Fortive (NYSE: FTV) subsidiary Gilbarco Veeder-Root, a uireglobal provider of convenience store technology and fuel dispensers, said it agreed to acquire Orpak Systems Ltd, a global Israeli technology solutions provider to oil companies and commercial fleets, from OR Technologies Ltd. (TASE: ORTC).
OR Technologie, which in turn is controlled by Intergamma Investment Ltd. (TASE: INTR), is said to have sold a 68% stake in Orpak for $160 million, according to a filing with the Tel Aviv Stock Exchange.
Bnei Brak-based Orpak has over twenty-five years of experience serving diverse customer needs in emerging markets. Known for rapid deployment of large end to-end projects, Orpak’s products are installed in more than 35,000 service stations and 7 million vehicles across 60 countries.
Orpak will join forces with Gilbarco’s retail and commercial fueling operations, through a new Orpak division, which will continue to operate from its existing facility in Israel and subsidiaries around the world.
“Orpak is an important part of our future growth engine. The Orpak team brings valuable expertise into the Gilbarco Veeder-Root family, allowing us to accelerate technology advancements,” said Gilbarco’s President, Martin Gafinowitz. “They also bring a team of highly skilled associates, a quality operation and a strong portfolio of customers that we look forward to serving.”
“Gilbarco has been an important Orpak partner for many years,” said Orpak President and CEO, Shay Bakfan. “This merger is a step forward for Orpak and an excellent opportunity to increase our reach through Gilbarco Veeder-Root, bringing our unique value to more markets.”
Gilbarco, is a supplier of fuel dispensers, point of sale systems, payment systems, forecourt merchandising and support services. Gilbarco delivers total integrated solutions from the forecourt to the convenience store, and is a global technology leader in retail and commercial fueling operations. It offers a broad range of integrated solutions from the forecourt to the convenience store and head office.
The company’s customers include 19 of the top 20 convenience store operators in the U.S. The company is headquartered in Greensboro, North Carolina and was founded under the name Gilbert & Barker in 1870.
The deal, which will extend Gilbarco’s high growth markets portfolio, is subject to customary closing conditions.