Our acquisition strategy is focused on driving growth by investing capital in three strategic growth segments: Engineered Systems, Fluids and Refrigeration & Food Equipment. For more than 50 years, we have acquired promising manufacturing companies, fueling mutually beneficial growth and opportunities by leveraging our scale and resources.


            Our Approach

            PHILOSOPHY

            Our leadership history has shaped our operating style. We trace our roots back to a group of 1920s investors led by George Ohrstrom, Sr. Ohrstrom targeted financially successful family or closely-held businesses whose owners not only wished to monetize their assets, but also hoped to provide a secure future for their employees and remain personally involved with their companies. This hands-on, strategy-driven acquisition model is still fundamental to our business today. Ohrstrom preferred modestly sized, profitable enterprises run by first-class people who understood their businesses and customers, and could continue to be successful. This is the mindset at Dover today. In the century since Ohrstrom's ambitious beginnings, our seven CEOs have diligently worked to develop Dover into a company of tomorrow without forgetting the strategy and integrity of our past.

            STRATEGY

            We are focused on building businesses around larger global segments, while looking for opportunities to work closely with customers and leverage expertise across Dover. We support the growth plans of our existing businesses and utilize our strong excess cash flow to make acquisitions that are the right fit strategically and culturally for our continued innovation and growth.


            What Are the Benefits?

            • Access financial strength
            • Accelerate market penetration and global growth
            • Attract world-class talent
            • Share in best practices
            • Leverage tools and resources
              (e.g., lean and productivity, supply chain efficiencies, back office support)

            What We Look For

            LEADING BRANDS AND TECHNOLOGY

            We acquire manufacturers of highly engineered, value-added industrial components or systems. We look for customer-inspired market leaders whose premier brands, proprietary technology and intellectual property make them indispensable partners to their industrial and commercial customers.

            ATTRACTIVE MARKETS

            We prefer companies that are well-positioned in global growth markets and noncyclical industries that benefit from macro growth trends. We also seek businesses with attractive aftermarket and recurring revenue and service opportunities.

            STRONG FINANCIALS

            We proactively search for companies with strong financial performance that can be built upon for significant future growth. We seek companies with the ability to achieve operating profit margins above 15%.

            • Add-on business or product lines can be any size if they expand one of our key strategic segments or operating companies and will become part of an existing Dover operating company.
            • Stand-alone acquisitions generally have revenue of $100 million or more and will become independent operating companies as part of a segment.

            STRONG MANAGEMENT

            We are also committed to buying businesses that have strong management teams. Our culture requires the operating management team to demonstrate ownership in product development and innovation, continuing to operate close to the customer. We carefully assess the skill, energy, ethics and compatibility of the top executives of each acquisition candidate before determining if a business will integrate well into our driven, growth-oriented organization.

            Watch Ueli Thuerig, President of PSG EMEA, describe how Maag and Dover shared a mutual interest in growth opportunities

            SHARED PERSPECTIVE

            We seek companies that can grow and prosper from our expertise, scale, tools and resources, such as global sourcing, regional infrastructure and talent development. In addition, it is important that prospective acquisitions share our drive, our entrepreneurial mindset and our deep commitment to integrity.

            1. YOU WANT TO GROW WITH US

            We seek acquisition candidates that would be a strategic addition to one of our growth segments and fill existing adjacencies, whether they are in technology, white spaces, product lines, changes of ownership or global geographic expansion.

            2. YOU ARE ENTREPRENEURIAL

            We attract businesses that are run by entrepreneurial talent who take an ownership mindset and are driven to grow businesses for the future. We like working with ambitious teams who stay close to the customer. Whether an "add-on" or an independent "stand-alone" operating company, all acquisitions must share our commitment to truly understanding customer needs and constantly innovating for the customer.

            3. YOU SHARE OUR VALUES

            Across segments, OpCos and industries, our leaders are linked by a deep-seated integrity. With guidance from segment leaders, Dover's company presidents set the direction for their own companies, make their own decisions and nurture and grow their own organizations. They run their businesses independently, with the expectation of excellence and integrity. Our values are reflected in all that we do.

            Together, we will make the most of strategic opportunities, synergies and resources to realize success and expand our growth segments. Together, we will redefine what is possible in Fluids, Refrigeration & Food Equipment and Engineered Systems.


            What to Expect

            We take a buy-hold-develop approach rather than have a portfolio mentality.

            • We are typically cash buyers, though we will consider a tax-free exchange for Dover stock.
            • Our acquisition process includes an efficient due diligence review, signing of a fair contract and a prompt closing after signing a letter of intent.
            • We buy and invest in companies for the future, with a focus on growing global segments. We have long-term financial incentives designed to encourage continued development of the business.

