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AUSTIN, Texas -- Riverstone Holdings LLC signed an agreement to acquire Wayne, A GE Business.
Riverstone previously owned a significant stake in Wayne through its investment in Dresser from 2007 to 2011, and has a strong relationship with the management team. Wayne merged with Dresser Industries in 1968.
The continuity will allow for a seamless transition for customers, employees, suppliers and other business partners, according to Wayne.
"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."
Austin-based Wayne is a global innovator of fuel dispensers and forecourt technologies. Riverstone Holdings is an energy- and power-focused private equity investment firm.
The move comes as GE Oil & Gas' Measurement & Control business has been following 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, according to the announcement.
"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."