PARIS, February 22 /PRNewswire/ -- European Capital, S.A. SICAR announced today it has invested euro 14 million (US$16.7 million) in the mezzanine and second lien facilities of Tokheim SAS, the leading European supplier of retail fuel systems. European Capital's investment represents a share of the mezzanine facility and the majority of the second lien facility arranged by BNP Paribas, supporting the acquisition of Tokheim by Electra Partners Europe. European Capital will be the representative Agent of the second lien facility. Tokheim's management is maintaining a significant equity investment.
"We are pleased to work again with BNP Paribas and also work for the first time with Electra Partners Europe, a leading private equity firm in the European middle market," said Ira Wagner, President of European Capital Financial Services Limited ("European Capital Services"), the investment sub manager of European Capital. "Tokheim's compelling business model, strong cash flows, and recurring revenue base make it an excellent addition to European Capital's growing portfolio of investments."
European Capital has invested approximately euro 253 million (US$300 million) in 12 companies since its formation in August of 2005. For more information about European Capital, go to http://www.EuropeanCapital.com.
"Tokheim's unique brand presence as the only one-stop shop in the European fuel retail systems and services market enables it to hold leading positions in its core markets with particularly strong positions in France, Benelux, Spain and Portugal," said Jean Eichenlaub, European Capital Managing Director. "The Company's competitive advantages include a large installed base of equipment, longstanding relationships with a diverse customer base and extensive geographical coverage enabling rapid service and response."
"Tokheim's competitive advantages, coupled with high barriers to entry, bode well for the Company as it capitalizes on opportunities in emerging markets," said Olivia Reveilliez, European Capital Manager. "In addition, Tokheim is well-positioned to expand further into stable underlying markets in its core countries driven by new environmental regulations."
Founded in 1901, Tokheim designs and assembles fuel dispensing systems and electronic data and payment automation systems for the European fuel retail systems and services market. Tokheim is the only player in the industry offering one-stop shop solutions, including installation, maintenance, construction and refurbishment services. The Company's products and services are sold to over 350 customers, including major oil companies, national oil companies, hypermarkets and independent distributors. Customers include Esso, Total, Shell, Intermarche, Carrefour and BP. Tokheim has over 3,200 employees through 22 wholly-owned sales and services subsidiaries in Europe, Asia and Africa. For the fiscal year ended April 2005, the Company had sales of euro 360 million (US$428 million).
"Offering European Capital the opportunity to take a significant stake in the subordinated debt of an international group with a well established track record was a natural choice when the syndication strategy was defined," said Myriam Frileux-Gaussier of BNP-Paribas.
"European Capital has proven its ability to work quickly and diligently to complete a transaction and deliver on its commitments," said Patrick Eisenchteter, Partner, Electra Partners Europe. "We're delighted to partner with them and look forward to working with them in future investments."
ABOUT EUROPEAN CAPITAL
European Capital is a buyout and mezzanine fund with capital resources of euro 750 million. European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and mid-sized public companies. European Capital invests from euro 5 million to euro 125 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalizations.
Companies interested in learning more about European Capital's flexible financing should contact Jean Eichenlaub at + 33 (0)1 40 68 06 66 in Paris, or Nathalie Faure Beaulieu or Simon Henderson at +44 (0)207 539 7000 in London, or visit the website at http://www.EuropeanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital Strategies, Ltd. (Nasdaq: ACAS) is a publicly traded buyout and mezzanine fund with capital resources of approximately US$7 billion. American Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts, provides capital directly to early stage and mature private and small public companies and through its asset management business is a manager of debt and equity investments in private companies and commercial loan obligations. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital invests up to US$300 million per transaction.
ABOUT ELECTRA PARTNERS EUROPE
Electra Partners Europe is a leading independent investor in European mid-market private equity. Electra specializes in European management buy-outs, buy-ins, public to privates, restructurings and complex situations. Their team of 25 private equity professionals operates out of London, Paris and Frankfurt. Electra prefers to invest in companies with enterprise values between euro 100 million and euro 500 million, with a particular focus on Support Services, Consumer, Healthcare, Industrial and Financial Services. Electra manages two funds representing a total commitment of euro 2.3 billion, and has invested in 17 transactions since 2000. In addition to Tokheim, Electra's portfolio companies include: CPI, Europe's leading monochrome book manufacturer; KSM Castings (formerly ThyssenKrupp Fahrzeugguss), a leading supplier of safety-critical and high specification aluminium parts to major global customers including Volkswagen, Daimler Chrysler, BMW, Ford and Porsche; and Global Solutions Limited, a leading provider of outsourced support services, including custodial services, public services and business services, to public authorities and corporate organizations worldwide.
This press release contains forward-looking statements. The statements regarding expected results of American Capital Strategies are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
Web site: http://www.EuropeanCapital.com
http://www.americancapital.com
