TROY, MICH. – January 31, 2019 – Doeren Mayhew Capital Advisors (DMCA), a leading middle-market investment bank, assisted Belanger, Inc., a premier full-line car wash equipment manufacturer, in its sale to Dover Corporation (NYSE: DOV).
Headquartered in Northville, Michigan, and employing more than 150 people in the United States, Belanger has served the car wash industry for nearly 50 years. Known for its strong engineering, reliability and innovative solutions, Belanger generated over $55 million of sales in 2018.
Belanger will become part of the OPW business unit, a global leader in fluid handling solutions, in Dover’s Fluids segment. The addition of Belanger strengthens OPW’s position as one of the largest car wash equipment and systems suppliers with strong brands in both conveyor tunnel and in-bay automatic segments, as well as large vehicle wash solutions. The purchase price implies a multiple of 2018 EBITDA below 11x.
Belanger engaged the DMCA investment banking team, led by Managing Director Brian Basil, to serve as the exclusive financial advisor in the sale of the Company. “Brian and his team were true advocates for the Company in this transaction,” said a representative for Belanger ownership. “They helped us navigate some unfamiliar waters and made sure we got the best deal possible. We could not have asked for better representation in the sale.”
About Doeren Mayhew Capital Advisors
DMCA is a middle-market investment bank serving businesses and private equity firms around the globe from its Michigan, Texas and New York offices. Its national investment banking team leverages decades of deal-making experience and a strong network of international resources to provide sell-side and buy-side advisory services, as well as debt placement and capital raise services. DMCA is an affiliate of CPA and advisory firm Doeren Mayhew. Securities offered through Doeren Mayhew Capital Advisors, LLC. Member FINRA/SIPC. Doeren Mayhew is an independent firm affiliated with Moore Stephens International Limited. For more information visit www.doerencapital.com.
Founded in 1969, Belanger is a world leader in quality car wash manufacturing. Pioneering the first equipment designed specifically for cloth car washes, Belanger offers an extensive line of world-class vehicle wash systems, products and components that deliver unparalleled value, performance and investment opportunity. Their broad line of products includes drive-through and conveyor tunnel car wash products and systems, along with friction rollovers and touch-free automatic car, truck and bus washes. For more information visit www.belangerinc.com.
Dover is a diversified global manufacturer with annual revenues of approximately $7 billion. They 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 and Food Equipment. Dover combines global scale with operational agility to lead the markets served. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” For more information visit www.dovercorporation.com.
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