3i Infrastructure is investing £334m (€392m) to double its stake in airport ground support equipment (GSE) provider TCR by acquiring the 48% stake held by co-investor DWS.
The London-listed investment company said it has agreed to buy the stake in TCR owned by DWS in a deal that will result in 3i Infrastructure increasing its holding to 96% of the equity in TCR, alongside management.
3i Infrastructure and a DWS infrastructure fund acquired Brussels-headquartered TCR in 2016. At the time, 3i Infrastructure said it was investing €200m for its stake.
TCR is the leading global provider of ground support equipment rental solutions and services, supporting air industry customers in their ground handling processes. The business is present in over 160 airports, with more than 30,000 GSE assets in its rental fleet.
Richard Laing, chair of 3i Infrastructure, said: “TCR’s business model proved to be highly resilient during the Covid-19 pandemic. We look forward to continuing to support management to deliver on the company’s global growth potential and are delighted to be acquiring our co-investor’s share of the business.”
Phil White, managing partner and head of infrastructure at 3i Investments, the investment manager of the company, said: “This further investment is consistent with our strategy of investing into existing portfolio companies with strong management teams and a proven track record of performing well under our ownership.
“We very much look forward to continuing to work with CEO Tom Bellekens and the TCR team to take advantage of future growth opportunities in airports around the world.”
To read the latest edition of the latest IPE Real Assets magazine click here.
