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Riverstone Holdings, LLC Agrees to Purchase Wayne Business from GE
Austin, Texas USA – May 7, 2014 - Wayne, A GE Business, and a global innovator of fuel dispensers and forecourt technologies, today announced that Riverstone Holdings, LLC, an energy and powerfocused private equity investment firm, has signed an agreement to acquire the Wayne business from GE. The transaction will enable Wayne to continue to provide world-class service and support to customers while pursuing the innovative technologies for which the company is known, including the Wayne Helix™ fuel dispenser and the Wayne Fusion™ forecourt system.
Riverstone, which previously owned a significant stake in Wayne through its investment in Dresser from 2007 to 2011, understands Wayne’s rich history and has a strong and productive relationship with the management team. This continuity will allow for a seamless transition for customers, employees, suppliers and other business partners.
“This decision marks another important step in our long history,” said Neil Thomas, Wayne’s President. “Moving forward with Riverstone will position the business for even greater success by allowing us to continue to invest in products and technology and better serve our customers around the world.”
GE Oil & Gas’ Measurement & Control business has been on a path to simplify and reshape its business portfolio. Wayne is well suited to operate outside of GE and will be better able to meet customer requirements in partnership with Riverstone.
“We are excited to have the opportunity to partner once again with Neil and the Wayne organization,” said John Lancaster, Partner at Riverstone. “Wayne is an industry leader in an attractive niche business, has a great portfolio of products and technology, and has a world-class team. We are committed to investing in the business to help it fulfill management’s long-term vision for sector leadership.”
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
About 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 $27 billion of equity 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 and Houston, the firm has committed approximately $25.6 billion to 107 investments in North America, Latin America, Europe, Africa and Asia.
5/7/2014 8:00:00 AM