AXA Private Equity sells Tokheim Paris, November 17, 2005

AXA Private Equity, a leading European Private Equity Investment firm has announced the disposal to Electra Partners Europe of Tokheim.  The transaction price values Tokheim at €260M.

The Paris-based Tokheim group is the European leader in the manufacture of fuel distribution systems. The company should realize a €390M turnover over the current financial year.  The group develops, manufactures and sells fuel distribution dispensers, automated payment systems, and operates in the construction and maintenance of service stations. Tokheim’s customers base includes large oil companies, mass retailers (hypermarkets and supermarkets), and independent operators of gas stations.

At the time of its takeover by AXA Private Equity in 2003, Tokheim was mainly present on the African and European continents with leading positions in France, the Benelux, Spain and Portugal. Over the last three years, the group has reinforced its presence in Italy, the United Kingdom, Germany and Denmark and has started operations in Asia. Manufacturing operations are now located not only in France and Scotland but also in China, and soon in India. The company has approximately 3,200 employees.

AXA Private Equity LBO Funds Director Frédéric Collard says: “Under the management of Patrick Berthon the Tokheim team has delivered a great job.  With our support it has transformed the European leader we acquired in 2003 into a top tier player, which has not only strengthened its leadership in Europe, but also set foot in two major Asian countries. We are very happy that Patrick Berthon’s team is able to continue this strategy focused on international expansion with Electra”.

Patrick Berthon, CEO of Tokheim, adds: “The entry of Electra Partners Europe comes just at the right moment for Tokheim, allowing it to accelerate its progress and development started three years ago, both in our traditional European market and in Asia, with promising growth perspectives”.

People active on this transaction were:

AXA Private Equity: Frédéric Collard and Bruno Ladrière.

Electra: Patrick Eisenchteter, Edward Koopman, Cédric Rays, Frédéric Azémard, and Jean Ducroux.

Sellers’ advisors:

• C. Moulin and L. Prothery of BNP Paribas (M&A);
• F. Antarieu and O. Lorang of PriceWaterHouseCoopers (Transaction Services);
• JF Carreras, F. Fabiani and F. Veuillot of Sokolow Carreras & Associés (Legal and Tax);
• V. Teulade and V. Bamberger of Arthur D. Little (Strategy);
• AON (Insurances);
• URS (Environment);
• B. de Rosamel of BNP Paribas (Stapple Financing).

Management advisors:

E. Delorme (Callisto) and M. Couderc of the Sarrau, Thomas, Couderc.

Buyers’ advisers:

• Rothschild & Cie (M&A),
• KPMG (Transaction Services),
• Latham&Watkins (Legal),
• Advention Business Partners (Strategy).

The acquisition debt was arranged and underwritten by BNP Paribas.

Press contact

AXA Private Equity:
+33 1 44 45 92 20