Dover announces acquisition of All-Flo Pump
Enhances Dover's presence in a growing specialty pump market.
DOWNERS GROVE, IL, MAY 10, 2019 -- Dover (NYSE: DOV) has completed the acquisition of the All-Flo Pump Company, Limited business ("All-Flo"), which is now part of the Pump Solutions Group® ("PSG") unit within Dover's Fluids segment.
Founded in 1986 and headquartered in Mentor, Ohio, All-Flo is a growing manufacturer of specialty air-operated double-diaphragm ("AODD") pumps used in a wide range of industrial applications to transfer viscous, abrasive and hazardous fluids, sludges and slurries. The addition of All-Flo further enhances PSG's leading AODD pump portfolio and expands its geographic and channel reach.
"We're excited to add All-Flo to our best-in-class portfolio of pump businesses," said Richard J. Tobin, Dover's President and Chief Executive Officer. "This acquisition strengthens PSG's market-leading position and is consistent with our strategic approach of deploying capital in close-to-core markets that offer sustainable, profitable growth, and where we can confidently create value for shareholders."
With approximately $12 million of revenue generated in 2018, All-Flo is expected to be accretive to margins of Dover and its Fluids segment. The acquisition is expected to generate double-digit cash Return on Invested Capital (ROIC) by Year 3.
Terms of the transaction were not disclosed.
About Dover Dover is a diversified global manufacturer with annual revenues of approximately $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through three operating segments: Engineered Systems, Fluids and Refrigeration & Food Equipment. Additional information is available at dovercorporation.com.
About PSG PSG is a global pump solution expert and leading manufacturer of pumps, systems and related flow-control technology for the safe and efficient transfer of critical and valuable fluids and materials. For additional information on PSG, visit psgdover.com.