DRB Systems LLC, the Akron, Ohio-based provider of technologies to the car wash, quick lube and light repair industries, said on Wednesday it plans to be acquired by Vontier Corp. in Raleigh, North Carolina, for $965 million in cash.
Vontier (NYSE: VNT) is a global industrial technology company focused on transportation and mobility solutions, DRB Systems said in a press release.
The acquisition, which is expected to add to Vontier's earnings by 2022, is subject to customary closing conditions, including regulatory approval, and is anticipated to close in the third quarter of 2021, Vontier said in a press release.
DRB is a leading provider of point of sale, workflow software and control software to the car wash industry, powering more of the top-50 conveyorized car wash chains than any other technology producer, the company says at its website.
Brands owned by DRB include DRB Tunnel Solutions, Suds Creative, Sage Microsystems, eGenuity, InvoMax and Washify.
"DRB's focus on technology and software solutions complements our existing point-of-sale and payment offerings," said Mark Morelli, president and CEO of Vontier in DRB's press release.
"Entry into the high-value segment of the car wash industry positions Vontier to increasingly benefit from the growing demand for clean, efficient mobility solutions and key trends including autonomous vehicles and water conservation," Morelli said.
New Mountain Capital LLC, the New York investment firm that manages private equity, credit, net lease real estate and public equity funds, acquired DRB Systems from Chicago-based Prairie Capital in 2017.
DRB has done several acquisitions of its own in recent years.
In March, DRB Systems acquired Washify, an advanced car wash point-of-sale system, according to a company press release.
And in 2019, DRB acquired Suds Creative, a full-service marketing agency for car wash owners and industry vendors, according to a press release.
