Pump Solutions Group to Acquire Finder Group
Pump Solutions Group (PSG), an operating company within Dover Corporation (NYSE: DOV) announced that it has signed a definitive agreement to acquire Finder S.p.A., headquartered in Merate, Italy.
Finder is a leader in the design and manufacturing of API engineered pumps and systems for the global energy market, primarily Oil & Gas. Finder has operations in Merate and Querceta, Italy, and Venissieux, France, as well as a network of representation in more than 75 countries around the world.
Finder will operate as a business unit within PSG, providing enhanced customer value and shareholder return by leveraging the combined synergies of the businesses. Finder expects to generate revenue of approximately $80 million in 2013. The transaction is subject to regulatory approvals, and is expected to close early in the fourth quarter. Terms of the transaction were not disclosed.
Finder is an attractive acquisition for Dover’s Pump Solutions Group due to its API centrifugal, piston, and twin screw pump technologies serving the energy market. Finder is a strong synergistic fit for PSG, which has built its presence in the upstream, midstream and downstream oil & gas segment through Blackmer® pumps and its recent Ebsray acquisition.
Dean Douglas, President of PSG, said, “Finder will immediately provide PSG with the product portfolio, application expertise, customer reference list, and key certifications required to serve the fast-growing upstream, midstream and downstream oil & gas markets. In addition, Finder further extends PSG’s presence in key growth markets in Europe, Middle East and the Americas. We are excited to welcome a strong and talented management team that will continue to lead Finder in its growth.”
Gary Lent, Vice President of Corporate Development for PSG, noted, “The addition of Finder continues PSG’s strategic vision of acquiring premium technologies in high growth markets. We also see this as a key building block to future acquisitions within the energy vertical market.
Francesco Racheli, CEO of Finder, added, “The Finder team is very eager to join Dover and the Pump Solutions Group. PSG is a company that complements Finder’s core values, key markets, and globalization efforts and is a bold step forward in our company’s history.”
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