On July 22, 2024, Dover (NYSE: DOV) announced the acquisition of Marshall Excelsior Company (MEC) for $395 million USD (approximately CAD 520 million) in cash from Harbour Group. MEC became part of OPW Global (OPW) within Dover's Clean Energy & Fueling segment (DCEF).

Founded over 48 years ago and headquartered in Marshall, Michigan, MEC supplied engineered flow control components for liquefied petroleum gas and other industrial gases. MEC's product portfolio included fittings, adapters, valves, regulators, pigtails, gauges, and accessories, meeting stringent safety, quality, and reliability standards. In 2023, MEC generated approximately $120 million in revenue.

MEC's acquisition complemented OPW by serving the liquefied petroleum gas and cryogenic markets while introducing transport vehicle remote monitoring and severe service valve offerings. This expansion enhanced OPW's participation in the compressed and liquefied gases industry.

Kevin Long, OPW's President, expressed enthusiasm about the acquisition, highlighting MEC's innovative solutions and the strategic positioning for future growth and synergies. Dover's President and CEO, Richard J. Tobin, emphasized that the acquisition bolstered Dover's portfolio and DCEF's evolution towards critical components for clean energy applications. Tobin noted MEC's strong recurring revenue from mission-critical components, regulatory and safety-driven product attributes, and a diverse blue-chip customer base as key factors for the acquisition.

Debevoise & Plimpton LLP advised Dover Corporation, while Miller Thomson acted as Canadian counsel to Harbour Group.