Acquisition of PECO and FGC
10-K - Mar 14, 2017
On April 30, 2014 Fuel Tech acquired 100% of the capital stock of Cleveland Roll Forming Environmental Division, Inc. d/b/a PECO (“PECO”), and FGC, Inc. ("FGC"), both Ohio corporations. Pursuant to...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Fuel Tech, Inc.
FTEKActiveCIK 846913 · Core Solid Waste & Recycling
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, FTEK filings, SEC EDGAR
$47
Market cap ($MM)
$39
Enterprise value ($MM)
$26
Revenue · LTM ($MM)
($3)
EBITDA · LTM ($MM)
-13%
EBITDA margin
1.5x
EV / revenue
NM
EV / EBITDA
NM
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01FTEK 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: public-market scale of $38.8MM enterprise value against $26.4MM revenue.
$9
Cash & equiv. ($MM)
$2
Total debt ($MM)
($8)
Net debt ($MM)
NM
Net debt / EBITDA
Valuation
Where it trades against its peer set
FTEK versus the scaled public Core Solid Waste & Recycling comparables.
Indexed share-price performance
FTEK versus available Core Solid Waste & Recycling peers and SPY.
-29%
FTEK
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 |
|---|---|---|---|---|---|---|---|---|---|
| Fuel Tech, Inc. | FTEK | $26 | ($3) | -13% | $47 | $39 | 1.5x | NM | NM |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
FTEK's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
23
Active years
2
Named deals
5
Avg / active year
11.5
Acq. cash outflow ($MM)
N/A
Banker read
- 01FTEK reads as a programmatic acquirer: 23 disclosed acquisitions across 2 active years, or 11.5 per active year. The chart shows activity in 2 of the last 2 visible years.
- 02In the last three years, the file shows 4 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
- 03Spend changes the read: $12.3MM of disclosed spend is concentrated in lumpy years, with FY14 the largest year at $8.1MM. Recent spend is the visible baseline.
Annual acquisitions + disclosed spend
count spend named deal
FTEK count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
4 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY08
2 disclosed acquisitions in the peak visible year.
Recent spend
$12.3MM
sets the visible baseline vs prior three; peak FY14 at $8.1MM.
Named evidence
5 rows
22% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Apr 30, 2014 | Acquisition of PECO and FGC | Core solid waste, recycling, and environmental services | $8 | On April 30, 2014 Fuel Tech acquired 100% of the capital stock of Cleveland Roll Forming Environmental Division, Inc. d/b/a PECO (“PECO”), and FGC, Inc. ("FGC"), both Ohio corpo... | 10-K† |
| Jan 5, 2009 | Advanced Combustion Technology, Inc. | Core solid waste, recycling, and environmental services | $20,185 | the acquisition of substantially all of the assets of ACT required a total funding of $20,185 | 10-K† |
| 2005 | Acquisition of fuel additive business | Core solid waste, recycling, and environmental services | $1,348 | Acquisition of fuel additive business - - (1,348) | 10-K† |
| 2004 | Acquisition of fuel additive business | Core solid waste, recycling, and environmental services | $1,348 | Acquisition of fuel additive business - (1,348) - | 10-K† |
| 2003 | Acquisition of fuel additive business | Core solid waste, recycling, and environmental services | $1,348 | Acquisition of fuel additive business (1,348) - - | 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 10 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
5
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 3, 2026 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2024 | Mar 4, 2025 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Mar 11, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Mar 7, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Mar 8, 2022 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Mar 15, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Mar 12, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Mar 14, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Mar 12, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Mar 14, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Mar 24, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Mar 16, 2015 | Annual M&A 10-K | accepted | 2 | $8.1MM | $8.1MM | SEC filing |
| FY2013 | Mar 10, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Mar 5, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Mar 4, 2010 | Annual M&A 10-K | quarantined (1 issue) | 3 | $20.2MM | $26.5MM | SEC filing |
| FY2008 | Mar 5, 2009 | Annual M&A 10-K | accepted | 1 | $3.9MM | $4.0MM | SEC filing |
| FY2007 | Mar 5, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Mar 6, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2005 | Mar 10, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 16, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2003 | Mar 15, 2004 | Annual M&A 10-K | accepted | 1 | $1.3MM | $1.3MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 14, 2017 | 10-K | Acquisition of PECO and FGC | Annual M&ANamed deals | SEC filing |
| Mar 10, 2006 | 10-K | Acquisition of fuel additive business | Annual M&ANamed deals | SEC filing |
| Mar 16, 2005 | 10-K | Acquisition of fuel additive business | Annual M&ANamed deals | SEC filing |
| Mar 15, 2004 | 10-K | Acquisition of fuel additive business | Annual M&ANamed deals | SEC filing |
| Mar 9, 2011 | 10-K | Advanced Combustion Technology, 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.5 rows+-
Medium
Acquisition of substantially all of the assets of ACT
10-K - Mar 9, 2011
the acquisition of substantially all of the assets of ACT required a total funding of $20,185
Acquisition of fuel additive business
10-K - Mar 10, 2006
Acquisition of fuel additive business - - (1,348)
Acquisition of fuel additive business
10-K - Mar 16, 2005
Acquisition of fuel additive business - (1,348) -
Acquisition of fuel additive business
10-K - Mar 15, 2004
Acquisition of fuel additive business (1,348) - -
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.