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Acquisitions and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
Kemco Systems Co Llc [Member] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.
(in thousands) |  |  |
Current assets (including accounts receivable of $2,328) |  | $ | 8,902 |
Property and equipment |  |  | 341 |
Right-of-use assets from operating leases |  |  | 1,602 |
Intangible - finite life |  |  | 11,610 |
Goodwill |  |  | 11,017 |
Other assets |  |  | 16 |
Total assets acquired |  |  | 33,488 |
Current liabilities assumed |  |  | (6,853 | )
Other liabilities assumed |  |  | (404 | )
Deferred tax liability |  |  | (12 | )
Net assets acquired |  | $ | 26,219 |
Transcend Solution [Member] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.
(in thousands) |  |  |
Current assets (including cash of $52 and accounts receivable of $1,493) |  | $ | 2,614 |
Property and equipment |  |  | 1,153 |
Intangible - finite life |  |  | 8,930 |
Goodwill |  |  | 10,839 |
Other assets |  |  | 231 |
Total assets acquired |  |  | 23,767 |
Current liabilities assumed |  |  | (1,203 | )
Deferred tax liability |  |  | (168 | )
Net assets acquired |  | $ | 22,564 |
Malvar Engineering Limited [Member] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.
(in thousands) |  |  |
Current assets (including accounts receivable of $2,467) |  | $ | 3,240 |
Property and equipment |  |  | 635 |
Intangible - finite life |  |  | 1,778 |
Goodwill |  |  | 5,296 |
Total assets acquired |  |  | 10,949 |
Current liabilities assumed |  |  | (4,860 | )
Deferred income tax liability |  |  | (961 | )
Net assets acquired |  | $ | 5,128 |
General Rubber LLC [Member] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing.
(in thousands) |  |  |
Current assets (including cash of $137) |  | $ | 4,963 |
Property and equipment |  |  | 459 |
Goodwill |  |  | 11,120 |
Intangible - finite life |  |  | 8,380 |
Total assets acquired |  |  | 24,922 |
Current liabilities assumed |  |  | (714 | )
Deferred income tax liability |  |  | (388 | )
Net assets acquired |  | $ | 23,820 |
The Company acquired customer lists and tradename intangible assets valued at $7.7 million and $0.7 million, respectively. These assets were determined to have useful lives of 10 years.
Schedule of Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information represents the Company’s results of operations as if these acquisitions had occurred at the beginning of the fiscal year prior to the acquisition:
|  | December 31, |
(table only in thousands, except per share data) |  | 2023 |  |  | 2022 |
Net sales |  | $ | 564,608 |  |  | $ | 478,802 |
Net income attributable to CECO Environmental Corp. |  | $ | 14,562 |  |  |  | 20,179 |
Earnings per share: |  |  |  |  |  |
Basic |  | $ | 0.42 |  |  | $ | 0.58 |
Diluted |  | $ | 0.41 |  |  | $ | 0.58 |
Compass Water Solutions, Inc [Member] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing.
(in thousands) |  |  |
Current assets (including cash of $334) |  | $ | 4,796 |
Property and equipment |  |  | 101 |
Goodwill |  |  | 4,848 |
Intangible - finite life |  |  | 4,900 |
Total assets acquired |  |  | 14,645 |
Current liabilities assumed |  |  | (623 | )
Deferred income tax liability |  |  | (1,627 | )
Net assets acquired |  | $ | 12,395 |
Western Air Ducts Ltd [Member] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing.
(in thousands) |  |  |
Current assets (including cash of $1,557) |  | $ | 2,711 |
Property and equipment |  |  | 188 |
Goodwill |  |  | 7,344 |
Intangible - finite life |  |  | 3,158 |
Total assets acquired |  |  | 13,401 |
Current liabilities assumed |  |  | (1,127 | )
Deferred income tax liability |  |  | (824 | )
Net assets acquired |  | $ | 11,450 |
DS21 Co., Ltd. [Member] |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing.
(in thousands) |  |  |
Current assets (including cash of $1,453) |  | $ | 5,099 |
Property and equipment |  |  | 4,112 |
Intangible - finite life |  |  | 422 |
Deferred income taxes |  |  | 557 |
Other assets |  |  | 169 |
Total assets acquired |  |  | 10,359 |
Current liabilities assumed |  |  | (1,008 | )
Other liabilities |  |  | (113 | )
Net assets acquired |  | $ | 9,238 |

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