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.”