Dover Corp. DOV

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.

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SOURCE Dover