William Blair Advises Industry-Leading Fluid Handling and Environmental Solutions Provider

Thursday, September 12, 2013

William Blair & Company acted as the exclusive financial advisor to Met-Pro Corporation (NYSE: MPR) in conjunction with its merger with CECO Environmental Corporation (NasdaqGM: CECE) for $207.3 million, or $13.75 per share, in cash and stock consideration on August 27, 2013. This marks the firm’s 37th public company related sell-side transaction since 2010.

Transaction Highlights

  • Longstanding relationship drives outstanding result: Over the past several years, William Blair developed a close relationship with Met-Pro, providing the board with strategic alternatives reviews in 2010 and 2012. William Blair’s strong working relationship with management and deep understanding of Met-Pro’s business made it the ideal partner for Met-Pro in its successful merger with CECO.
  • Clear market leader created in air pollution control, fluid handling, filtration, and equipment solutions: William Blair guided Met-Pro through strategic discussions with CECO, highlighting the combined global footprint and end-market diversity that would result from a successful transaction. Paramount to the process was William Blair’s ability to work closely with both management teams to determine valuable synergies in the form of product and geographic cross-selling opportunities and cost savings from plant and production optimization. These discussions were integral in providing a successful outcome for Met-Pro’s shareholders and the combined company going forward.
  • Expert, trusted guidance delivers optimal outcome: In an effort to maximize value for Met-Pro shareholders, William Blair highlighted the strategic benefits of the merger with Met-Pro to CECO as well as helped develop the cash election deal structure and negotiated a higher cash consideration and collar structure protecting the value of the stock consideration. These tactics were essential in driving value and enabled Met-Pro to realize a price of $13.75 per share, representing a 43% premium to Met-Pro’s share price one day prior to announcement and an 11.8x trailing EBITDA multiple.li>

About the Companies

Met-Pro Corporation, headquartered in Harleysville, Pennsylvania, is a leading niche-oriented global provider of product recovery, pollution control, fluid handling, and filtration solutions. The company’s diverse and synergistic solutions and products address the world’s growing need for clean air and water, reduced energy consumption, and improved operating efficiencies.

CECO Environmental Corporation, headquartered in Cincinnati, Ohio, is a leading global provider of air pollution control technology. Through its subsidiaries – Adwest Technologies, Aarding, Busch International, CECO Filters, CECO Abatement Systems, Kirk & Blum, Effox-Flextor, Fisher-Klosterman/Buell, CECO China and A.V.C. Specialists – CECO provides a wide spectrum of air-quality products and services including engineered equipment, cyclones, scrubbers, dampers, diverters, RTOs, component parts, and monitoring and management services.

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