Motion in €425m Tokheim partial exit

Pending regulatory approval and employee consultation, the transaction is expected to complete in early 2016. It features the sale of Tokheim's dispenser and system business units to Dover Corporation, an equipment manufacturer listed on the New York stock exchange.

Estimated to generate €280m in revenues in 2015, the two assets will be absorbed by OPW, Dover's fluid-handling subsidiary, for a €425m purchase price.

The incorporation of Tokheim's fuel dispenser operations in Europe, China, India and Brazil to OPW's portfolio is expected to strengthen its presence in the retail fueling equipment sector worldwide.

In addition, the vendor and acquirer have struck a business partnership regarding Tokheim's sales, service and distribution subsidiaries, which were not part of the sale. All three business units will remain in the hands of Motion Equity Partners as majority shareholder, with Fonds Stratégique d'Investissement (FSI) keeping a minority interest.

Previous funding
According to unquote" data, Tokheim first came under private equity ownership in April 2003, when it was acquired by Ardian and BNP Paribas. The €150m deal, featuring a total of €127m in debt, provided the business with a way out of bankruptcy after filing for liquidation.

After owning the company for two years, Ardian and BNP offloaded their stakes to Motion Equity, then called Electra Partners Europe, for €250m. At the time, Tokheim's new buyer explained it had pursued the company in 2003 but decided to pull back once it became clear that Ardian's bid would be successful.

The GP, which drew equity from its second fund, backed Tokheim's €12.7m bolt-on of German maintenance service Göhler Group and the €5.2m purchase of Rohé's subsidiaries in Serbia, Bulgaria, Latvia and Lithuania in 2008 and 2009, respectively.

In June 2012, Motion announced it had invested a further €80m in equity alongside FSI in Tokheim; the injection was part of a €262m refinancing of the debt put in place by BNP Paribas during the 2005 buyout. According to the firm, the restructuring was one of the two scenarios under consideration in 2011, after a sale was ruled out due to unfavourable market conditions.

Company
Founded in 1898 in the US, Tokheim divested its operations in the country to local buyers and relocated to France in 2003 as part of Ardian's takeover. The business manufactures fuel dispensers and pumps, retail automation systems, payment terminals and other devices for service stations. Following the partial exit by Motion, the company will be focusing on its sales, service and distribution operations.

With headquarters in Paris, the business is present in 40,000 stations worldwide – its activity concentrates around the European, Chinese, Indian and Brazilian markets. Prior to the current sale, it employed 5,400 professionals and posted €643m revenues worldwide.

People
Motion Equity's work on the deal was coordinated by managing partner Patrick Eisenchteter and partner Cédric Rays. Baudouin de la Tour is Tokheim's current CEO.

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• Topics
• France
• Exits
• Industrials
• France
• Ardian (formerly Axa PE)
• Partial sale
• unq2015oct