Champion
10-K - Feb 26, 2016
On April 10, 2013, the company completed its acquisition of Champion, a global energy specialty products and services company delivering its offerings to the oil and gas industry. The total fair va...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Ecolab Inc.
ECLActiveCIK 31462 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, ECL filings, SEC EDGAR
$71,798
Market cap ($MM)
$80,377
Enterprise value ($MM)
$16,452
Revenue · LTM ($MM)
$3,283
EBITDA · LTM ($MM)
20%
EBITDA margin
4.9x
EV / revenue
24.5x
EV / EBITDA
2.3x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01ECL is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is XYL, VLTO, PNR, WTS, WMS, MWA.
Balance sheet & capacity
Indicative capacity read: 2.3x net debt / EBITDA with EBITDA of $3.3B.
$520
Cash & equiv. ($MM)
$8,187
Total debt ($MM)
$7,667
Net debt ($MM)
2.3x
Net debt / EBITDA
Valuation
Where it trades against its peer set
ECL versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
ECL versus available Water Infrastructure & Treatment Equipment peers and SPY.
+18%
ECL
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 |
|---|---|---|---|---|---|---|---|---|---|
| Ecolab Inc. | ECL | $16,452 | $3,283 | 20% | $71,798 | $80,377 | 4.9x | 24.5x | 2.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
ECL's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
92
Active years
19
Named deals
8
Avg / active year
4.8
Acq. cash outflow ($MM)
N/A
Banker read
- 01ECL reads as a programmatic acquirer: 92 disclosed acquisitions across 19 active years, or 4.8 per active year. The chart shows activity in 10 of the last 12 visible years.
- 02In the last three years, the file shows 10 acquisitions versus 9 in the prior three; recent activity is broadly steady versus the prior three-year period.
- 03Spend changes the read: $12B of disclosed spend is concentrated in lumpy years, with FY21 the largest year at $3.9B. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
ECL count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
10 / 9
Last three years is broadly steady vs prior three.
Peak count year
FY14
5 disclosed acquisitions in the peak visible year.
Recent spend
$2.1B
is down 56% vs prior three; peak FY21 at $3.9B.
Named evidence
8 rows
8.7% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Apr 10, 2013 | Champion | Water infrastructure, treatment, and equipment | $2,100 | On April 10, 2013, the company completed its acquisition of Champion, a global energy specialty products and services company delivering its offerings to the oil and gas industr... | 10-K† |
| Feb 1, 2017 | Anios | Water infrastructure, treatment, and equipment | $798 | On February 1, 2017, the Company acquired Anios for total consideration of $798.3 million, including satisfaction of outstanding debt. Anios had annualized pre-acquisition sales... | 10-K† |
| Jan 1, 2020 | CID Lines | Water infrastructure, treatment, and equipment | $507 | During 2020, the Company acquired CID Lines for total consideration of $506.9 million in cash. CID Lines had annualized pre-acquisition sales of approximately $110 million and i... | 10-K† |
| Jun 1, 2015 | Jianghai Environmental Protection Co. Ltd | Water infrastructure, treatment, and equipment | $190 | In June 2015, the Company acquired Jianghai Environmental Protection Co. Ltd (“Jianghai”), an industrial water treatment Company headquartered in Changzhou, China. The purchase... | 10-K† |
| Nov 1, 2015 | Ultra Fab Industries Ltd | Water infrastructure, treatment, and equipment | $115 | In November 2015, the Company acquired Ultra Fab Industries Ltd (“Ultrafab”) for approximately $115 million. Based in Calgary, Canada, Ultrafab manufactures customized solutions... | 10-K† |
| Nov 1, 2015 | Swisher Hygiene Inc. | Water infrastructure, treatment, and equipment | $40 | In November 2015, the Company completed the acquisition of the U.S. operations of Charlotte, N.C. - based Swisher Hygiene Inc. (“Swisher”) for approximately $40 million. Swisher... | 10-K† |
| Dec 1, 2021 | Purolite | Water infrastructure, treatment, and equipment | $3,706 | On December 1, 2021, the Company acquired Purolite for total consideration of $3,706 million in cash, net of cash acquired. Purolite is a US-based business that is a leading and... | 10-K† |
