Terra Firma has sold its remaining stake in German service stations operator Tank & Rast.
The company, which was also backed by Deutsche Asset and Wealth Management, has been acquired by a consortium comprising Allianz Capital Partners, Borealis Infrastructure Managment, Abu Dhabi Investment Authority and Munich Re. The sale brings to an end Terra Firma’s 11-year hold of the Bonn-headquartered business.
Through a series of refinancings and partial stake sale, Terra Firma had already returned more than 5x money prior to the final exit. It acquired the company in 2004 from Allianz, Lufthansa and Apax Partners.
Tank & Rast operates around 390 roadside stations, including 50 hotels, which are visited by 500 million people every year. Last year the company generated sales of €506m and Ebitda of €236m.
“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,” said Guy Hands, chairman and chief investment officer of Terra Firma.