CECO Environmental Corp. (CECO) entered a merger agreement on October 29, 2024, to acquire Profire Energy, Inc. (PFIE) in an all-cash deal valued at $108 million.
Under the terms of the agreement, a subsidiary of CECO Environmental will commence a tender offer to acquire all issued and outstanding shares of Profire common stock for $2.55 per share, in cash, representing a premium of 49.12% over the stock’s last close.
Profire is a technology company that designs systems to make industrial burners safer, more efficient, and more reliable, mainly for the oil and gas industry in North America, with a growing presence in other global markets.
CECO Environmental, based in Dallas, Texas, is an industrial company that helps improve air and water quality by providing systems to control emissions and manage fluids for industries worldwide.
The tender offer will initially be open for 20 business days from its start date, with the possibility of extension under specific conditions.
Once the transaction is complete, expected in the first quarter of 2025, Profire will operate as a wholly-owned subsidiary of CECO, and Profire’s common stock will be delisted from all public markets.
CECO Environmental is acquiring Profire Energy at 1.18 times the EBITDA.
For a detailed review of this M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Profire Energy, Inc. (PFIE) by CECO Environmental Corp. (CECO)
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Editor’s Note: Baranjot Kaur contributed to this article