Dover to Acquire Wayne Fueling Systems for $780 Million

Posted by Lauren Tyler on June 09, 2016 No Comments
Categories : Up Front

Downers Grove, Ill.-based Dover says it has entered into a definitive agreement under which the company will acquire Wayne Fueling Systems Ltd., which is owned by Riverstone Holdings LLC, for $780 million in cash.

Upon close of the transaction, Dover’s annualized retail fueling revenue will be $1.4 billion when combining Wayne’s product offerings with OPW and Tokheim.

Headquartered in Austin, Texas, Wayne Fueling is a global provider of fuel dispensing, payment, systems and aftermarket services for retail and commercial fuel stations.

“Wayne’s product line fits perfectly with OPW and Tokheim, particularly Wayne’s U.S. dispenser, payment and systems businesses,” says Robert A. Livingston, president and 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 addition of Wayne positions Dover to more fully participate in the high-growth EMV upgrade cycle under way in the United States. This transaction also provides significant margin enhancement opportunities, driven by synergies across the businesses.”

According to Dover, 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. The transaction is expected to be funded with a combination of cash on hand and incremental debt.

Dover asserts that Lazard is serving as its exclusive financial advisor, and Debevoise & Plimpton LLP is serving as its legal advisor.

Register here to receive our Latest Headlines email newsletter

Leave a Comment