May River Capital has formed a new industrial flow control platform, Tusk Industrial, and has closed its first acquisition with the $110 million buy of the fluid handling business (Global Pump Solutions) of publicly traded CECO Environmental.
The Global Pump Solutions (GPS) business consists of three niche severe service industrial metallic, fiberglass, and thermoplastic centrifugal pump brands – Dean, Fybroc, and Sethco. CECO Environmental acquired these three pump brands in 2013 when it acquired Met-Pro Corporation.
GPS, now Tusk Industrial, designs, manufactures, and services metallic, fiberglass, and thermoplastic pumps that are used in high-temperature, corrosive, and caustic applications, with common end markets including chemical processing, wastewater treatment, and general industrial sectors.
“Tusk Industrial is a standout business with significant growth potential, and we’re excited to partner with management to drive its continued success,” said Pat St. John, a managing director at May River. “With our deep expertise in building businesses within the flow control sector, we are committed to investing in new products, expanding into new markets, and pursuing strategic acquisitions—all with the goal of strengthening Tusk Industrial’s foundation and, most importantly, delivering greater value to its customer base.”
Tusk is led by President and General Manager Ming Cheung and employs over 100 people. It is headquartered north of Philadelphia in Telford, Pennsylvania, with an additional facility in Indianapolis, Indiana.
“Partnering with May River marks an exciting milestone for our company,” said Mr. Cheung. “This partnership unlocks incredible opportunities to supercharge our growth, expand our capabilities, and deliver even greater value to our customers. It’s an exciting time for our employees, customers, and partners as we take Tusk Industrial to new heights.”
CECO Environmental designs and manufactures industrial products for air pollution control, water treatment, and energy transition applications. Its products include thermal oxidizers, mist eliminators, and VOC control systems, sold under brands such as Aarding, Peerless, and Kirk & Blum. CECO’s customers include companies in power generation, midstream oil and gas, and battery recycling.
“I am pleased to have completed our previously announced divesture of GPS, which enables greater alignment of our portfolio of leading environmental solution businesses against our high growth opportunities in energy and industrial markets,” said CEO Todd Gleason. “We believe that the GPS business is well positioned as a niche leader in its respective end markets and applications, and we also believe that we have found the right buyer and future home to ensure its continued success and development of the GPS team.”
Chicago-based May River Capital invests from $20 million to $90 million of equity in companies with EBITDA of $3 million to $15 million and enterprise values of $20 million to $150 million. Sectors of interest include advanced manufacturing, engineered products and instrumentation, specialized industrial services, and value‐added industrial distribution services. May River held a hard cap close of its third fund, May River Capital Fund III LP, with $500 million in limited partner commitments in July 2023.
EC M&A was the financial advisor to CECO and TD Securities advised May River Capital.
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