Cognetas backs Tokheim's Gohler acquisition

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Cognetas Fund II has backed the acquisition of Gohler by Tokheim through an equity injection of EUR7.9m, with a further maximum commitment of EUR7.9m over three years to meet earnout requirements. In addition, the fund is placing EUR4.8m in an escrow account, which will only be used to fund the earnouts if finance under the existing facilities is not available. The acquisition will be completed shortly for a maximum aggregate of EUR40m. The price payable reflects approximately 5.5x EBITDA and will be financed with 60% from existing facilities and 40% by equity injection from the shareholders.

Tokheim, with headquarters in Paris and sales of EUR476m for the year to April 2008, offers a one-stop-shop solution of fuel dispensers for service station operators, including service and maintenance, dispensing systems, automated payment solutions and construction. Cognetas acquired 83% of Tokheim in December 2005.

Gohler Group is a service and maintenance provider with a turnover of EUR64m in 2007, and is based in Eastern Germany. The group employs around 550 people and reported an EBITDA of EUR5.2m in 2007.