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Tank & Rast
Description
Tank & Rast holds 90% of German motorway concessions for petrol stations, shops, restaurants and motels. Key revenue streams are lease income from tenants, fuel supply commissions from the oil companies and income from self-operated sites.
Strategy
Tank & Rast has a strong competitive position on the German Autobahn, underpinned by long-term government concessions. Stable cash-flows are supported by a significant fixed lease component of income and the large number of independent sites offers a low risk portfolio.
A number of growth initiatives are in place including improved retail strategies, professional fast food catering and hotel operations plus a disciplined capex policy. A series of capital investment on operational improvement plans has been successfully rolled out across the portfolio. Tank & Rast believes that these projects, together with a number of other initiatives, will allow the company to continue to achieve significant EBITDA growth.
Outcome
In June 2007, Terra Firma agreed a partial sale of Tank & Rast to a financial investor, along with a refinancing. Terra Firma still owns approximately 50% of the business, allowing investors to continue to benefit from Tank & Rast's remaining growth and improvement opportunities.
- "Acquisition of 90% of service station concessions on the German Autobahn network"
- Sector
- Motorway Services
- Transaction size
- €1,100m
- Status
- Partially Realised
- Investment year
- 2004
- Exit Year
- 2007