May River Capital Establishes a New Flow Control Platform, Tusk Industrial

Rhea-AI Summary

May River Capital has acquired the Global Pump Solutions business from CECO Environmental Corp. (Nasdaq: CECO), including the Dean, Fybroc, and Sethco pump brands. The acquired businesses will operate under a new entity called Tusk Industrial.

Tusk Industrial specializes in manufacturing metallic, fiberglass, and thermoplastic pumps for high-temperature, corrosive, and caustic industrial environments. The company operates from two locations in Telford, Pennsylvania and Indianapolis, Indiana, employing over 100 people and serving more than 1,500 customers globally.

President & GM Ming Cheung will continue to lead the organization under the new ownership. May River plans to invest in new products, expand into new markets, and pursue strategic acquisitions to strengthen Tusk Industrial's market position.

Positive

• CECO successfully divests non-core pump business, potentially streamlining operations
• Transaction provides immediate cash proceeds to CECO (amount undisclosed)

Negative

• Loss of revenue stream from Global Pump Solutions division
• Reduction in CECO's market presence in pump solutions segment

CHICAGO, April 2, 2025 /PRNewswire/ -- May River Capital ("May River"), a Chicago-based private equity firm focused on lower middle market industrial growth companies, announced today its acquisition of the Global Pump Solutions business of CECO Environmental Corp. (Nasdaq: CECO), including the highly respected Dean, Fybroc, and Sethco pump brands. Going forward, these three brands will be collectively organized under the parent company, Tusk Industrial, a newly formed portfolio company of May River. Tusk Industrial specializes in tough, high-performance pumping and fluid handling solutions engineered to excel in rugged environments.

Tusk Industrial designs, manufactures, and services metallic, fiberglass, and thermoplastic pumps for usage within a diverse range of high-temperature, corrosive, and caustic industrial environments, including chemical processing applications. Under the leadership of President & GM, Ming Cheung, the company has grown to over 100 employees serving over 1,500 customers globally across two locations in Telford, Pennsylvania and Indianapolis, Indiana. Cheung and the broader Tusk Industrial management team will continue to lead the organization under new ownership.

"Partnering with May River marks an exciting milestone for our company," said Cheung. He went on to comment that, "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."

Pat St. John, Managing Director of May River, stated, "Tusk Industrial is a standout business with significant growth potential, and we're excited to partner with management to drive its continued success. 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."

Paul Hastings and TD Securities served as legal and financial counsel to May River while Koley Jessen and EC M&A served as legal and financial counsel to CECO Environmental Corp.

About Tusk Industrial
Tusk Industrial specializes in tough, high-performance pumping and fluid handling solutions engineered to excel in rugged environments – ensuring reliability where failure isn't an option. Tusk Industrial designs, manufactures, and services metallic, fiberglass, and thermoplastic pumps for usage within a diverse range of high-temperature, corrosive, and caustic industrial environments, including chemical processing applications. For more information, please visit www.tuskind.com.

About May River Capital
May River Capital is a Chicago-based private equity firm focused on partnering with lower middle-market industrial growth businesses. The firm invests in high-performing companies in advanced manufacturing, engineered products and instrumentation, specialized industrial services, and value-added industrial distribution services. For more information, please visit www.mayrivercapital.com.

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SOURCE May River Capital, LLC

FAQ

What assets did May River Capital acquire from CECO Environmental (CECO)?

May River Capital acquired CECO's Global Pump Solutions business, which includes the Dean, Fybroc, and Sethco pump brands.

How many employees and customers does Tusk Industrial have after the CECO acquisition?

Tusk Industrial has over 100 employees and serves more than 1,500 customers globally across two locations.

What are Tusk Industrial's main product offerings from the CECO acquisition?

Tusk Industrial manufactures metallic, fiberglass, and thermoplastic pumps for high-temperature, corrosive, and caustic industrial environments.

What are May River's growth plans for the acquired CECO pump business?

May River plans to invest in new products, expand into new markets, and pursue strategic acquisitions to strengthen Tusk Industrial's position.