            Our Team

            Andrey Galiuk
            Vice President, Corporate Development & Investor Relations
            P: 630-743-5131
            [email protected]

            Jack Dickens
            Director, Corporate Development
            P: 630-743-2566
            [email protected]

            James Hirchak
            Director, Corporate Development
            P: 630-743-5015
            [email protected]

            macd-2016

            Dover has been chosen as one of the winners for this year’s Most Admired Corporate Dealmakers Awards (MACD) in the Manufacturing sector for deals 500M - 999M
            Read more


            Acquisitions by Segment

            Woman using software on a computer

            Engineered Systems

            Leading the design, manufacture and service of critical equipment, consumables and components serving the fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions and industrial end markets.

            See how

            • Caldera Graphics
              by Dover Engineered Systems
              2017
              France-based provider of high-quality technical software for the digital printing industry.
              www.caldera.com
            • Ravaglioli Group
              by Vehicle Service Group
              2016
              Italy-based manufacturer of garage equipment for cars, trucks, commercial vehicles and motorbikes.
              www.ravaglioli.com
            • Alliance Wireless Technologies, Inc.
              by Environmental Solutions Group
              2016
              Designs and manufactures truck fleet on-board vision/safety monitoring devices and solutions
            • JK Group
              by Dover Engineered Systems
              2015 Italy-based manufacturer of innovative inks and consumables serving the fast-growing digital textile printing markets.
              www.j-k-group.com
            • CSAT
              by Markem-Imaje
              2014 Germany-based manufacturer of electro-photography and drop-on-demand piezo ink jet printing systems for the pharmaceutical and labeling industries.
            • MS Printing Solutions
              by Dover Printing
              2014 Italian-based manufacturer and distributor of innovative digital ink jet printing systems and associated consumables serving the textile and specialty material markets.
              www.msitaly.com
            • Curotto-Can, Inc.
              by Environmental Solutions Group
              2013 Manufacturer of automated front end loader for refuse collection vehicles.
              www.thecurottocan.com
            • RSI Systems, LLC
              by Markem-Imaje
              2013 Leading DOD thermal inkjet (TIJ) printer integrator for 2D variable inline printing and other high resolution printing applications.
            • Elektron
              by Vehicle Service Group
              2012 German-based manufacturer of vehicle repair equipment, including resistance welders, battery chargers, and plasma cutters.
              www.chiefautomotive.com
            • BSC Filters
              by Microwave Products Group
              2010 UK-based designer and manufacturer of military quality microwave filters, diplexers, waveguide and coaxial passive communication components.
              www.bscfilters.com
            • Gear Products, Inc.
              by Tulsa Winch
              2010 Manufacturer of worm gear and planetary hoists, rotation drives, rotation bearings and hydraulic pump drives for OEM's, serving the utility, construction, forestry, marine, and mining markets.

            Fluid pump in frozen conditions

            Fluids

            Focusing on the safe handling of critical fluids across the retail fueling, chemical, hygienic, oil & gas and industrial end markets.

