DOWNERS GROVE, Ill.,
Jan. 27, 2020 /PRNewswire/ -- Dover
(NYSE: DOV) announced today that it has entered into a definitive
agreement to acquire So. Cal. Soft-Pak,
Incorporated ("Soft-Pak"), a leading independent provider of
integrated back office, route management and customer relationship
management software solutions to the waste and recycling fleet
industry. Following the close of the transaction, Soft-Pak will
become part of the Environmental Solutions Group ("ESG") business
unit, a leading supplier of waste handling solutions to the North
American waste and recycling industry, in Dover's Engineered
Products segment.
Soft-Pak is headquartered in San
Diego, California, and has a 30-year track-record of serving
hundreds of waste and recycling fleets nationwide with innovative
software solutions tailored to the fleet customers' unique needs.
In 2014 Soft-Pak launched a highly innovative and successful
Mobile-Pak in-cab connected tablet solution, which includes
real-time GPS tracking, route management in real-time, and various
functionalities allowing integration of moving fleet into the
hauler's back-office.
The acquisition enhances ESG's industry-leading digital
offerings centered around connected refuse vehicle and
productivity-enhancing solutions. Further integration between a
fleet's mobile assets, customer management and back-office
operations will position ESG to deliver an industry-leading
integrated offering for refuse vehicles.
"We are excited to bring together Soft-Pak's well-recognized
industry-specific software solutions and ESG's growing software
& digital portfolio. We believe the integrated solutions will
drive growth of ESG's core refuse vehicle offering and associated
software, and deliver tangible value-add to our waste and recycling
industry customers," said Richard J.
Tobin, Dover's President and Chief Executive Officer. "This
transaction is another building block in Dover's capital deployment
strategy that emphasizes investments in attractive close-to-core
markets that offer potential for sustainable, profitable growth,
and where our team can create value for our shareholders."
Terms of the transaction were not disclosed. The transaction is
subject to satisfaction of customary closing conditions, and is
expected to close in the first quarter of 2020. Dover expects the
acquisition to be accretive to the growth and margin profile of ESG
and Dover, and to achieve double-digit return on capital in three
years, consistent with Dover's M&A criteria.
About Dover:
Dover is a diversified global manufacturer with annual revenue
of approximately $7 billion. We
deliver innovative equipment and components, specialty systems,
consumable supplies, software and digital solutions, and support
services through five operating segments: Engineered Products,
Fueling Solutions, Imaging & Identification, Pumps &
Process Solutions and Refrigeration & Food Equipment. Dover
combines global scale with operational agility to lead the markets
we serve. Recognized for our entrepreneurial approach for over 60
years, our team of approximately 24,000 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
www.dovercorporation.com.
About ESG:
Environmental Solutions Group encompasses industry-leading
brands — Heil Environmental, Parts Central, Marathon, Bayne, The
Curotto-Can, and 3rd Eye — to create a premier, fully
integrated equipment group serving the solid waste and recycling
industry. Through extensive voice-of-customer outreach, in-house
engineering and manufacturing capabilities, a wide-reaching service
network, and proven industry expertise, ESG is focused on solving
customer problems through environmentally responsible products and
providing world-class support. For more information, visit
www.doveresg.com.
About Soft-Pak:
Soft-Pak, formed in 1980 and based in San Diego, California, is a leading provider
of software solutions for waste and recycling fleets. Soft-Pak
software enables business-critical back-office operations crucial
for waste hauling fleets, such as billing for collection and
disposal, performing customer service and support, managing service
contracts, dispatching trucks, modifying routes, and making
payments with features tailored to the unique needs of the waste
and recycling industries. Visit www.soft-pak.com for further
information.
Forward-Looking Statements:
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. 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,
2018, and our reports on Form 10-Q and 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:
|
Andrey Galiuk
|
Adrian
Sakowicz
|
Vice President –
Corporate Development
|
Vice President –
Communications
|
and Investor
Relations
|
(630)
743-5039
|
(630)
743-5131
|
asakowicz@dovercorp.com
|
agaliuk@dovercorp.com
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/dover-to-acquire-soft-pak-software-solutions-a-leading-provider-of-software-for-waste-and-recycling-fleets-300993749.html
SOURCE Dover