AKRON, Ohio — DRB Systems LLC (“DRB”) announced its plans to be acquired by Vontier Corp. (“Vontier”) (NYSE: VNT), a global industrial technology company focused on transportation and mobility solutions.
The acquisition will be subject to customary closing conditions, including regulatory approval, and is anticipated to close in the third quarter of 2021.
Headquartered in Raleigh, North Carolina, Vontier’s portfolio of trusted brands includes market-leading expertise in mobility technologies, retail and commercial fueling, fleet management, telematics, vehicle diagnostics and repair, and smart cities end-markets.
Vontier’s innovative products, services and software advance efficiency, safety, security and environmental compliance worldwide.
Established in 1984, DRB is an Akron, Ohio-based provider of point-of-sale and optimization technology to the carwash, quick lube and light repair industries.
DRB is owned by New Mountain Capital, a New York-based investment firm.
“DRB’s passion to leverage technology to unlock value for our customers became stronger today,” said DRB CEO and President Dan Pittman. “Vontier’s purpose of mobilizing the future to create a better world, along with its great portfolio of companies, positions DRB’s team to continue its growth and better serve its customers.”
Mark Morelli, President and CEO of Vontier, stated, “DRB’s focus on technology and software solutions complements our existing point-of-sale and payment offerings. Furthermore, entry into the high-value segment of the carwash industry positions Vontier to increasingly benefit from the growing demand for clean, efficient mobility solutions and key trends, including autonomous vehicles and water conservation. We look forward to working with the DRB team to deliver an expanded suite of solutions to meet the industry’s rapidly increasing needs for technology and workflow expertise.”
Peter Masucci, managing director of New Mountain Capital stated, “We’re proud of the successful partnership with DRB and the tremendous business building that took place since our investment in October 2017. Under New Mountain Capital’s ownership, DRB experienced significant growth while tripling dollars spent on product development and innovation. We thank DRB’s management team and employees and wish Vontier continued success with DRB in the years ahead.”