DOWNERS
GROVE, Ill., Jan. 31,
2024 /PRNewswire/ -- Dover (NYSE: DOV) announced
today that it has completed the acquisition of Bulloch
Technologies, Inc. ("Bulloch"), a provider of point-of-sale
("POS"), forecourt controller, and electronic payment server
solutions to the convenience retail industry for CAD150 million, subject to customary adjustments
and with additional contingent
consideration tied to future growth of the business.
Bulloch will become
part of the Dover Fueling Solutions ("DFS")
operating unit within Dover's Clean Energy and Fueling segment.
Headquartered in Toronto,
Ontario, Bulloch is a leading supplier of POS and related
digital solutions and services to the convenience retail industry
in Canada serving many of the
largest retailers in the country. The company processes over
$35 billion in sales and 520 million
transactions annually at 7,000 sites throughout Canada.
Speaking about the acquisition, DFS's President, David Crouse, said, "The acquisition of Bulloch
is highly strategic for DFS and expands our offering in
North America with highly
complementary point-of-sale and forecourt solutions. POS systems
are central to the operation of convenience retail and enable
multiple innovative loyalty and commercial technologies available
through DFS' Wayne dispensers. DFS will support Bulloch's expansion
in the U.S. market leveraging our sales channels and service
infrastructure and we look forward to offering our customers
world-class end-to-end solutions in 2024."
"This transaction has all the hallmarks of a successful bolt-on
acquisition, which are integral to Dover's growth strategy. It adds
an attractive digital and recurring revenue stream to DFS in a
growing market where customers are increasingly digitizing their
operations and payment security and compliance standards are
continually increasing. Additionally, our strong presence in the
U.S. convenience retail industry offers credible growth and synergy
opportunities to support attractive shareholder
value-creation."
About Dover:
Dover is a diversified global manufacturer and solutions
provider with annual revenue of over $8
billion. We deliver innovative equipment and components,
consumable supplies, aftermarket parts, software and digital
solutions, and support services through five operating segments:
Engineered Products, Clean Energy & Fueling, Imaging &
Identification, Pumps & Process Solutions and Climate &
Sustainability Technologies. Dover combines global scale with
operational agility to lead the markets we serve. Recognized for
our entrepreneurial approach for over 65 years, our team of over
25,000 employees takes an ownership mindset, collaborating with
customers to redefine what's possible. Headquartered in
Downers Grove, Illinois, Dover
trades on the New York Stock Exchange under "DOV." Additional
information is available at dovercorporation.com.
About DFS:
Dover Fueling Solutions® (DFS) is a leading provider
of advanced energy dispensing equipment, electronic
automation and payment systems, automatic tank gauging and
subscription solutions to fueling and convenience retail customers
worldwide. Comprised of brands Wayne Fueling
Systems, Tokheim, OPW Fuel Management Systems, ClearView, ProGauge, Fairbanks, AvaLAN
Networks and LIQAL, DFS is dedicated to offering a broad range of solutions
that power vehicles, including conventional fuel and
clean energy products that support gasoline, diesel, bio-diesel and
ethanol as well as LNG, H2, LPG, CNG and EV chargers.
Headquartered in Austin, Texas,
DFS has a strong global manufacturing and technology development
presence, including facilities in Brazil, China, India,
Italy, Poland, Belgium, the
Netherlands, the United
Kingdom and the United
States.
Forward-Looking Statements:
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including statements regarding the anticipated
effects of the transaction. All statements in this document other
than statements of historical fact are statements that are, or
could be deemed, "forward-looking" statements. Forward-looking
statements are subject to numerous important risks, uncertainties,
assumptions, and other factors, some of which are beyond the
Company's control. Factors that could cause actual results to
differ materially from current expectations include, among other
things, general economic conditions and conditions in the
particular markets in which we operate, changes in customer demand
and capital spending, competitive factors and pricing pressures,
our ability to develop and launch new products in a cost-effective
manner, and our ability to realize synergies from newly acquired
businesses. For details on the risks and uncertainties that could
cause our results to differ materially from the forward-looking
statements that may be contained herein, we refer you to the
documents we file with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended
December 31, 2022, and any
subsequently filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. These documents are available from the SEC,
and on our website, www.dovercorporation.com. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Investor
Contact:
|
Media Contact:
|
Jack Dickens
|
Adrian
Sakowicz
|
Senior Director –
Investor Relations
|
Vice President –
Communications
|
(630) 743-2566
|
(630)
743-5039
|
jdickens@dovercorp.com
|
asakowicz@dovercorp.com
|
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SOURCE Dover