Dover has completed its previously announced acquisition of Wayne Fueling Systems Ltd (Wayne). It will be integrated with Tokheim, which was acquired earlier this year.
But Wayne’s small distribution business in the UK will be sold off to address the UK Competition and Markets Authority’s (CMA) concerns related to competitive overlap in the UK.
Robert Livingston, Dover’s president and CEO, said: "I am very pleased we have been able to cooperate with the CMA and close this transaction in 2016. We are well prepared to start integration activities, which will be of paramount importance to us in the coming year. We expect Wayne to be solidly accretive in 2017, including costs to achieve synergies and normal purchase accounting amortization costs.
"The addition of Wayne now enables us to deliver a true end-to-end solution to the global retail fueling market, and our entire team is excited about serving our customers worldwide with our expanded portfolio of products."
Wayne is a global provider of fuel dispensing, payment, systems and aftermarket services for retail and commercial fuel stations. Its payment and systems solutions position the company to capitalise on the conversion of US-based fuel retailers to Europay, MasterCard and Visa (EMV) chip security technology. Through its global network of distributors and service partners, Wayne’s products are sold and supported in over 140 countries. Wayne is headquartered in Austin, Texas, and has manufacturing operations in Austin, Sweden, China and Brazil.
Earlier this year the Dover corporation made three acquisitions in the fuel retail equipment sector in the space of a month – the largest being the purchase of Wayne Fueling Systems for $780m. Two weeks earlier the UK-based wet-stock management specialist Fairbanks was acquired by OPW, a subsidiary of Dover; and a week following the Wayne deal, OPW revealed it had bought automatic tank gauge solutions specialist Tokheim ProGauge.