Vontier
 | |
| Company type | Public company |
|---|---|
| Headquarters | Raleigh, North Carolina, U.S. |
Key people | Karen Francis, Chairman Mark Morelli, President and CEO Anshooman Aga, CFO Katie Rowen, CAO |
| Revenue |  $3.095 billion (2023) |
| $376.9 million (2023) | |
| Total assets | $4.294 billion (2023) |
| Total equity |  $895.6 million (2023) |
Number of employees | >8,000 (2023) |
| Subsidiaries | |
| Website | vontier |
| Footnotes / references [1] | |
Vontier Corporation is an industrial manufacturing company headquartered in Raleigh, North Carolina. It owns the brands Gilbarco Veeder-Root, Matco Tools and Teletrac Navman, including subsidiaries Inveco, ANGI, Gasboy, and Konnect.[2]
Portfolio Transformation[edit]
Organic Growth:
- JUXTA (Launched 2023): Created to support customers in the rapidly expanding EV charging sector, the JUXTA Nomad can be fully installed and operational within 12 hours, enabling drivers and passengers to purchase food and drinks while waiting for their vehicles to charge.[3]
- Konnect (Launched 2024): Konnect delivers a comprehensive turnkey electric vehicle (EV) charging infrastructure specifically designed to enhance fuel retailers' ROI and accelerate the transition to electric mobility.[4]
Acquisitions:
- DRB Systems (Acquired July 2021), a leading provider of point of sale, workflow software, and control solutions to the car wash industry, from affiliates of New Mountain Capital LLC for approximately $965 million in cash [5]
- Driivs (Acquired February 2022):[6] white-label solutions allow utilities, gas and oil companies, automakers, and EV charging service providers to deliver a set of advanced yet easy-to-use solutions to players in the ecosystem, such as fleets, hosts, municipalities, commercial and industrial buildings and MDUs. Vontier completed the acquisition of the remaining 81% of the outstanding shares of Driivz for $152.6 million, net of cash received.[7]
- Inveco (Acquired Octo 2022) a leading global provider of open platform retailing and payment hardware and software solutions was acquired at a purchase price of $80 million plus additional, contingent consideration based on performance.[8]
Divestitures:
- GTT (Sold in April 2023) whose Opticom product line is a market-leading emergency pre-emption and traffic signal priority solution sold the company to Miovision for US$107 million.[9]
- Hennessy / Coats Co. (Sold in Jan 2024): After shutting down ABCO and Beta, the two other parts of the business, Hennessy rebranded as the "Coats Company" and sold to Victor Capital Partners for $72.5 million, in an all-cash transaction.[10]
History[edit]
The Vontier teal was formed by mixing the green (Fortive) and blue (Danaher) of the two companies under which it was primarily formed.
Fortive (2016-2020)
Fortive was spun off from Danaher in July 2016.[11] Brothers Steven and Mitchell Rales, Danaher's founders, retained board seats with Fortive after the separation. At the point of its independent incorporation, Fortive immediately became a component of the S&P 500. Despite one of the first Fortive acquisitions being GTT, the transportation businesses had less investment than other Fortive segments regarding M&A budget allocation. Later the transportation, including the franchise distribution businesses, would be spun off. In October 2020, Fortive completed the corporate spin-off of 80% of Vontier.[12] Fortive disposed of its remaining 20% ownership interest in January 2021.[13] Upon separation, Vontier replaced Noble Energy as a member of the S&P 500.[14] Martin Gafinowitz, a long-time Danaher and Fortive executive over the transportation platform, remained a founding board member. Mark Morelli was named founding CEO, formerly in the same role at Columbus McKinnon. Former Danaher executive David Naemura was named founding CFO.
Danaher (2001-2016)
In the early 2000s, the oil industry witnessed a wave of consolidation, with major players like Exxon and Chevron merging. This trend created a demand for comprehensive solutions from fuel equipment suppliers. It was in this environment that Danaher Corporation, a leader in industrial technologies, positioned itself to become a major force in the retail fueling sector through a strategic acquisition.
