Vianet has sold its fuel division to Wayne Fueling Systems, it was confirmed today.
Vianet Group, which provides real time monitoring systems, data management services, and insights for the leisure and vending sectors, has agreed to sell Vianet Fuel Solutions to Wayne Fueling Systems UK Limited. The transaction is expected to complete on or around January 31 2016.
Vianet will receive a cash consideration of £3.5m on a debt free cash free basis, subject to a potential adjustment for the working capital of VFS at completion.
James Dickson, the chairman, said: “Over the past two years we have made significant progress to establish a strong reputation for Vianet Fuel Solutions in the UK forecourt sector and to turn the business around to a good level of profit this year. VFS operates in a competitive landscape which is increasingly dominated by major global players, such as Wayne, and therefore we believe it is now, strategically, a good time for the group to sell VFS to Wayne who will continue to build on the strong foundations we have built.”
“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. The board is confident of the medium and long term prospects of the group and its Leisure and Vending businesses where the focus will fully turn.
“The group’s progress provides an encouraging outlook for 2016 and the board remains committed to delivering shareholder value.”
Vianet Group was advised on the sale of Vianet Fuel Solutions by a team at Yorkshire law firm Gordons led by Peter Barton.