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Wayne Fueling Systems to be Acquired by Dover Corporation
AUSTIN, TEXAS - June 9, 2016 - Wayne Fueling Systems ("Wayne"), a global provider of fuel dispensing, payment, automation, and control technologies, majority-owned by funds managed by Riverstone Holdings LLC ("Riverstone"), announced today that Dover Corporation ("Dover") has entered into a definitive agreement to acquire the Wayne business.
"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.
6/9/2016 12:00:00 AM