The American Dover corporation has made its third major acquisition this year in the fuel retail sector with the purchase of Wayne Fueling Systems for $780m.
Last month Dover’s subsidiary OPW took over wetstock management specialist Fairbanks and earlier this year it also acquired the dispenser and systems divisions of Tokheim.
Wayne is a global provider of fuel dispensing, payment, systems and aftermarket services for forecourts. Its products are sold and supported in over 140 countries.
“We are extremely excited about the acquisition of Wayne,” said Robert A Livingston, president and chief executive officer of Dover.
“Wayne’s product line fits perfectly with OPW and Tokheim, particularly Wayne’s US dispenser, payment and systems businesses. Together, the collective business will offer an end-to-end solution that will benefit our customers in the growing global retail fueling market.”
Wayne CEO Neil Thomas said: “Today’s announcement marks an exciting new milestone in our 125-year history. We believe that combining Wayne’s innovative products and technologies with Dover’s existing retail fueling equipment portfolio will significantly benefit customers around the world. Much has evolved and changed at Wayne over the years, but we have held true to our core values since the very beginning: putting our customers first; leading the industry with new products and technology; being a global business—in mindset as well as geographic presence; and doing all of this the right way—with an unwavering commitment to quality, safety, and integrity.”
The transaction, which is expected to close in the second half of 2016, is subject to regulatory approval.