DOYLES announced the latest move in their five-year growth plan, the acquisition of Quality Valve & Machine Works (QVM) of Houston, Texas. With this purchase, DOYLES has doubled its size, number of manufacturing facilities (to four) and revenues to nearly $50 million projected for 2008. This, from a company that three years ago generated $10 million in revenue at one facility in Corpus Christi and whose CEO, CFO and COO are all under the age of 35.
"We’ve been growing quickly and smartly, and Quality Valve is a perfect fit for us," said Dan Henderson, President and CEO of DOYLES. "With all of the consolidation going on in the industry, it’s critical to capture more market share, expand your product line and expand your customer base. The Quality Valve acquisition gives us all of that, plus a larger presence as a U.S. manufacturer. That’s critical because U.S. manufacturing is still regarded as among the best in the world. Quality Valve, with an excellent reputation in that regard, gives us a platform to build on as we continue to evolve DOYLES into a full-fledged manufacturing company."
In addition to manufacturing valves similar to those that DOYLES presently sells, QVM manufactures several proprietary products, such as the highly popular Model 33 valve, the CheckMaster check valve and others. But QVM’s best assets, according to Bernie Linder, President of Quality Valve, are the company’s experience and service-first philosophy.
"What impressed me the most about DOYLES," Linder notes, "is that their business philosophy is the same as ours, namely, treat your customers as respected partners and provide them with unparalleled service. That’s both reassuring and remarkable, especially from a company with such youthful top management. Their philosophy – integrity, responsiveness and delivery - is the biggest reason why I agreed to entrust my company in their hands."
"We’re young and aggressive,” Henderson adds. “All of us in the top management positions – CEO, CFO and COO – are under 35. But we’re also smart enough to know that we can and should learn from others, so we recruit and hire top talent, and lean on our experienced veterans for their insight and wisdom. Bernie will add depth to our management team as a director and active advisor. Everyone wins in this deal; our customers, employees and stockholders."
DOYLES will consolidate management within both companies and continue to operate QVM’s facilities in Huntsville and Houston.