            See how

            • Belanger
              By OPW Group
              2019
              Belanger is a leading manufacturer of vehicle wash equipment and systems.
            • Ettlinger
              By Maag
              2018
              Germany-based manufacturer of high-performance filtration systems and custom injection molding machines for the plastics processing industry.
              www.ettlinger.com/en/
            • Wayne Fueling Systems LLC
              by Dover Fueling Solutions
              2016
              A global provider of advanced fuel dispensing, payment, automation, and control technologies for retail and commercial fueling stations.
              www.wayne.com
            • Fairbanks Environmental Ltd.
              by OPW Group
              2016 Fairbanks is a global leader in providing fuel management services to the retail and commercial fueling industry.
              www.fairbanksglobal.com
            • Tokheim Dispenser and System Businesses
              by OPW Group
              2016 France-based manufacturer of fuel dispensers, retail automation systems and payment solutions.
              www.tokheim.com
            • Reduction Engineering Scheer
              by Maag
              2015 Manufacturer of plastic pelletizers, pulverizers and complete processing systems.
            • Gala Industries, Inc.
              by Maag
              2015 Manufacturer of underwater pelletizing systems and solutions serving the plastics compounding industry.
              www.gala-industries.com
            • Liquip
              by OPW Group
              2014 Australian-based designer and manufacturer of bulk liquid handling and storage solutions in the petroleum, LPG, aviation, and chemical markets.
              www.liquip.com
            • Ebsray Pumps
              by Pump Solutions Group
              2013 Manufacturer of rotary pumps in vane, regenerative turbine and internal gear technologies serving the energy (LPG), chemical, general industrial, and military markets in Australia, Southeast Asia, and Europe. 
              www.ebsraypumps.com.au
            • Fibrelite
              by OPW Group
              2013 Manufacturer of light weight composite access covers and fiberglass reinforced containment sumps for gasoline dispensers and underground storage tanks for retail fueling sites.
              www.opwglobal.com
            • Kungsors Plast AB ("KPS")
              by OPW Group
              2013 Manufacturer of high density polyethylene (HDPE) fusion underground piping systems for retail fueling sites.
              www.opwglobal.com
            • LianYungGang JUMP
              by OPW Group
              2013 Chinese-based manufacturer of top loading, bottom loading, automated and pneumatic loading arms and systems, and accessories for LNG, LPG and petroleum applications.
              www.opwglobal.com
            • Finder Pompe
              by Pump Solutions Group
              2013 Italian-based provider of engineered pumps (API centrifugal, piston and twin screw), spare parts and related services for critical applications in oil & gas, power generation and general industrial processes.
              www.finderpumps.com
            • Klaus Enterprises
              by Cook Compression
              2013 Canadian-based designer and manufacturer of gas compressor components, and provider of associated repair services.
            • Quattroflow? Fluid Systems
              by Pump Solutions Group
              2012 Manufacturer of innovative positive displacement pumps incorporating a four-diaphragm / piston design primarily serving the pharmaceutical and biotech industries.
              www.quattroflow.com
            • Maag Group
              by Pump Solutions Group
              2012 Highly engineered gear pumps and filtration systems for the plastics, chemical, petrochemical and food industries.
              www.maag.com
            • Dosmatic Inc.
              by Hydro Systems
              2011 Manufacturer of environmentally friendly, non-electric chemical metering equipment for the water treatment, sanitation, hygiene, horticulture, food processing, chemical manufacturing, animal health, pest control and vehicle wash markets.
              www.dosmatic.com
            • EnviroGear
              by Pump Solutions Group
              2011 Designer, manufacturer and supplier of seal-less internal gear pumps and related equipment that serve a broad array of market applications including chemical, petrochemical and food processing.
              www.envirogearpump.com
            • RedScrew? Pump Company
              by Pump Solution Group
              2011 China-based designer & manufacturer of twin and triple rotor screw pumps, as well as multiphase and specialty pumps that serve multiple markets including oil & gas, petro-chemical, and marine.
              www.redscrewpump.com
            • Chemilizer
              by Hydro Systems
              2010 Manufacturer of non-electric volumetric dispenser equipment for agriculture, landscaping, horticulture, water treatment, jan-san and vehicle care.
            • KMC Inc. & Bearings Plus Inc.
              by Waukesha Bearings
              2010 Leaders in the design, analysis aand manufacturing of engineered fluid film bearings and seals for niche applications.
              www.bearingsplus.com

            Man selecting beverage from case

            Refrigeration & Food Equipment

            Providing innovative and energy-efficient equipment and systems serving the commercial refrigeration and food equipment end markets.

            See how

            • Rosario Can Technology
              By Belvac Production Machinery, Inc.
              2018 Innovative designer, developer and manufacturer of decorators, base coating machinery and associated replacement parts for the production of beverage, food and aerosol cans.
            • Xylon Technical Ceramics, Inc.
              by Belvac
              2015 Manufacturer of ceramic necking die
              Manufacturer of ceramic Necker preform tooling
            • Gemtron
              by Anthony International
              2015 Manufacturer of refrigeration doors and door systems serving convenience stores, supermarkets, drugstores, buying clubs, foodservice equipment, and other retail environments.
            • Space Cooling Systems
              by Hillphoenix
              2014 UK-based manufacturer of refrigeration systems and supplier of refrigeration display equipment and services for retailers in Europe.
            • Anthony International
              by Hillphoenix
              2012 Manufacturer of specialty glass, commercial glass refrigerator and freezer doors, lighting systems and display equipment.
              www.anthonyintl.com
            • Power Soak Systems, Inc.
              by Unified Brands
              2012 Manufacturer of continuous motion ware washing systems, serving the quick serve, casual dining and institutional foodservice markets.
              www.powersoak.com
            • Advansor A/S
              by Hillphoenix
              2011 Denmark-based designer & manufacturer of HFC-free, CO2 transcritical refrigeration and heat pump systems for supermarkets and light industrial applications.
              www.advansor.dk
            • Intek Manufacturing
              by Unified Brands
              2010 Designer and manufacturer of steam equipment (steamers, kettles, braising pans) focused on the education market.
              www.intekllc.com
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