Dover Corporation has acquired Bulloch Technologies, Inc., a key player in the convenience retail industry, providing advanced point-of-sale (POS), forecourt controller, and electronic payment server solutions. The acquisition, valued at $150 million with potential additional contingent considerations based on future business growth, marks a strategic expansion for Dover's Clean Energy and Fueling segment, specifically under its Dover Fueling Solutions (DFS) unit. Bulloch, headquartered in Toronto, Ontario, stands out as a prominent supplier in Canada, catering to major retailers with over $35 billion in sales and 520 million transactions annually across 7,000 locations.
The acquisition aligns with Dover's growth strategy, introducing an attractive digital and recurring revenue stream within a burgeoning market. As customers increasingly digitize operations amidst rising payment security and compliance standards, Dover anticipates this integration will offer substantial growth and synergy opportunities, promising enhanced shareholder value.
Goodmans acted for Bulloch Technologies with a team led by Jamie Firsten and included Hari Marcovici, and Danielle Levesque.
Blake, Cassels & Graydon LLP acted as a legal advisor to Dover.