Corporate Development

Our acquisition strategy is focused on driving growth by investing capital in five strategic operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions, 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


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.


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


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.


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.


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.


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.


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.


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.


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.


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

Jack Dickens
Director, Corporate Development
P: 630-743-2566

Acquisitions by Segment

  • The Espy Corporation
    by Microwave Products Group
    A leader in signal intelligence solutions.
    Read More
  • CDS Visual, Inc.
    by Dover Engineered Products
    A leading provider of SaaS 3D visualization solutions tailored for industrial applications.
    Read More
  • Soft-Pak Software Solutions
    by Environmental Solutions Group
    A leading provider of software solutions for waste and recycling fleets.
  • Ravaglioli Group
    by Vehicle Service Group
    Italy-based manufacturer of garage equipment for cars, trucks, commercial vehicles and motorbikes.
  • Alliance Wireless Technologies, Inc.
    by Environmental Solutions Group
    Designs and manufactures truck fleet on-board vision/safety monitoring devices and solutions
  • Curotto-Can, Inc.
    by Environmental Solutions Group
    2013 Manufacturer of automated front end loader for refuse collection vehicles.
  • Elektron
    by Vehicle Service Group
    2012 German-based manufacturer of vehicle repair equipment, including resistance welders, battery chargers, and plasma cutters.
  • BSC Filters
    by Microwave Products Group
    2010 UK-based designer and manufacturer of military quality microwave filters, diplexers, waveguide and coaxial passive communication components.
  • 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.
  • LIQAL B.V. (“LIQAL”)
    by Dover Fueling Solutions
    LIQAL is a turnkey supplier of liquefied natural gas (“LNG”) and hydrogen refueling equipment and solutions, and micro liquefaction solutions.
  • AvaLAN Wireless Systems Incorporated (“AvaLAN”)
    by Dover Fueling Solutions
    AvaLAN is a leading provider of highly-secure wireless and wired Ethernet solutions.
  • Innovative Control Systems, Inc. (“ICS”)
    by OPW Group
    ICS is a leading provider of car wash controllers, payment terminals, point-of-sale and wash site management software solutions.
  • Belanger
    by OPW Group
    Belanger is a leading manufacturer of vehicle wash equipment and systems.
  • Wayne Fueling Systems LLC
    by Dover Fueling Solutions
    A global provider of advanced fuel dispensing, payment, automation, and control technologies for retail and commercial fueling stations.
  • Fairbanks Environmental Ltd.
    by OPW Group
    2016 Fairbanks is a global leader in providing fuel management services to the retail and commercial fueling industry.
  • Tokheim Dispenser and System Businesses
    by OPW Group
    2016 France-based manufacturer of fuel dispensers, retail automation systems and payment solutions.
  • 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.
  • 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.
  • Kungsors Plast AB ("KPS")
    by OPW Group
    2013 Manufacturer of high density polyethylene (HDPE) fusion underground piping systems for retail fueling sites.
  • 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.
  • Blue Bite
    by Markem-Imaje
    The world’s leading connected products platform.
    Read More
  • Solaris Laser
    by Markem-Imaje
    A leading manufacturer of laser coding, marking and engraving systems.
  • Systech International
    by Markem-Imaje
    A leading provider of serialization, traceability and anti-counterfeiting solutions.
  • Caldera Graphics
    by Dover Engineered Systems
    France-based provider of high-quality technical software for the digital printing industry.
  • JK Group
    by Dover Engineered Systems
    2015 Italy-based manufacturer of innovative inks and consumables serving the fast-growing digital textile printing markets.
  • 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.
  • 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.
  • Dositec Sistemas S.L.
    by PSG
    A leading provider of dispensing systems for laundry, foodservice and commercial cleaning companies.
    Read More
  • Quantex Arc Ltd.
    by PSG
    The world’s leading connected products platform.
    Read More
  • XanTec  
    by Maag
    A developer and supplier of automation and control solutions for industrial machinery of all types with particular focus on plastic and polymer processing machines.
  • em-tec GmbH
    by Pump Solutions Group
    A leading designer and manufacturer of flow measurement devices that serve a wide array of medical and biopharmaceutical applications.
  • All-Flo
    by Pump Solutions Group
    Manufacturer of specialty air-operated double-diaphragm pumps used in a wide range of industrial applications for fluid transfer.
  • Ettlinger
    by Maag
    Germany-based manufacturer of high-performance filtration systems and custom injection molding machines for the plastics processing industry.
  • 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.
  • 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.
  • 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.
  • Maag Group
    by Pump Solutions Group
    2012 Highly engineered gear pumps and filtration systems for the plastics, chemical, petrochemical and food industries.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Intek Manufacturing
    by Unified Brands
    2010 Designer and manufacturer of steam equipment (steamers, kettles, braising pans) focused on the education market.