From elsewhere, I see that Hepaco is definitely the name of a series of transfers, used on manufactured goods where they wanted the design to put up with hard use and stay visible.
Oddly, many of the old transfers available for sale are like the one Richard has found: with the centre obliterated, sometimes very crudely, by the printer's details. I wonder if they are test, or sample, items issued by the printer, and the final versions would then be produced with the correct full design.
It's tempting to read "Diesel" into the first word, but there isn't really space for the el and then a gap. Also, British mention of Villiers products always calls them engines, not motors.
I thought I was onto something there, and thought perhaps German as "This machine [something like 'is fitted with an'] original Villiers engine" would translate as DIESE MASCHINE ..... ORIGINAL VILLIERS MOTOR.
Then I noticed that the German has an ess in "Maschine". Damn. Back to the drawing board ...