Dover signs agreement to acquire FW Murphy

Dover announced it has entered into an agreement to acquire FW Murphy Production Controls, LLC, currently a subsidiary of Genisys Controls LLC, for $530 million in cash. Following the closing of the transaction, which is expected in Q4 2023, FW Murphy will become part of the Dover Precision Components (DPC) operating unit within Dover’s Pumps & Process Solutions (DPPS) segment.

Founded in 1939 and headquartered in Rosenberg, Texas, FW Murphy is a provider of control, remote monitoring, digital twin-based predictive maintenance and adaptive performance optimization components, solutions and instrumentation for reciprocating compressors and associated drive systems used in natural gas production, transportation and industrial use markets as well as in emerging hydrogen and carbon capture applications. The business is expected to generate approximately $120 million in revenue in 2023.

Dover, headquartered in Downers Grove, Ill., is a diversified manufacturer and solutions provider of equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover Precision Components provides rotating and reciprocating machinery across the oil & gas, power generation, marine, industrial, chemical and general processing markets. Its brands include Waukesha Bearings, Bearings Plus, Inpro/Seal and Cook Compression.

FW Murphy provides control, remote monitoring, digital twin-based predictive maintenance and adaptive performance optimization components, solutions and instrumentation for reciprocating compressors and associated drive systems. (Photo: FW Murphy)

The acquisition will add complementary offerings to DPC’s Cook Compression product line, enhances the unit’s revenue mix with digital and recurring revenue streams, helps position DPC for leadership in compression technologies for clean energy and allows it to capitalize on the growing adoption of next-generation remote monitoring, predictive maintenance and real-time performance optimization solutions, the announcement stated.

“FW Murphy is a highly regarded technological pioneer and leader in controlling and optimizing the performance of reciprocating compressors and engines. Adding its portfolio of solutions will allow DPC to offer reciprocating compression customers an unparalleled choice of technologies to improve efficiency, promote safety, reduce their carbon emissions and accelerate clean energy adoption,” said Marcell Ulrichs, president of DPC. “We expect to achieve tangible growth synergies from our combined product offerings and global go-to-market channels,”

Dover President and CEO Richard J. Tobin added, “The acquisition of FW Murphy has all the hallmarks of value-creating bolt-on acquisitions that have been an integral part of Dover’s strategy for decades. FW Murphy is a well-run, privately-owned technological leader with a runway for sustained profitable growth. We are excited to add a high-quality asset with an attractive financial profile and value-creation potential to DPPS.”