Tank & Rast

In 1951, the German federal government established the 'Gesellschaft für Nebenbetriebe der Bundesautobahnen mbH' to standardize and manage service areas along the rapidly expanding Autobahn network. This laid the groundwork for what would become a dominant force in German roadside services. The modern iteration, Tank & Rast, was officially founded in 1994, but its true genesis began with the privatization of these state-run operations. The business model was simple yet powerful: secure long-term concession contracts for nearly all of the service areas on Germany's Autobahn. This granted them a near-monopoly on fuel, food, and lodging for millions of travelers. By controlling the real estate, they could lease space to well-known brands for gas stations and restaurants, creating a consistent and reliable experience for drivers while collecting steady revenue. A pivotal moment arrived in 2015. After a series of ownership changes involving private equity, a consortium led by Allianz Capital Partners, Munich Re, and others acquired Tank & Rast for approximately 3.5 billion euros. This acquisition was a significant vote of confidence from major institutional investors, who were attracted to the company's stable, infrastructure-like cash flows. Today, Tank & Rast continues to operate this extensive network, demonstrating the enduring power of a well-executed, concession-based business model.