Dover Corporation

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Our acquisition strategy is focused on driving growth by investing capital in four strategic growth segments: Energy, 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 progressive focus fuels both organic growth and successful acquisitions, harnessing our scale to apply precise expertise to every industry we serve.”

Bob Livingston,
President and CEO

Learn more as Stephen Sellhausen, our SVP of Corporate Development & Strategy, reflects on the 2013 financial year and shares his outlook for 2014

Corporate Development

Watch Stephen Sellhausen in a round table webcast on Mitigating Risk in Cross Border Deals.

Corporate Development


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 six 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 Dover's demonstrated over the years with its buy, hold, and develop business strategy is that it really has an active involvement. We want the business and the people in it to stay, survive, grow, and be part of the ongoing success.”

Bill Johnson,
President and CEO, Dover Refrigeration & Food Equipment


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)

You're going to get access to capital, you're going to get access to talent, you're going to get access to, in some cases, a much grander opportunity for globalization."

Dean Douglas,
President,
Pump Solutions Group


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.

Learn more about our approach in this discussion with Argyle Executive Form

Corporate Development

Watch Dean Douglas, President of Pump Solutions Group, describe what we look for in potential acquisitions

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 Energy, Fluids, Refrigeration & Food Equipment and Engineered Systems.

Watch Jeff Clark, Chief Executive Officer of Anthony, describe how leveraging combined synergies helped Anthony grow


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.

I think what companies will find at Dover is a very down to earth, straight-shooting group of executives. We're very up-front in what we see as the potential fit of a business, how the management and employees would fit within the company. What we promise we deliver”

Steve Sellhausen,
Senior Vice President, Corporate Development & Strategy, Dover

Watch Torben Hansen, Commercial Product Director of Sales for Advansor, describe his acquisition experience with Dover


Our Team

USA

Stephen R. Sellhausen
Senior Vice President,
Corporate Development & Strategy
P: 630-743-5003

 

 

BRAZIL

José Magalhães Fernandes
Managing Director
P: +55-11-2050-4301
josefernandes@dovercorp.com

 

 

James Hirchak
Manager,
Corporate Development
P: 630-743-5015
jhirchak@dovercorp.com

 

CHINA

Michael Zhang
President, Asia
P: +86-21-6081-2888
mzhang@dovercorp.com

 

 

Grace Xiang
Manager,
Corporate Development
P: 630-743-5053
gxiang@dovercorp.com

 

INDIA

Anand Datta
Managing Director
P: +91 (80) 4112 3421 x 600
adatta@dovercorp.com

 


Acquisitions by Growth Segment

Energy
 

A leading provider of customer-driven solutions and services for safe and efficient production, transmission and processing of fuels worldwide.

 
 

See how

Engineered Systems
 

Focused on the design, manufacture and service of critical equipment and components serving the printing & identification, transportation waste handling and industrial end-markets.

 

See how

Fluids
 

Focused on the safe handling of critical fluids across the oil and gas, chemical, hygienic and industrial end-markets.

 
 
 

See how

Refrigeration & Food Equipment

The leading provider of innovative and energy efficient equipment and systems serving the commercial refrigeration and food service industries.

 
 

See how

  • Wellmark
    by Artificial Lift
    2014 Designs, engineers and manufactures flow control solutions, including control valves, pumps, regulators and accessories used in oil and gas production and compression.
    www.wellmarkco.com
  • Timberline Manufacturing
    by Artificial Lift
    2014 Designer and manufacturer of solar-powered and pneumatic chemical metering pumps for oil & gas market applications.
    www.tlinemfg.com
  • Klaus Enterprises
    by Cook Compression
    2013 Canadian-based designer and manufacturer of gas compressor components, and provider of associated repair services.
  • SPIRIT Global Energy Solutions®
    by Norris Production Solutions
    2013 Provides customers solutions for optimizing production of rod-pumped wells through innovative products, services, and training including: pump-off controllers, variable frequency drives, patented down hole gas separators, patented down hole sand/ solid separators, and experienced rod pump service technicians and comprehensive instruction in artificial lift.
    www.spiritenergysolutions.com
  • Production Control Services
    by Norris Production Solutions
    2012 Developer, manufacturer and provider artificial lift and production optimization products, including plunger lift, gas lift, nitrogen generation and well site automation.
    www.pcslift.com
  • UPCO, Inc.
    by Norris Production Solutions
    2012 Manufacturer of steel sucker rods and accessories used in the artificial lift segment of the oilfield services industry.
    www.upcoglobal.com
  • Harbison-Fischer
    by Norris Production Solutions
    2011 Designer and manufacturer of down-hole rod pumps and related products for the oil & gas market.
    www.hfpumps.com
  • Oil Lift Technology
    by Norris Production Solutions
    2011 Designer and Manufacturer of progressing cavity pump equipment, gear drives, belt drives, Rod Lock© BOPs, hydraulic power packs, electric generators, pump off controllers and well management SCADA systems.
    www.oillifttechnology.com
  • Dynalco – Diagnostic Product Line
    by Windrock
    2010 Manufacturer of monitoring and diagnostic equipment for reciprocating machinery in the natural gas, oil, petrochemical, marine and power generation industries.
    www.windrock.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.
    www.gearproducts.com
  • KMC Inc. & Bearings Plus Inc.
    by Waukesha Bearings
    2010 Leaders in the design, analysis and manufacturing of engineered fluid film bearings and seals for niche applications.
    www.bearingsplus.com
  • Mechanical Field Services
    by Cook Compression
    2009 Turnkey repair, maintenance and overhaul services for compressors, engines, pumps, turbines and other reciprocating and rotating equipment.
    www.cookcompression.com
  • Inpro/Seal Company
    by Waukesha Bearings
    2009 Designer and manufacturer of bearing isolator technologies.
    www.inpro-seal.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.
    www.rsipro.com
  • Source Technologies
    (Thermal Printer business)
    by Datamax-O'Neal
    2013 Designer and manufacturer of thermal stationery barcode printers.
    www.sourcetech.com
  • 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
  • Extech Portable Printers
    by Datamax-O'Neil
    2009 Developer of portable printers for enterprise-wide applications centered on mobile information and remote transactions.
    www.extech.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
  • 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 Solutions 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.
  • 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.anthonydoors.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
  • Tyler Refrigeration
    by Hillphoenix
    2009 Designer & manufacturer of commercial refrigeration systems for the food retail industry.
  • A La Cart, Inc.
    by Unified Brands
    2009 Designer and manufacturer of cooking and meal delivery equipment primarily for the health care industry.
    www.alacartinc.com
  • Barker Company, Limited
    by Hillphoenix
    2009 Designer and manufacturer of specialty commercial refrigeration equipment for the food retail industry.