AXA completes Tokheim MBO

Paris-based AXA Private Equity has finalised the management buyout of Tokheim International, a manufacturer and service provider of gas station equipment in Europe and Africa.

(PrivateEquityCentral.net) AXA Private Equity and Tokheim entered exclusive negotiations in December. AXA has paid around E140m in addition to E8m of debt. AXA will own 94 per cent of the Tokheim subsidiary, while six per cent will be held by the management led by Patrick Berthon, who was vice president of sales for the business unit.

 

Debt financing for the transaction was arranged by BNP-Paribas. It includes senior and mezzanine financing as well as a revolver facility.

 

Tokheim, a subsidiary of Tokheim Corp, has 2,600 employees and generated sales in 2002 of over E360m in 22 countries, of which Europe accounted for 80 per cent. The company makes pay-at-the-pump devices for gas stations, as well as gas pumps and retail point of sale registers. Tokheim owns and operates the businesses of Tokheim Corp, a US company that filed for Chapter 11 protection late last month, outside North America.

 

AXA Private Equity maintains funds with assets in excess of E4.2bn, and has equity interests in more than 80 portfolio companies. The firm maintains offices in London, Frankfurt, and New York.

 

In September, AXA acquired housing products company Champeau Group, a manufacturer of wood roof truss systems for the French single-family home market, for between E25m and E40m.

 

In August, AXA acquired French construction materials business Bonna Sabla from Vivendi Universal division Vivendi Environnement after the European Union Commission granted its approval. The parties entered into exclusive negotiations in mid-May. The company had revenues of E405m in 2001. Vivendi sold the company as part of its non-core asset disposal program.