OMERS Infrastructure and China Investment Corporation (CIC) are considering to sell their stakes in Tank & Rast, Germany’s largest motorway service operator.

OMERS has appointed UBS to explore options for its 25% interest in the business, including a potential sale, sources said.

CIC, which holds a minority, according to public records, is likely to tag along with OMERS, although it remains unclear if it plans to hire its own advisor, the sources added.

Exit discussions are at an early stage and any potential sale is likely to start after summer.

Allianz Capital Partners, which according to public records is the largest shareholder in Tank & Rast, is likely to retain its stake in the company, sources added.

German asset manager MEAG, the fourth shareholder in Tank & Rast, is considering options for its minority stake but is yet to make a final decision, according to sources.

Even a minority stake sale by OMERS and CIC would require a large equity cheque, based on the company’s expected EBITDA for 2025 of around EUR 300m.

Sources added that given the company’s leading position in the German market, a sale could give Tank & Rast a valuation “solidly in the double digits” in terms of EBITDA multiple.

OMERS, UBS, Tank & Rast, Allianz and MEAG declined to comment. CIC did not respond to a request for comment.

The consortium comprising Allianz, OMERS, MEAG and CIC acquired the business in 2015 from Terra Firma Capital Partners and a fund managed by Deutsche Asset and Wealth Management, in a circa EUR 3.5bn deal.

The Abu Dhabi Investment Authority (ADIA) was also part of the consortium that bought Tank & Rast 10 years ago, but it is no longer a shareholder in the business, according to the company’s website.

After the takeover, Tank & Rast has been refinanced on three occasions – in 2017, 2018 and 2021 – raising over EUR 3bn of debt, including private placements, bonds and bank loans, according to Infralogic data.

The possible deal for Tank & Rast comes as US infrastructure fund manager Stonepeak and Energy Equation Partners last month agreed to buy a majority stake in JET Tankstellen, one of Germany’s largest service station operators.

Other infrastructure investors have targeted several large European motorways service companies in the past.

Macquarie Asset Management owns UK motorway service area operator Roadchef, acquired by Antin Infrastructure Partners in 2022 for around EUR 1bn.

CVC Capital Partners and Universities Superannuation Scheme are the owners of the UK’s Moto Hospitality, which they attempted to sell last year but later decided to hold their investments.