Danaher had a well-established reputation for its "bolt-on" acquisition strategy. This approach focused on acquiring companies that complemented their existing businesses and expanded their product offerings. In 2001, they set their sights on Gilbarco, a global leader in retail automation and environmental products for gas stations, then owned by Marconi plc.
Marconi, facing financial difficulties, was eager to divest non-core assets. This presented a golden opportunity for Danaher. The acquisition, valued at $325 million, was considered a steal for Danaher, with Gilbarco boasting revenues of around $500 million.
The acquisition wasn't just about adding a new brand to the portfolio. Gilbarco had a strategic advantage: it perfectly complemented Danaher's existing subsidiary, Veeder-Root. Veeder-Root, a leading provider of fuel management solutions, offered tank gauges, inventory control systems, and leak detection technologies. With Gilbarco's expertise in pumps, nozzles, and point-of-sale systems, the combined entity would be uniquely positioned to deliver a complete package for gas station operations.
The marriage wasn't immediate. In 2002, Gilbarco was rebranded as Gilbarco Veeder-Root, signifying the official union. The following year, Danaher further bolstered its position by acquiring Gasboy International, another major player in retail petroleum equipment. Gasboy's operations were then integrated with Gilbarco Veeder-Root, solidifying their dominance in the market.
This series of acquisitions transformed Danaher from a player in specific segments of the retail fueling industry to a one-stop shop for gas station equipment and services. Customers could now source everything from pumps and tanks to inventory management solutions from a single entity. This streamlined approach offered significant advantages, not just for Danaher's bottom line, but also for gas station owners seeking efficient and integrated solutions.[15]
References[edit]
- ^ "Vontier Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ EANES, ZACHERY (February 21, 2020). "A public company plans HQ move to Raleigh. A small portion of its workers will follow". The News & Observer.
- ^ Newsroom (2023-09-04). "JUXTA: Launches world's most advanced walk-in vending machine, ideal for remote EV charging sites". emeastartups. Retrieved 2024-07-13.
- ^ Veeder-Root (GVR), Gilbarco. "Gilbarco Veeder-Root announces turnkey EV charging business". www.prnewswire.com. Retrieved 2024-07-13.
- ^ Curran, Lisa (July 19, 2021). "Vontier to Acquire DRB Systems, LLC for Approximately $965 Million and Provides Update on Second Quarter 2021 Finanical Performance" (Press release). Raleigh, N.C.: Business Wire.
- ^ Team, Driivz (2022-02-08). "Driivz announces its acquisition by Vontier Corporation". Driivz. Retrieved 2024-07-11.
- ^ "Vontier Completes Acquistion of Driivs".
- ^ Lewis, Jackson Lewis (August 16, 2022). "Vontier Acquires Invenco". CSP Daily News. Raleigh, N.C. Retrieved 2024-07-13.
- ^ "Miovision acquires Global Traffic Technologies (GTT)". Yahoo Finance. 2023-04-17. Retrieved 2024-07-13.
- ^ "Vontier Announces Divestiture of the Coats Company". Yahoo Finance. 2024-01-09. Retrieved 2024-07-13.
- ^ "Danaher Completes Fortive Spin-Off, Trading to Begin Today". Yahoo Finance. 2016-07-05. Retrieved 2024-07-11.
- ^ "Fortive Completes Spin-off of Vontier" (Press release). Business Wire. October 9, 2020.
- ^ "Vontier Announces Launch of Secondary Equity Offering of Remaining Shares of Common Stock Held by Fortive" (Press release). Business Wire. January 12, 2021.
- ^ "Vontier Becomes SP500 Company".
- ^ "Danaher's Acquisition of Gilbarco". www.linkedin.com. Retrieved 2024-07-11.
External links[edit]
- Business data for Vontier Corporation: