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- Thermon Group Holdings
Thermon Group Holdings Acquisition, Valuation & Financials
Thermon Group Holdings was acquired by CECO Environmental for $2.2B in February 2026, a 4.2x multiple on $520M of revenue.
Thermon Group Holdings revenue at acquisition
$520M
Last twelve months · Feb 2026
Thermon Group Holdings revenue multiple at acquisition
4.2x
EV/Revenue · Feb 2026
Thermon Group Holdings EBITDA multiple at acquisition
20.2x
EV/EBITDA · Feb 2026
About Thermon Group Holdings
Thermon Group Holdings Inc is a United States-based company that provides engineered industrial process heating solutions for process industries. It offers a full suite of products (heating units, electrode and gas-fired boilers, heating cables, industrial heating blankets and related products, temporary power solutions and tubing bundles), services (engineering, installation and maintenance services) and software (design optimization and wireless and network control systems) required to deliver comprehensive solutions to some of the world's Large and most complex projects. Its products and services include a wide range of electric heat tracing cables, steam heating solutions, controls, monitoring and software, instrumentation, project services, industrial heating and filtration solutions.
Founded
1960
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$520M (Feb 2026)
Valuation
$2.2B (acquired Feb 2026)
Sectors
Thermon Group Holdings Acquisition
Thermon Group Holdings was acquired by CECO Environmental for $2.2B on 24 February 2026.
The acquisition price implies a 4.2x revenue and 20.2x EBITDA multiple on $520M of revenue.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 24 Feb 2026 | Strategic M&A | $2.2B | 4.2x | 20.2x |
Thermon Group Holdings as a Public Company
Thermon Group Holdings traded as FRA: 8TG before it was taken private. Its acquisition was announced in February 2026. May 2026 is its last month on record as a listed company, with a market cap of $2B and an enterprise value of $2.1B.
Last-twelve-month revenue was $526M, with EBITDA of $117M (22% margin), and the shares traded at 4.0x EV/Revenue and 18.2x EV/EBITDA.
Over the 4 years before that, its market cap grew from $525M in May 2022 to $2B, while revenue grew from $357M to $526M.
Thermon Group Holdings market cap while listed
Thermon Group Holdings EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| May 2026 | $2B | $526M | $117M | 22% | 4.0x | 18.2x |
| May 2025 | $858M | $502M | $109M | 22% | 1.9x | 8.9x |
| May 2024 | $1.1B | $502M | $106M | 21% | 2.5x | 12.1x |
| May 2023 | $769M | $446M | $86M | 19% | 1.9x | 10.0x |
| May 2022 | $525M | $357M | $58M | 16% | 1.8x | 10.8x |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Thermon Group Holdings traded.
Acquisitions by Thermon Group Holdings
Thermon Group Holdings has acquired 4 companies to date.
Last acquisition by Thermon Group Holdings was on October 3rd 2024. Thermon Group Holdings acquired FATI for $14M.
