Dover Corp has agreed to acquire Austin, Texas-based Wayne Fueling Systems, a provider of fuel dispensing, payment, automation, and control technologies. The seller is Riverstone Holdings LLC. No financial terms were disclosed. Credit Suisse served as financial adviser to Wayne Fueling Systems on this transaction.
AUSTIN, TEXAS – June 9, 2016 – Wayne Fueling Systems (“Wayne”), a global provider of fuel dispensing, payment, automation, and control technologies, announced today that Dover Corporation (NYSE: DOV) (“Dover”) has entered into a definitive agreement to acquire the Wayne business. Wayne is majority-owned by funds managed by Riverstone Holdings LLC (“Riverstone”),
“Today’s announcement marks an exciting new milestone in our 125-year history,” said Neil Thomas, Wayne CEO. “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.”
Thomas added, “We are thankful to Riverstone for their unwavering support and the investments that they have made to strategically position the Wayne business for future growth. Joining the Dover family will create exciting new opportunities for our employees, customers, and other business partners.”
“We would like to express our sincere appreciation to Neil and the entire Wayne team for the excellent partnership we have enjoyed and the success achieved by the business in recent years,” said John Lancaster, Partner at Riverstone. “With such complementary businesses and a continued focus on innovative technology, we are confident that Wayne will continue to flourish under Dover’s ownership.”
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.
Credit Suisse acted as exclusive financial advisor to Wayne Fueling Systems on this transaction. Latham & Watkins were lead legal counsel.
About Wayne Fueling Systems
Wayne Fueling Systems is one of the world’s largest suppliers of fuel dispensers, payment terminals, forecourt control devices, point-of-sale and other measurement and control solutions to the retail and commercial fueling industry. Wayne has been at the forefront of innovation since it was founded in 1891 and is responsible for many of the breakthrough technologies that have transformed fuel retailing. Through a global network of distributors and service partners, Wayne products are sold and supported in over 140 countries around the world. Headquartered in Austin, Texas, Wayne also has major design and assembly operations in Sweden, Brazil and China. www.wayne.com
Dover is a diversified global manufacturer with annual revenues of $7 billion. We deliver innovative equipment and components, specialty systems and support services through four major operating segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for 60 years, our team of 26,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at www.dovercorporation.com.
About Riverstone Holdings LLC
Riverstone Holdings LLC (“Riverstone”) is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $34 billion of capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power, and renewable sectors of the energy industry. With offices in New York, London, Houston, and Mexico City, Riverstone has committed over $31 billion to more than 120 investments in North America, Latin America, Europe, Africa, and Asia.