24/7 Market News Snapshot 29 October, 2024 – Profire Energy, Inc (NASDAQ:PFIE)

October 29, 2024

DENVER, Colo., 29 October, 2024 (247marketnews.com) – (NASDAQ:PFIE) are discussed in this article.
Profire Energy, Inc. (NASDAQ:PFIE) has recently gained significant market attention, experiencing a remarkable increase in stock price, reaching $2.29—up 33.92% from yesterday’s closing of $1.71. The pre-market trading volume has surged to 561.88K shares, signaling robust investor engagement and renewed confidence in the company’s potential within the evolving energy sector. This excitement among investors comes just as Profire Energy is set to significantly enhance its market position through a strategic acquisition by CECO Environmental Corp. (NASDAQ:CECO).

CECO Environmental, a leader in diversified industrial solutions focused on environmental sustainability, has entered into a definitive agreement to acquire Profire Energy for approximately $125 million in an all-cash transaction. This acquisition not only reflects CECO’s commitment to expanding its footprint in niche energy and industrial markets but also aims to capitalize on Profire’s cutting-edge burner management technology and combustion control systems. With anticipated sales exceeding $60 million and a strong adjusted EBITDA margin of around 20% projected for 2024, Profire is positioned for substantial growth post-acquisition.

Todd Gleason, CEO of CECO, remarked on the deal’s potential, highlighting the significant advancements in global market access and innovation it brings to both entities. The co-CEOs of Profire, Cameron Tidball and Ryan Oviatt, emphasized that this agreement underscores a commitment to stakeholder value, offering enhanced customer solutions in tandem with CECO’s operations.

Under the terms of the agreement, CECO is set to commence a tender offer for all outstanding shares of Profire at a premium cash price of $2.55 per share, representing a 46.5% increase over the recent closing price. The transaction is expected to close in the first quarter of 2025, marking a pivotal milestone in their journey towards delivering innovative environmental solutions.

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