PDQ, Inc. Acquisition by The Dover Corporation

Sale of business enables partners to pursue individual personal goals...

The three partners of PDQ had come to a point when their personal goals no longer held them together, and decided to sell the business and go their separate ways. Valufinder had kept in touch with the company over several years, although the timing, previously, had not been right for a sale. Valufinder never pushed the partners to sell, but continuously offered information and objective counsel. When the partners arrived at the decision to sell the company, they relied upon Valufinder to assist them due to the perceptive advice and support they had received from Valufinder throughout the years.

PDQ Manufacturing was founded in 1984. In 1990 the company introduced touch-free vehicle wash systems, and quickly became the leading global manufacturer of these systems. The company's products are designed to deliver superior wash results, while providing lower operating costs and higher profits.

In late 2007, one of my partners announced that he desired to exit the business and return to New Zealand. We decided to investigate the possibility of selling the business and responded to an inquiry from Valufinder. Many companies expressed interest in purchasing PDQ. However, Valufinder listened to what we were looking for and then found the right buyer for us. The PDQ management team selected Valufinder's client, the Dover Corporation because of its commitment to leave the management team in place and allow the company to continue to operate autonomously. Without Valufinder, we never would have found Dover. Charlie Lieb
President
PDQ Manufacturing, Inc.

Valufinder first gave the owners a range of value based on the information the owners provided about the company, as well as our valuation of the company's past and future performance. The owners were satisfied with the range and decided to move forward, but they were looking for a quick and discreet transaction. One of the owners wanted to remain with the business, and felt the company would be seriously disrupted if there were a long parade of potential buyers marching through their offices. Valufinder prepared the initial information package that demonstrated the company's inherent strengths and leading position in its markets, and that justified the high asking price. We then researched a large number of buyers and discreetly contacted a carefully chosen few who had specifically expressed an interest in niche manufacturers with PDQ's characteristics.

One of the buyers selected was the Dover Corporation, a NYSE publicly traded diversified conglomerate. Dover's portfolio of companies comprises truly high quality, unique organizations. Dover owned a number of companies in the automotive service sector, and was fast to recognize PDQ's value. A transaction was quickly negotiated and consummated. Valufinder orchestrated the entire process, including preparation of information materials, buyer selection, introduction and deal facilitation up to and through the closing.

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