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Wayne, A GE Energy Business Acquired by Riverstone Holdings, LLC
AUSTIN, TEXAS — June 20, 2014 — Riverstone Holdings, LLC, an energy and power-focused private investment firm, has officially acquired Wayne, A GE Energy Business, a global provider of fuel dispensing, payment, automation and control technologies for retail and commercial fuel stations, from GE. Now officially named Wayne Fueling Systems, this 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 Dresser Wayne 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 Fueling System CEO. “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 shape its business portfolio. In reviewing the Wayne business, it was clear that it is well suited to operate outside of GE so that it can better meet customer requirements.
“We are excited to have the opportunity to own Wayne again,” said John Lancaster, Partner at Riverstone. “Wayne is an industry leader, has a great portfolio of products and technology, and has a world class employee team. We are committed to investing in the business to help it fulfill management’s long-term vision.”
6/20/2014 9:34:59 AM