GE, the parent company of the fuel dispenser and forecourt technology company Wayne, has announced that Riverstone Holdings, LLC, an energy and power-focused private equity investment firm, has signed an agreement to acquire the Wayne business.

In a statement Wayne said the transaction would enable it to continue to provide world-class service and support to customers while pursuing the innovative technologies for which the company is known.

It added that 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 decision marks another important step in our long history,” said Neil Thomas, 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.”

“We are excited to have the opportunity to partner once again with Neil and the Wayne organisation,” 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.”