Dover announced that it has completed the acquisition of Bulloch Technologies, Inc., a provider of point-of-sale, forecourt controller, and electronic payment server solutions to the convenience retail industry for CAD150 million, subject to customary adjustments and with additional contingent consideration tied to future growth of the business. Bulloch will become part of the Dover Fueling Solutions operating unit within Dover’s Clean Energy and Fueling segment.
Headquartered in Toronto, Ontario, Bulloch is a leading supplier of POS and related digital solutions and services to the convenience retail industry in Canada serving many of the largest retailers in the country. The company processes over $35 billion in sales and 520 million transactions annually at 7,000 sites throughout Canada.
Speaking about the acquisition, DFS’s President, David Crouse, said, “The acquisition of Bulloch is highly strategic for DFS and expands our offering in North America with highly complementary point-of-sale and forecourt solutions. POS systems are central to the operation of convenience retail and enable multiple innovative loyalty and commercial technologies available through DFS’ Wayne dispensers. DFS will support Bulloch’s expansion in the U.S. market leveraging our sales channels and service infrastructure and we look forward to offering our customers world-class end-to-end solutions in 2024.”
“This transaction has all the hallmarks of a successful bolt-on acquisition, which are integral to Dover’s growth strategy. It adds an attractive digital and recurring revenue stream to DFS in a growing market where customers are increasingly digitizing their operations and payment security and compliance standards are continually increasing. Additionally, our strong presence in the U.S. convenience retail industry offers credible growth and synergy opportunities to support attractive shareholder value-creation.”
