Vontier Corporation (NYSE: VNT) has completed its previously announced acquisition of DRB Systems, LLC, a provider of point of sale, workflow software, and control solutions to the car wash industry. DRB will function as a standalone operating company within the Mobility Technologies platform.
Vontier expects DRB to generate approximately $170 million of revenue in 2021 with mid-20 percent operating margins and is expected to have a high-single digit long-term growth rate. Vontier expects the transaction to be immediately cash accretive and to contribute approximately $0.04 to $0.05 to adjusted net earnings per share in 2021.
Mark Morelli, President and Chief Executive Officer of Vontier, stated: “We are excited to announce the closing of the DRB acquisition and welcome the DRB team to Vontier. This is an important initial step towards diversifying the Vontier portfolio, enhancing our profitable growth profile, and accelerating our retail solutions strategy.”
