Bids in for Tank & Rast

Terra Firma Capital Partners, Guy Hands' private equity firm, is expected to generate approximately Gbp1bn (US$1.98bn) in profit from the sale of German motorway service operator Tank & Rast.

In April, Terra Firma appointed Citigroup to handle the auction for Tank & Rast, which it acquired from Apax Partners, Allianz Capital Partners and Lufthansa in late 2004 for a reported Gbp1.035bn, of which approximately