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Willkie Guides New Mountain’s Sale of Car Wash Tech Company

July 21, 2021, 10:56 AM

Willkie Farr & Gallagher advised New Mountain Capital on its $965 million transaction to sell off portfolio company DRB Systems, LLC, a provider of point of sale, workflow software, and control solutions for the car wash industry.

Willkie also advised Akron, Ohio-based DRB on the transaction, expected to close in the third quarter. The buyer is Raleigh, N.C.-based Vontier Corporation, a global industrial technology company focused on transportation and mobility solutions, according to a statement.

Vontier said it expects DRB, which was founded in 1984 and has over 500 employees across North America, to generate around $170 million in 2021 revenue, for an operating margin in the mid-20% range.

Mark Morelli, Vontier’s president and CEO, said in the statement he expects the acquisition to accelerate Vontier’s portfolio diversification strategy. “Furthermore, 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.”

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com

To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com; Rebekah Mintzer in New York at rmintzer@bloomberglaw.com

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