Update: Berthon Comments on Tokheim Shareholding Reports
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Saturday, 24 September 2011 |
![]()  Patrick Berthon, President of the Tokheim Group, has commented on reports that private equity owner Cognetas is weighing up a sale of the business. “In order to fund the future growth of Tokheim, both organically and through acquisitions, Tokheim’s Management Team and COGNETAS (majority shareholder since 2005) have agreed to look for new shareholders and new financing,” said Berthon in a statement issued to media including PETROLWORLD.
Berthon confirmed that the sales process would be driven by J.P. Morgan with a view to completing a transaction by the end of the year. “There will be no change in our day-to-day operations and long term strategy, and we all remain focused on executing our plans and delivering the quality solutions demanded by our customers,” he insisted, noting Tokheim’s excellent recent performance despite strong economic headwinds.
Berthon said “Tokheim has proven itself to be a very resilient company, thanks to a sound and solid strategy, the high dedication of all its employees, continued success in improving quality, full focus and care of HSSE matters and extending the portfolio of products and services for the satisfaction of its customers. As a result, sales and profit in Tokheim continue to grow steadily."
In his statement, Berthon continued “I have been leading the Tokheim Group for more than eight years, with Baudouin de la Tour progressively taking more responsibilities since June 2007. I am glad to announce that Baudouin has been appointed CEO of Tokheim Group, effective 25 August 2011 and that I, as President, will continue to be involved in the successful development and growth of Tokheim,” he revealed.
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