AUSTIN, Texas — Wayne Fueling Systems reached an agreement to acquire Vianet Group plc's fuel management subsidiary.
The U.K.-based Vianet Fuel Solutions Limited (VFS) includes two main product lines as part of the Wayne acquisition: Fuel Management Solutions (FMS) and Construction and Forecourt Services (CFS). FMS is comprised of real-time wet-stock management, asset management and compliance monitoring services. CFS aligns with Wayne's current U.K. services business, plus it provides additional services including forecourt construction electrical compliance services and tank lining.
"The decision to acquire Vianet Fuel Solutions is a natural fit for the Wayne business as it helps further our goal to offer fuel management capabilities to our customers," said Neil Thomas, Wayne CEO. "The Vianet business already has existing customers in the UK, has a knowledgeable team, and has competitive and comprehensive fuel management solutions which complements our product and services offerings."
The transaction is expected to close in the first quarter of 2016.
"Over the past two years, VFS has made significant commercial progress and has established a strong reputation in the U.K. forecourt sector. This transaction recognizes the value which has been created," noted James Dickson, chairman of Vianet Group. "[While] it will be sad to say farewell to the VFS team, I am pleased that there is a great fit with Wayne who will take VFS to the next stage of development and growth in a competitive landscape increasingly dominated by major global players such as Wayne."