Latest Acquisitions by Thermon Group Holdings
| Description | FATI is an Italian manufacturer of electric heaters for industrial processes including infrared panels, tubular elements, and immersion units up to 500 kW capacity. Products serve plastic extrusion, drying ovens, and petrochemical applications with ATEX certification for hazardous areas. The company provides on-site installation, commissioning, and operator training across Europe. Founded in 1972 in Bologna, FATI exports to over 40 countries with custom designs. | CCI Thermal Technologies is a North American leader in heating and filtration systems for industrial and hazardous environments. Headquartered in Canada, it designs cartridge heaters, process heaters, thermostats, and air filtration products certified for explosive atmospheres. The firm serves oil and gas, petrochemical, and manufacturing sectors with solutions deployed in refineries, pipelines, and offshore platforms. | Industrial Process Insulators is an insulation contractor installing thermal and acoustic systems for refineries, power plants, and pulp mills along the US Gulf Coast. Headquartered in Deer Park, Texas, since 1985, it applies fiberglass, calcium silicate, and spray foam to piping and vessels in projects for Valero and International Paper. Certified to ASME B31.3, the workforce completes turnarounds handling 500,000 linear feet annually. | Unitemp is an Andover-based supplier of test and measurement equipment, environmental chambers, sensors, and monitoring solutions. The company distributes products from brands like Dewesoft for data acquisition, Pico Technology for oscilloscopes, and ESPEC for temperature and humidity chambers, serving research, aerospace, automotive, and electronics industries in the United Kingdom. |
| HQ Country | ||||
| HQ City | Bologna | Edmonton | Beaumont, TX | Johannesburg |
| Deal Date | 3 Oct 2024 | 4 Oct 2017 | 5 Aug 2015 | 22 Dec 2014 |
| Valuation | $14M | $191M | $22M | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Thermon Group Holdings Competitors
Thermon Group Holdings competitors include listed companies like ULVAC, Helios Technologies, OC Oerlikon Corp and Kennametal, and private ones like Zhenkunxing and Essex Furukawa.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.6B | $246M | $2.2B | 1.1x | ||
| Publicly listed | $839M | $147M | $2.2B | 2.8x | ||
| Publicly listed | $1.9B | $226M | $2.2B | 1.6x | ||
| Publicly listed | $2.4B | $633M | $2.3B | 1.2x | ||
| Private | - | - | $1.9B | - | ||
| Private | - | $300M | $1B | - |
Thermon Group Holdings Public Comps
Thermon Group Holdings is no longer listed, but its public comps include ULVAC, Helios Technologies, OC Oerlikon Corp, Kennametal, Grand Process Technology, Bekaert, Proto Labs, AQ Group, Vaisala and Beijing Zhongke Sanhuan.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $246M | 1.1x | 1.1x | 7.4x | 8.9x | |||
| $839M | $147M | 3.0x | 2.8x | 17.0x | 14.1x | |||
| $1.9B | $226M | 1.6x | 1.6x | 13.6x | 8.5x | |||
| $2.4B | $633M | 1.3x | 1.2x | 4.7x | 4.6x | |||
| $204M | $56M | 10.1x | 8.2x | 36.8x | 31.9x | |||
| $4.3B | $322M | 0.6x | 0.6x | 7.9x | 4.8x | |||
| $533M | $65M | 3.6x | 3.4x | 29.6x | 21.3x | |||
| $925M | $121M | 2.2x | 2.0x | 16.6x | 15.1x | |||
This data is available for Pro users. Sign up to see all Thermon Group Holdings competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Thermon Group Holdings
| When was Thermon Group Holdings founded? | Thermon Group Holdings was founded in 1960. |
| Where is Thermon Group Holdings headquartered? | Thermon Group Holdings is headquartered in Austin, TX, United States. |
| Is Thermon Group Holdings publicly listed? | No, Thermon Group Holdings was acquired by CECO Environmental in February 2026. |
| Who acquired Thermon Group Holdings? | Thermon Group Holdings was acquired by CECO Environmental in February 2026. |
| How much was Thermon Group Holdings acquired for? | Thermon Group Holdings was acquired for $2.2B in February 2026, a 4.2x revenue multiple. |
| Which companies are comparable to Thermon Group Holdings? | Companies comparable to Thermon Group Holdings include ULVAC, Helios Technologies, OC Oerlikon Corp, Kennametal, Zhenkunxing and Essex Furukawa. |
| What was Thermon Group Holdings' market cap before the acquisition? | Thermon Group Holdings had a market cap of $2B in May 2026, its last month on record as a listed company, trading at 4.0x EV/Revenue. |
| What was Thermon Group Holdings' revenue as a public company? | Thermon Group Holdings' last reported twelve-month revenue was $526M (May 2026), with EBITDA of $117M. |
| How many companies has Thermon Group Holdings acquired? | Thermon Group Holdings has acquired 4 companies, including FATI, CCI Thermal Technologies, Industrial Process Insulators and Unitemp. |
| What was the largest acquisition by Thermon Group Holdings? | The $191M acquisition of CCI Thermal Technologies in October 2017 is the largest acquisition Thermon Group Holdings has made to date. |
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