CECO Environmental to Combine with Thermon Group

Fried Frank is advising Citi, as lead financial advisor to CECO Environmental Corp. (CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, on its merger agreement with Thermon Group Holdings, Inc. (Thermon), a diversified industrial technology company and a global leader in industrial process heating solutions, in a stock and cash transaction valued at approximately $2.2 billion.

The combination will extend CECO's leadership in industrial environmental and thermal solutions by adding Thermon's established position in process heating, heat tracing and temperature management. Additionally, Thermon's technologies will enhance CECO's exposure to durable secular trends, including energy transition, power generation, industrial reshoring, infrastructure development, decarbonization, and tightening environmental regulations, while deepening its role in mission critical customer applications where reliability, safety and efficiency are essential. For more on the transaction, read the companies' press release.

The Fried Frank team is led by M&A and private equity partners Philip Richter and Roy Tannenbaum and includes M&A and private equity associate Jenny Li.

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