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 acquisition price

$2.2B

Acquired by CECO Environmental · Feb 2026

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

Thermon Group Holdings Overview

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

United StatesAustin, TX

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$520M (Feb 2026)

Valuation

$2.2B (acquired Feb 2026)

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.

Thermon Group Holdings acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
24 Feb 2026Strategic M&A$2.2B4.2x20.2x

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

Thermon Group Holdings financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
May 2026$2B$526M$117M22%4.0x18.2x
May 2025$858M$502M$109M22%1.9x8.9x
May 2024$1.1B$502M$106M21%2.5x12.1x
May 2023$769M$446M$86M19%1.9x10.0x
May 2022$525M$357M$58M16%1.8x10.8x

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

FATI
CCI Thermal Technologies
Industrial Process Insulators
Unitemp
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 CountryItalyCanadaUnited StatesSouth Africa
HQ City
Bologna
Edmonton
Beaumont, TX
Johannesburg
Deal Date3 Oct 20244 Oct 20175 Aug 201522 Dec 2014
Valuation$14M$191M$22Mundisclosed
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.

Public and private companies comparable to Thermon Group Holdings
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ULVACJapanJapanPublicly listed$1.6B$246M$2.2B1.1x
Helios TechnologiesUnited StatesUnited StatesPublicly listed$839M$147M$2.2B2.8x
OC Oerlikon CorpSwitzerlandSwitzerlandPublicly listed$1.9B$226M$2.2B1.6x
KennametalUnited StatesUnited StatesPublicly listed$2.4B$633M$2.3B1.2x
ZhenkunxingChinaShanghaiPrivate--$1.9B-
Essex FurukawaUnited StatesAtlanta, GAPrivate-$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ULVAC$1.6B$246M1.1x1.1x7.4x8.9x
Helios Technologies$839M$147M3.0x2.8x17.0x14.1x
OC Oerlikon Corp$1.9B$226M1.6x1.6x13.6x8.5x
Kennametal$2.4B$633M1.3x1.2x4.7x4.6x
Grand Process Technology$204M$56M10.1x8.2x36.8x31.9x
Bekaert$4.3B$322M0.6x0.6x7.9x4.8x
Proto Labs$533M$65M3.6x3.4x29.6x21.3x
AQ Group$925M$121M2.2x2.0x16.6x15.1x

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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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