Petrotec Group has been revealed as the buyer of Wayne Fueling Systems’ UK distribution business, a deal that was forced on the company by the UK’s Competition and Markets Authority (CMA).
The Wayne UK acquisition will enlarge Petrotec’s presence in the UK by combining its activities with those already carried out directly by Petrotec, which was established in the UK in 2013.
“The acquisition of Wayne UK is a great strategic step, and we’re pleased to integrate its strong team into our growing portfolio of service companies,” said Nuno Cabral, Petrotec group chief executive officer.
“Wayne UK features premium services across the UK and Ireland. While our two companies operate in many of the same channels in the UK and Ireland, this acquisition provides exciting growth opportunities and support to Petrotec technologies.”
Based in Loanhead, Edinburgh, with 75 employees, Wayne UK provides support to a variety of fueling stations in the UK and Ireland. Portugal-based Petrotec Group has more than 900 employees, and sales in more than 80 countries.
Confirmation of the deal follows the completion of a $780m takeover of Wayne Fueling Systems by fellow US conglomerate Dover Corporation.
The CMA had said it was concerned that a deal for Dover Corporation to take over Wayne’s entire business could limit competition in the UK fuel pumps market, explaining: “Other than Dover and Wayne there is only one other significant supplier of fuel dispensers in the UK (Gilbarco), with other suppliers lacking sufficient scale to constrain the merged entity.”
It threatened a lengthy full inquiry into the deal unless Dover could come up with a remedy, and the US company responded by offering to sell Wayne UK.
Petrotec has now been revealed as the purchaser and the CMA said it considered it to be suitable, and therefore the merger would not be referred for an in-depth investigation.