Doeren Mayhew Capital Advisors Assists Belanger, Inc. in Sale to Dover Corporation
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.”