Dover recently acquired Marshall Excelsior Company (MEC), a supplier of flow control components for the transportation, storage, and use of liquified petroleum gas and other industrial gases, for $395 million in cash.
MEC will become part of the OPW Global operating unit within Dover’s clean energy and fueling segment (DCEF), the company reported.
MEC, headquartered in Marshall, Michigan, was founded over 48 years ago. The company’s comprehensive portfolio includes fittings, adapters, valves, regulators, pigtails, gauges, and related accessories. The business generated approximately $120 million in revenue in 2023, according to Dover.
“We are very excited about the acquisition of MEC,” Kevin Long, OPW president, said in a news release. “MEC’s innovative solutions expand the range of our offerings to our customers and position us to drive future growth and synergies. This strategic move enhances our technological capabilities and positions us at the forefront of innovation in the cryogenic and industrial gas markets.”
MEC is a “highly complementary” acquisition for OPW, the company maintained. It serves the liquefied petroleum gas and cryogenic markets, while adding access to transport vehicle remote monitoring and severe service valve offerings that expand OPW’s participation in the compressed and liquefied gases markets.
“The acquisition of MEC enhances Dover’s portfolio and continues the strategic evolution of DCEF into a growth-exposed set of critical components businesses catering to clean energy applications,” said Richard J. Tobin, Dover president and CEO. “In addition to strengthening our clean energy platform, MEC is a strong business-model fit with Dover due to its significant recurring revenue of mission-critical components, differentiated product attributes with clear regulatory and safety-driven tailwinds, and large installed base with a diverse blue-chip customer base.
“We are excited about executing on our attractive value-creation plan with this acquisition.”