PRINT THIS PAGE RREEF to ride Terra Firma's Autobahn28/06/2007. Source: AltAssets. 
 PE house Terra Firma and RREEF, the global alternative investment management business of Deutsche Bank's Asset Management division, has announced an agreement under which RREEF Infrastructure will acquire around 50 per cent of Autobahn Tank and Rast Holding AG, the German motorway service operator, from Terra Firma.
Tank and Rast has 390 motorway service areas around Germany. Since its acquisition by Terra Firma in 2004, the company has invested €100m in its service operations and built up partnerships with catering brands such as Burger King, McDonalds, Nordsee, Segafredo and Lavazza as well as rolling out its premium sanitary facility Sanifair to 300 sites.
Guy Hands, Terra Firma's chief executive, said, 'Tank and Rast has changed tremendously across the past years for the benefit of its customers. We believe that there remains significant potential for growth in Tank and Rast from continued investment in improvements for our customers and tenants, and this agreement will enable all parties to benefit from this. Terra Firma looks forward to working with our new partners at RREEF Infrastructure and with the Tank and Rast management. Together we are committed to investing around €400m across the next five years to further develop this business.'
John McCarthy, Head of RREEF Infrastructure Europe, added, 'In partnership with Terra Firma, we plan to invest considerably in strengthening the Tank and Rast business, demonstrating our long-term commitment to bring sustainability and growth. This transaction is consistent with the partnership-led investment model that we have successfully employed in other recent transactions.'
RREEF Infrastructure invests predominately in economic infrastructure assets such as transportation, and utility generation and distribution. Headquartered in New York, RREEF Infrastructure has €2.5bn in assets under management.
Terra Firma is a European private equity firm, created in 2002 as a successor to a division of Nomura. Terra Firma focuses on buy-outs and since its inception in 1994, Terra Firma has completed transactions with an aggregate transaction value of €30bn. The company has offices in London and Frankfurt.
Copyright © 2007 AltAssets
|
