Illinois-based Dover Corp. has executed an agreement with Tokheim Group S.A.S., pursuant to which Dover has made a binding offer to acquire Tokheim's dispenser and system businesses for a purchase price of approximately $465 million. The Tokheim businesses will become part of OPW, a business unit within Dover's fluids segment.
Headquartered in Paris, Tokheim is a manufacturer of fuel dispensers – including alternative fuel units – retail automation systems, and payment systems. The Tokheim businesses have manufacturing operations in Europe, China, India and Brazil. Dover notes Tokheim's sales and service divisions are not a part of this transaction and will become a standalone company remaining with the current owners of Tokheim.
According to Dover, the addition of Tokheim's assets will further enhance OPW's position in retail fueling equipment.
“We are excited about the acquisition of Tokheim's dispenser and systems businesses,” says Robert A. Livingston, president and CEO of Dover. “The acquired technology fits perfectly with OPW's strong suite of products and systems, and Tokheim's strong presence in Europe, Africa and Asia complements OPW's global presence.”
The transaction is subject to completion of discussions with certain of Tokheim's works councils, certain customary regulatory filings and other customary conditions and is expected to close early in 2016. Dover estimates annual revenue for the Tokheim businesses in 2015 to be $310 million.