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Acquisitions and Joint Ventures (Tables)
12 Months Ended
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