Jersey-based investment firm 3i Infrastructure has partnered with wealth managers Deutsche Asset Management (Deutsche AM) to invest €200m (US$230m) in TCR, one of Europe’s leading providers of airport ground handling equipment (GHE).
The investment will see 3i Infrastructure and DAM acquire interests in TCR of up to 50%, with the remaining equity being retained by the existing management team. 3i Infrastructure and Deutsche AM will purchase their interests from the current owners, Chequers Capital and Florac.
TCR operates at more than 100 airports where it provides leasing, maintenance and fleet management services to ground handling companies, airports and airlines.
Richard Laing, chairman, 3i Infrastructure, said, “We are pleased to be investing in TCR, which fits our strategy of investing in companies with good asset backing, strong market positions and barriers to entry, yet with operational levers to achieve attractive returns for 3i Infrastructure’s shareholders.”
Ben Loomes and Phil White, managing partners, infrastructure, 3i Investments, said, “TCR is a clear leader in its market and is well positioned to grow with the trend toward increased GSE outsourcing in Europe.
“We also plan to support TCR as it grows internationally where we see attractive opportunities, using 3i’s and Deutsche AM’s network of offices and contacts. We look forward to working with TCR’s management team to achieve this.”