Vontier Corporation has entered into a definitive agreement to acquire DRB Systems, LLC, a leading provider of point of sale, workflow software, and control solutions to the car wash industry, from affiliates of New Mountain Capital LLC for approximately $965 million in cash. The acquisition will be subject to customary closing conditions, including regulatory approval, and will be financed with available cash and proceeds from borrowings under Vontier’s credit facilities. Vontier anticipates that the acquisition will close in the third quarter of 2021.
Headquartered in Akron, DRB was founded in 1984 and employs more than 500 people across North America. The company’s portfolio of trusted brands includes DRB Tunnel Solutions, DRB In-Bay Solutions (formerly Unitec®), Suds Creative™, eGenuity®, Washify®, InvoMax™, Auto Data™ and Sage Microsystems™. DRB is owned by New Mountain Capital, a New York-based investment firm.
Vontier expects DRB to generate approximately $170 million of revenue in 2021 with mid-20% operating margins and is expected to have a high-single digit long-term growth rate. The purchase price for the acquisition is approximately $965 million and includes an approximate $130 million deferred tax asset, which we expect to be able to utilize over the next 15 years.
