AUSTIN, Texas -- Riverstone Holdings LLC, an energy and power-focused private-equity investment firm, has signed an agreement to acquire the Wayne fuel dispensers and forecourt technologies business from GE.
The deal values Wayne at between $500 million and $600 million, said a Reuters report, citing sources that asked not to be identified.
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 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, Austin, Texas-based 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, GE said.
"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."
Wayne is a GE business and global leader in the design, manufacturing and servicing of forecourt fueling solutions where reliability and uptime are critical. Dispensers, payment platforms, control systems and technology from Wayne play an essential role in traditional and alternative fueling sites around the world.
It was part of Dresser Inc., the energy infrastructure company that GE bought in 2010 for $3 billion.
David M. Leuschen and Pierre F. Lapeyre Jr. founded Riverstone in 2000 with approximately $27 billion of equity capital raised. It conducts buyout and growth capital investments in the exploration and 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.
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