3i and Deutsche AM acquire TCR in €200m SBO

Alice Tchernookova
06 May 2016

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3i Infrastructure has signed an agreement to invest €200m in Belgian ground support equipment provider TCR jointly with Deutsche Asset Management (Deutsche AM), acquiring the group from Chequers Capital and Florac.

3i Infrastructure and Deutsche AM's infrastructure investment business will each acquire interests in TCR of up to 50%, with the remaining equity being retained by the existing management team.

3i and Deutsche AM expect to support TCR as it grows internationally, using their network of offices and contacts. 3i Infrastructure has exercised the accordion option in its revolving credit facility, increasing liquidity by a further £200m until December 2016.

Completion of the transaction is conditional upon receiving clearance from the European Commission by the end of August 2016.

Previous funding
Chequers had acquired airport services provider TCR from Brambles Industries and Fraport in 2006 in a small-cap buyout. Florac made a minority investment alongside Chequers and management in 2012.

Company
Headquartered in Brussels's Zaventeem airport in Belgium, TCR offers rental and operational leasing of airport ground support equipment in around 100 airports in Europe. It is active in six European countries and the US, and branched out to Japan and Malaysia last year.

Created in 1984, TCR currently has a workforce of 750. It recorded a turnover in excess of €140m in 2015 – more than €100m ahead of its 2006 turnover.

People
3i Infrastructure – Richard Laing (chairman); Ben Loomes, Paul White (managing partners and co-heads).
Deutsche Asset Management – Hamish Mackenzie (managing director; head of infrastructure Europe and debt).
Chequers Capital – Bertrand Rabiller (partner).