| Dec 1, 2021 | Purolite LLC | Water infrastructure, treatment, and equipment | $3,700 | On December 1, 2021, we acquired Purolite for total consideration of $3.7 billion in cash, net of cash acquired. Purolite is a leading and fast-growing global provider of high-e... | 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 14 SEC-backed facts across 6 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
20
Named deal filings
6
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.20 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 23, 2026 | Annual M&A 10-K | accepted | 2 | $1.6B | $1.6B | SEC filing |
| FY2024 | Feb 21, 2025 | Annual M&A 10-K | accepted | 4 | $310MM | $323MM | SEC filing |
| FY2023 | Feb 23, 2024 | Annual M&A 10-K | accepted | 4 | $180MM | $180MM | SEC filing |
| FY2022 | Feb 24, 2023 | Annual M&A 10-K | accepted | 0 | N/A | N/A | SEC filing |
| FY2021 | Feb 25, 2022 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 4 | $3.9B | $3.7B | SEC filing |
| FY2020 | Feb 26, 2021 | Annual M&A 10-K | accepted | 1 | $507MM | $486MM | SEC filing |
| FY2019 | Feb 28, 2020 | Annual M&A 10-K | quarantined (1 issue) | 4 | $391MM | $416MM | SEC filing |
| FY2018 | Mar 1, 2019 | Annual M&A 10-K | accepted | N/A | $225MM | $227MM | SEC filing |
| FY2017 | Feb 23, 2018 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 5 | $200MM | $993MM | SEC filing |
| FY2015 | Feb 26, 2016 | Annual M&A 10-K | accepted | 4 | $279MM | $339MM | SEC filing |
| FY2014 | Feb 27, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 28, 2014 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2012 | Feb 26, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Feb 25, 2011 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2009 | Feb 26, 2010 | Annual M&A 10-K | accepted | 2 | N/A | N/A | SEC filing |
| FY2008 | Feb 27, 2009 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2007 | Feb 25, 2008 | Annual M&A 10-K | accepted | 5 | N/A | N/A | SEC filing |
| FY2006 | Feb 28, 2007 | Annual M&A 10-K | accepted | 3 | N/A | N/A | SEC filing |
| FY2004 | Mar 3, 2005 | Annual M&A 10-K | accepted | 3 | N/A | N/A | SEC filing |
| FY2003 | Mar 5, 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.6 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 23, 2024 | 10-K | Purolite LLC | Annual M&ANamed deals | SEC filing |
| Feb 24, 2023 | 10-K | Purolite | Annual M&ANamed deals | SEC filing |
| Feb 25, 2022 | 10-K | CID Lines | Annual M&ANamed deals | SEC filing |
| Feb 28, 2020 | 10-K | Anios | Annual M&ANamed deals | SEC filing |
| Feb 26, 2016 | 10-K | Champion | Annual M&ANamed deals | SEC filing |
| Feb 24, 2017 | 10-K | Jianghai Environmental Protection Co. Ltd; Ultra Fab Industries Ltd; Swisher Hygiene Inc. | Named 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
Anios Acquisition
10-K - Feb 28, 2020
On February 1, 2017, the Company acquired Anios for total consideration of $798.3 million, including satisfaction of outstanding debt. Anios had annualized pre-acquisition sales of approximately $2...
CID Lines Acquisition
10-K - Feb 25, 2022
During 2020, the Company acquired CID Lines for total consideration of $506.9 million in cash. CID Lines had annualized pre-acquisition sales of approximately $110 million and is a leading global p...
Jianghai Environmental Protection Co. Ltd
10-K - Feb 24, 2017
In June 2015, the Company acquired Jianghai Environmental Protection Co. Ltd (“Jianghai”), an industrial water treatment Company headquartered in Changzhou, China. The purchase price of the acquire...
Ultra Fab Industries Ltd
10-K - Feb 24, 2017
In November 2015, the Company acquired Ultra Fab Industries Ltd (“Ultrafab”) for approximately $115 million. Based in Calgary, Canada, Ultrafab manufactures customized solutions and specialized che...
Swisher Hygiene Inc. U.S. operations
10-K - Feb 24, 2017
In November 2015, the Company completed the acquisition of the U.S. operations of Charlotte, N.C. - based Swisher Hygiene Inc. (“Swisher”) for approximately $40 million. Swisher provides hygiene an...
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.