 million in cash, including $4.6 million of cash used to settle outstanding equity awards fo... | 10-K† |
| Dec 17, 2024 | Verantis Environmental Solutions Group | Core solid waste, recycling, and environmental services | $69 | On December 17, 2024, the Company acquired 100% of the equity interests of Verantis Environmental Solutions Group ("Verantis") for $69.2 million in cash, which was financed with... | 10-K† |
| Nov 3, 2014 | Emtrol | Core solid waste, recycling, and environmental services | $38 | On November 3, 2014, the Company acquired 100% of the membership interests of Emtrol. The Company paid cash at closing of $31.9 million, which was financed with additional debt.... | 10-K† |
| Mar 31, 2023 | Transcend Solutions, LLC | Core solid waste, recycling, and environmental services | $22 | On March 31, 2023, the Company acquired 100% of the equity interests of Transcend Solutions, LLC ("Transcend") for $22.4 million, including $20.0 million in cash, which was fina... | 10-K† |
| Jul 29, 2024 | EnviroCare International LLC | Core solid waste, recycling, and environmental services | $17 | On July 29, 2024, the Company acquired 100% of the equity interests of EnviroCare International LLC (“EnviroCare") for $16.7 million, including $15.7 million paid at closing, wh... | 10-K† |
| Jun 4, 2020 | Environmental Integrated Solutions | Core solid waste, recycling, and environmental services | $10 | On June 4, 2020, the Company acquired 100% of the equity interests of Environmental Integrated Solutions (“EIS”) for $10.3 million in cash, which was financed with an additional... | 10-K† |
| Aug 13, 2014 | HEE | Core solid waste, recycling, and environmental services | $8 | On August 13, 2014, the Company acquired certain assets and liabilities of HEE for $7.0 million in cash. The Company also issued 34,626 shares of the Company’s common stock with... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 5 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
21
Named deal filings
5
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.21 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Mar 2, 2026 | Annual M&A 10-K | accepted | 1 | $97.6MM | $120MM | SEC filing |
| FY2024 | Feb 25, 2025 | Annual M&A 10-K | accepted | 4 | $87.9MM | $89.9MM | SEC filing |
| FY2023 | Mar 5, 2024 | Annual M&A 10-K | quarantined (1 issue) | 3 | $50.5MM | $50.5MM | SEC filing |
| FY2022 | Mar 6, 2023 | Annual M&A 10-K | accepted | 4 | $44.9MM | $53.6MM | SEC filing |
| FY2021 | Mar 14, 2022 | Annual M&A 10-K | accepted | 1 | N/A | $10.9MM | SEC filing |
| FY2020 | Mar 3, 2021 | Annual M&A 10-K | accepted | 1 | $5.9MM | $10.9MM | SEC filing |
| FY2019 | Mar 4, 2020 | Annual M&A 10-K | quarantined (1 issue) | N/A | N/A | N/A | SEC filing |
| FY2018 | Mar 7, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Mar 9, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Mar 14, 2017 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | N/A | N/A | SEC filing |
| FY2015 | Mar 23, 2016 | Annual M&A 10-K | accepted | 1 | $65.0MM | $137MM | SEC filing |
| FY2014 | Mar 18, 2015 | Annual M&A 10-K | quarantined (1 issue) | 4 | $44.4MM | $98.3MM | SEC filing |
| FY2013 | Mar 14, 2014 | Annual M&A 10-K | accepted | 3 | $104MM | $230MM | SEC filing |
| FY2012 | Mar 15, 2013 | Annual M&A 10-K | accepted | 1 | $4.0MM | $4.5MM | SEC filing |
| FY2011 | Mar 16, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Mar 15, 2011 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Mar 29, 2010 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | N/A | N/A | SEC filing |
| FY2008 | Mar 16, 2009 | Annual M&A 10-K | accepted | 3 | $23.5MM | $23.3MM | SEC filing |
| FY2007 | Apr 2, 2007 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2005 | Apr 15, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2003 | Mar 29, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 2, 2026 | 10-K | Profire Energy, Inc.; Verantis Environmental Solutions Group; EnviroCare International LLC | Annual M&ANamed deals | SEC filing |
| Mar 5, 2024 | 10-K | Transcend Solutions, LLC; Malvar Engineering Limited | Annual M&ANamed deals | SEC filing |
| Mar 3, 2021 | 10-K | Environmental Integrated Solutions | Annual M&ANamed deals | SEC filing |
| Mar 14, 2017 | 10-K | PMFG; Emtrol; Zhongli | Annual M&ANamed deals | SEC filing |
| Mar 23, 2016 | 10-K | HEE | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Profire Energy, Inc.
10-K - Mar 2, 2026
On January 3, 2025, the Company acquired all outstanding shares of Profire for $122.7 million in cash, including $4.6 million of cash used to settle outstanding equity awards for which $2.3 million...
Verantis Environmental Solutions Group
10-K - Mar 2, 2026
On December 17, 2024, the Company acquired 100% of the equity interests of Verantis Environmental Solutions Group ("Verantis") for $69.2 million in cash, which was financed with a draw on the Compa...
Emtrol
10-K - Mar 14, 2017
On November 3, 2014, the Company acquired 100% of the membership interests of Emtrol. The Company paid cash at closing of $31.9 million, which was financed with additional debt. The Company also is...
Transcend Solutions, LLC
10-K - Mar 5, 2024
On March 31, 2023, the Company acquired 100% of the equity interests of Transcend Solutions, LLC ("Transcend") for $22.4 million, including $20.0 million in cash, which was financed with a draw on ...
EnviroCare International LLC
10-K - Mar 2, 2026
On July 29, 2024, the Company acquired 100% of the equity interests of EnviroCare International LLC (“EnviroCare") for $16.7 million, including $15.7 million paid at closing, which was financed wit...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.