Dover to Acquire Wayne Fueling Systems
Dover has entered into a definitive agreement to acquire Wayne Fueling Systems, which is headquartered in Austin, Texas, and owned by Riverstone Holdings, for $780 million in cash. 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 over 140 countries.
“Wayne’s product line fits perfectly with OPW and Tokheim, particularly Wayne’s US dispenser, payment and systems businesses,” said Robert A. Livingston, President & CEO of Dover. “Together, the collective business will offer an end-to-end solution that will benefit our customers in the growing global retail fueling market.”
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. Annual revenue for Wayne in 2016 is estimated to be approximately $550 million.