ST. PETER PORT, Guernsey,
July 13, 2012 /PRNewswire/
-- European Capital Limited ("European Capital") announced
today that an affiliate has received proceeds of €14 million from
exiting its investments in Tokheim Holding and a subsidiary.
Tokheim, based in Paris, France,
is one of the world's leading manufacturers and service providers
of fuel dispensing and retail automation equipment. With operations
in many countries around the globe, Tokheim offers customers a
complete range of fuel dispensers and pumps, retail automation
systems, payment terminals, media devices, replacement parts and
upgrade kits, and a full range of support services, including
maintenance, service station construction and project
management.
In January 2006, European Capital
invested €14 million to support the secondary buyout of Tokheim by
Cognetas, including €7 million in the second lien facility and €7
million in the mezzanine facility. In July
2007, the Company repaid the mezzanine and convertible bonds
through additional senior and second lien facilities, and European
Capital subsequently reinvested €7 million in the second lien
facility.
European Capital's exit comes as Tokheim and its majority
shareholder, Motion Equity Partners (previously known as Cognetas),
have completed an all senior refinancing of the Company, reducing
its leverage and extending the maturity of its debt until 2019. At
the same time, Motion Equity Partners, together with a new minority
shareholder (FSI, Fonds Strategique d'Investissement), have brought
approximately €80 million of additional equity to support further
the strategy and continued growth of the company.
"We are very pleased to have supported Tokheim growing
internationally over the past six years," said Tristan Parisot, Managing Director of European
Capital Services. "As a unique worldwide leader in the highly
attractive energy sector, led by a strong management team, Tokheim
perfectly illustrates the kind of business we like."
Since its inception, European Capital has invested €3.4 billion
in 100 companies. European Capital will consider mezzanine,
unitranche and equity investment opportunities from €10 million to
€100 million.
ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European
equity, mezzanine and senior debt investments with €1.2 billion in
assets under management. European Capital is a wholly-owned
affiliate of American Capital, Ltd. ("American Capital"). European
Capital is managed by European Capital Financial Services
(Guernsey), a wholly-owned affiliate of American Capital, and its
subsidiary and sub‑investment manager, European Capital Financial
Services. European Capital Financial Services has offices in
London and Paris. As of 31 March
2012, European Capital Financial Services had 5 investment
teams with 20 investment professionals and employed 26 support
staff. European Capital and its affiliates will consider senior and
mezzanine debt investment opportunities from 10 million to 40
million in either euros or sterling and up to 100 million for One
Stop Buyouts®. For further information, please refer to
www.EuropeanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and
global asset manager. American Capital, both directly and
through its asset management business, originates, underwrites and
manages investments in middle market private equity, leveraged
finance, real estate and structured products. American
Capital has $101 billion in assets
under management and seven offices in the U.S. and Europe.
American Capital and its affiliates will consider investment
opportunities up to $500
million. For further information, please refer to
www.AmericanCapital.com.
Contact: European Capital Financial
Services Limited
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+ 33 1
40 68 06 66
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Stephane
Legrand, Director
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Kevin
Abrial, Investment Director
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SOURCE European Capital Limited