Fill-Rite acquisition
10-K - Mar 3, 2025
On May 31, 2022, the Company acquired the assets of Fill-Rite and Sotera (“Fill-Rite”), a division of Tuthill Corporation, for cash consideration of $528.0 million. The transaction was funded with ...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
The Gorman-Rupp Company
GRCActiveCIK 42682 · Environmental Services Adjacency
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, GRC filings, SEC EDGAR
$2,041
Market cap ($MM)
$2,304
Enterprise value ($MM)
$695
Revenue · LTM ($MM)
$126
EBITDA · LTM ($MM)
18%
EBITDA margin
3.3x
EV / revenue
18.3x
EV / EBITDA
2.1x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01GRC is a scaled public consolidator in Adjacency, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is RBA, KEX, DCI, CHE, AQN, WAAS.
Balance sheet & capacity
Indicative capacity read: 2.1x net debt / EBITDA with EBITDA of $126MM.
$30
Cash & equiv. ($MM)
$293
Total debt ($MM)
$263
Net debt ($MM)
2.1x
Net debt / EBITDA
Valuation
Where it trades against its peer set
GRC versus the scaled public Environmental Services Adjacency comparables.
Indexed share-price performance
GRC versus available Environmental Services Adjacency peers and SPY.
+110%
GRC
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 |
|---|---|---|---|---|---|---|---|---|---|
| The Gorman-Rupp Company | GRC | $695 | $126 | 18% | $2,041 | $2,304 | 3.3x | 18.3x | 2.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
GRC's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
11
Active years
3
Named deals
3
Avg / active year
3.7
Acq. cash outflow ($MM)
N/A
Banker read
- 01GRC reads as a programmatic acquirer: 11 disclosed acquisitions across 3 active years, or 3.7 per active year. The chart shows activity in 3 of the last 4 visible years.
- 02In the last three years, the file shows 2 acquisitions versus 1 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $568MM of disclosed spend is concentrated in lumpy years, with FY22 the largest year at $528MM. Recent spend is the visible baseline.
Annual acquisitions + disclosed spend
count spend named deal
GRC count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
2 / 1
Last three years is up 100% vs prior three.
Peak count year
FY07
1 disclosed acquisitions in the peak visible year.
Recent spend
$568MM
sets the visible baseline vs prior three; peak FY22 at $528MM.
Named evidence
3 rows
27% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| May 31, 2022 | Fill-Rite and Sotera | Adjacency and edge-case industrials | $528 | On May 31, 2022, the Company acquired the assets of Fill-Rite and Sotera (“Fill-Rite”), a division of Tuthill Corporation, for cash consideration of $528.0 million. The transact... | 10-K† |
| May 31, 2022 | Fill-Rite and Sotera | Adjacency and edge-case industrials | $528 | On May 31, 2022, the Company acquired the assets of Fill-Rite and Sotera (“Fill-Rite”), a division of Tuthill Corporation, for $528.0 million. The Company funded the transaction... | 10-K† |
| Oct 1, 2010 | National Pump Company LLC | Adjacency and edge-case industrials | $37 | On October 1, 2010 the Company acquired substantially all of the assets and certain liabilities of privately-held National Pump Company LLC for a purchase price of approximately... | 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 6 SEC-backed facts across 3 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
17
Named deal filings
3
Recent SEC filings
0
Evidence clips
3
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.17 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Mar 2, 2026 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2024 | Mar 3, 2025 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Feb 26, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Mar 8, 2023 | Annual M&A 10-K | accepted | 1 | $528MM | $528MM | SEC filing |
| FY2021 | Feb 28, 2022 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Mar 1, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Mar 2, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Mar 4, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Feb 23, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Mar 3, 2017 | Annual M&A 10-K | warning (1 warn) | N/A | $3.0MM | N/A | SEC filing |
| FY2010 | Mar 4, 2011 | Annual M&A 10-K | warning (1 warn) | 1 | $36.6MM | N/A | SEC filing |
| FY2009 | Mar 5, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Mar 5, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Mar 10, 2008 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2006 | Mar 9, 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 | 1 | N/A | N/A | SEC filing |
| FY2004 | Mar 11, 2005 | 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.3 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 3, 2025 | 10-K | Fill-Rite and Sotera | Annual M&ANamed deals | SEC filing |
| Feb 26, 2024 | 10-K | Fill-Rite and Sotera | Annual M&ANamed deals | SEC filing |
| Mar 4, 2011 | 10-K | National Pump Company LLC | 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.3 rows+-
Medium
Fill-Rite and Sotera acquisition
10-K - Feb 26, 2024
On May 31, 2022, the Company acquired the assets of Fill-Rite and Sotera (“Fill-Rite”), a division of Tuthill Corporation, for $528.0 million. The Company funded the transaction with cash on-hand a...
National Pump Company LLC acquisition
10-K - Mar 4, 2011
On October 1, 2010 the Company acquired substantially all of the assets and certain liabilities of privately-held National Pump Company LLC for a purchase price of approximately $36.6 million, net ...
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.