Terra Firma Capital Partners and Deutsche Asset & Wealth Management have sold Autobahn Tank & Rast, a German motorway service station operator. The buyers were an investor group comprised of Allianz Capital Partners GmbH, Borealis Infrastructure Management Inc, Infinity Investments SA, a subsidiary of the Abu Dhabi Investment Authority and Munich Re‘s asset manager MEAG. No financial terms were disclosed.
Terra Firma Capital Partners (‘Terra Firma’) and Deutsche Asset & Wealth Management have today announced the sale of Autobahn Tank & Rast (‘Tank & Rast’), the leading operator of German motorway service stations, to Allianz Capital Partners GmbH (ACP), Borealis Infrastructure Management Inc. (Borealis), Infinity Investments SA, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and MEAG, Munich Re (Group)’s asset manager.
“Since purchasing Tank & Rast in 2004, it has proved to be a very successful investment,” said Guy Hands, Chairman and Chief Investment Officer of Terra Firma. “Terra Firma returned more than five times the original investment to our investors in 2007, and the sale of its remaining stake will increase that multiple further.
“Since the refinancing of Tank & Rast in 2013, it has been in a stable long-term financial position. l am very proud of the superb operational results that have been achieved and thank the management and employees of Tank & Rast plus the Mittelstand operators for their hard work and professionalism. Tank & Rast owns some of the best service stations in Europe and has achieved a customer satisfaction level of more than 95% in recent years. Since 2004, over EUR 1 billion has been spent on thoroughly modernising the network of 350 service stations.”
Terra Firma acquired Tank & Rast in 2004 and sold a 50% stake to a fund managed by Deutsche Asset & Wealth Management in 2007. Under Terra Firma’s ownership Tank & Rast significantly improved the quality of its sites and expanded its service offering for customers. The modern hygiene system “SANIFAIR” was rolled out across the network and partnerships with brands like McDonalds, Burger King, Lavazza and Segafredo were created. There are approximately 500 million individual visits to Tank & Rast service areas every year, four times the number of visits to Heathrow, Stansted and Gatwick combined. In 2014, Tank & Rast generated revenues of EUR 506 million and an EBITDA of EUR 236 million.
About Terra Firma
Founded by Guy Hands in 1994, Terra Firma is one of Europe’s leading private equity firms. Terra Firma specialises in the acquisition and fundamental transformation of asset-backed businesses, focusing on investments in transformational private equity, operational real estate and infrastructure. Over the last 20 years, Terra Firma has invested over €16 billion of equity and completed transactions with an aggregate enterprise value of €48 billion. www.terrafirma.com