Shearman & Sterling advised Vontier Corporation in its definitive agreement to acquire DRB Systems, a leading provider of point of sale, workflow software and control solutions to the car wash industry, from affiliates of New Mountain Capital, for approximately $965 million in cash. The acquisition will be subject to customary closing conditions, including regulatory approval, and will be financed with available cash and proceeds from borrowings under Vontier’s credit facilities. Vontier anticipates that the acquisition will close in the third quarter of 2021.
Headquartered in Raleigh, North Carolina, Vontier is a global industrial technology company focused on transportation and mobility solutions. The company’s portfolio of trusted brands includes market-leading expertise in mobility technologies, retail and commercial fueling, fleet management, telematics, vehicle diagnostics and repair, and smart cities end-markets. Vontier’s innovative products, services and software advance efficiency, safety, security and environmental compliance worldwide.
The Shearman & Sterling team below included Jake Shaughnessy, Daniella Villatoro and Sebastian de la Puente.