CECO Environmental to Acquire Thermon Group for $2.2 Billion

CECO Environmental Corp. (CECO) entered a merger agreement on February 24, 2026, to acquire Thermon Group Holdings, Inc. (THR) in a deal valued at $2.2 billion.

Deal Structure:

Thermon shareholders will have the ability to elect to receive one of the following forms of consideration: mixed consideration consisting of $10 in cash and 0.684 shares of CECO common stock; all-cash consideration of $63.89 per share; or all-stock consideration of 0.811 shares of CECO common stock per share, in each case subject to proration.

Thermon shareholders who do not make an election will receive the mixed consideration.

The cash consideration of $63.89 per share represents a premium of 28.37% from the stock’s last close.

Company Profile:

Thermon is an industrial technology company that provides engineered process heating, temperature maintenance, environmental monitoring, and temporary power solutions to energy, chemical, power generation, rail, and other industrial markets worldwide.

CECO Environmental is a diversified industrial company that provides air pollution control, emissions management, water treatment, and fluid handling solutions to energy, industrial manufacturing, semiconductor, and other industrial markets worldwide.

Deal Details and Timeline:

Shareholders of CECO Environmental are expected to own approximately 62.5% of the combined company, while shareholders of Thermon are expected to own about 37.5%.

Jason DeZwirek, Chairman of the Board of CECO, along with certain related shareholders, has agreed to vote the shares they own (about 15.2%) in support of the transaction.

The deal is anticipated to close in mid-2026.

CECO will continue to be led by Chief Executive Officer Todd Gleason and its Board. The Board will also include two members from the current Board of Thermon.

Morgan Stanley acted as financial advisor, and Sidley Austin served as legal advisor to Thermon. CECO received financial advice from Citi and TD Securities, while Gibson, Dunn & Crutcher provided legal counsel.

CECO will be paying 16.14 times EBITDA for Thermon.

Deal Metrics:

For more in-depth information on this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Thermon Group Holdings, Inc. (THR) by CECO Environmental Corp. (CECO)

The comprehensive Deal Metrics page for each merger or acquisition includes:

• Spread history chart of the merger from announcement through completion or failure.
• Progressive events through the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• History of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article