MoreCECO (www.cecoenviro.com) raised equity from two separate groups: A private investment group, and a management lead group. Net proceeds of the capital investments, combined with excess working capital, were used to repay $5 million of long-term bank debt.
With this latest transaction, CECO's bank debt incurred in connection with its acquisition of Kirk & Blum has been reduced by $12.7 million in just two years, from $30.2 million on Dec. 7, 1999 to $17.5 million on December 31, 2001.
"CECO has prospered in a difficult economic climate," said company president Richard Blum. "The latest capital investments, combined with cash flow from operations, further reduces debt related to the acquisition of Kirk & Blum."
Through its six subsidiaries -- Air Purator Corporation, Busch Company, CECO Filters, kbd/Technic, CECO Abatement and Kirk & Blum -- CECO Environmental Corp. provides air quality services and products including industrial air filters, high performance filter fabrics, environmental maintenance, monitoring and management services, and air quality improvements systems.
