Ceco Environmental Corp has completed the acquisition of Environmental Integrated Solutions Ltd (EIS), a UK-based manufacturer and supplier of VOC abatement, odour control and air pollution control systems.
Birmingham-headquartered EIS will serve as a regional hub for Ceco’s Industrial Solutions segment.
“EIS further increases Ceco’s solution capability, application depth, and knowledge expertise as part of our growth strategy,” said Dennis Sadlowski, chief executive officer of Ceco Environmental. “EIS expands the coverage of our industrial customers across Europe, as well as leverages our current capabilities in North America.”
“The acquisition of EIS gives us immediate access to new markets, adds approximately US$16 million in annual revenues and provides Ceco with incremental market and financial scale,” said Matt Eckl, Ceco Environmental’s chief financial officer. “This combination is a win-win as EIS will leverage Ceco’s supply chain in North America and Ceco will gain access to EIS’s network of production partners in Europe, further expanding our lucrative asset light business model.”
The purchase price was approximately US$12.2 million, including a targeted earnout.