Dover Corporation has announced it will acquire Wayne Fueling Systems, owned by Riverstone Holdings LLC, for $780 million.
Following the completion of the acquisition, Dover’s annualised retail fueling revenue will be $1.4 billion when combining Wayne’s product offerings with OPW and Tokheim.
Wayne is a global provider of fuel dispensing, payment, systems and aftermarket services for retail and commercial fuel stations.
Through its global network of distributors and service partners, Wayne’s products are sold and supported in more than 140 countries. Wayne is headquartered in Austin, Texas, and has manufacturing operations in Austin, Sweden, China and Brazil.
Robert A. Livingston, Dover president and CEO, said the company was extremely excited about the acquisition of Wayne.
“Wayne’s product line fits perfectly with OPW and Tokheim, particularly Wayne’s US dispenser, payment and systems businesses. Together, the collective business will offer an end-to-end solution that will benefit our customers in the growing global retail fueling market. The addition of Wayne positions Dover to more fully participate in the high growth EMV upgrade cycle underway in the United States. This transaction also provides significant margin enhancement opportunities, driven by synergies across the businesses,” Mr Livingston said.
Neil Thomas, Wayne CEO, said the announcement marks a new milestone in Wayne’s 125 year history.
“We believe that combining Wayne’s innovative products and technologies with Dover’s existing retail fueling equipment portfolio will significantly benefit customers around the world. Much has evolved and changed at Wayne over the years, but we have held true to our core values since the very beginning: putting our customers first; leading the industry with new products and technology; being a global business—in mindset as well as geographic presence; and doing all of this the right way—with an unwavering commitment to quality, safety, and integrity,” Mr Thomas said.
The transaction, which is expected to close in the second half of 2016, is subject to the satisfaction of customary closing conditions, including applicable regulatory approvals. The transaction is expected to be funded with a combination of cash on hand and incremental debt. Annual revenue for Wayne in 2016 is estimated to be around $550 million.
Wayne Fueling Systems will be exhibiting at the C&I Expo in Melbourne on August 17 and 18, 2016.
Retailers wishing to view the latest convenience products can register for free entry to the C&I Expo which will run from 12pm to 5pm on Wednesday, August 17 and Thursday, August 18 at the Melbourne Exhibition and Conference Centre.