U.S.-based diversified global manufacturer Dover Corp. said Jan. 16 that it agreed to acquire Belanger Inc., a Michigan-based car wash equipment manufacturer.
Dover did not disclose the terms of the transaction, which is expected to close in early 2019, subject to satisfaction of customary closing conditions, including regulatory approvals.
Following the deal's closing, Belanger will become part of Dover's OPW business unit, which makes fluid handling solutions.
"With the increasing popularity of commercial car washes, the vehicle wash solutions market is an attractive space where we intend to grow OPW," said Dover President and CEO Richard Tobin.
Dover expects the deal to be accretive to margins and adjusted EPS in the first year of acquisition and to deliver double-digit capital return in three years.
Belanger posted sales of about $55 million in 2018.