FRANCE/GERMANY - Cognetas-backed Tokheim acquisition of Göhler

Additionally, Cognetas is placing EUR 4.8m in an escrow account, which will only be used to fund the earn-outs if finance under the existing facilities is not available. The acquisition will be completed shortly for a maximum aggregate of EUR 40m. The price payable, approximately 5.5x EBITDA, reflects a 40% equity injection from shareholders, and the remaining from existing facilities.

Paris-based Tokheim offers a onestop-shop solution of fuel dispensers for service station operators, including service and maintenance, dispensing systems, automated payment solutions and construction. The company generated sales of EUR 476m in the financial year ending April 2008. Cognetas acquired 83% of Tokheim in December 2005.

Göhler Group is a service and maintenance provider, based in Eastern Germany. In 2007 the business generated a turnover of EUR 64m with an EBITDA of EUR 5.2m. The group employs around 550 people.

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• Topics
• Expansion
• France
• DACH