3i Infrastructure PLC 3iN invests a further c.GBP334 million in TCR (8519O)
14 June 2022 - 11:54PM
UK Regulatory
TIDM3IN
RNS Number : 8519O
3i Infrastructure PLC
14 June 2022
3i Infrastructure plc invests a further c.GBP334 million in
TCR
14 JUNE 2022
3i Infrastructure plc ("3i Infrastructure" or the "Company")
announces that it has agreed to acquire the stake in TCR owned by
funds managed by DWS ("DWS"). This will result in 3i Infrastructure
increasing its holding from c.48% to c.96% of the equity in TCR,
alongside management. This further investment is expected to be
c.GBP334 million. Completion is subject to certain third-party
consents and is expected to take place in the final quarter of
2022.
TCR is the leading global provider of Ground Support Equipment
("GSE") rental solutions and services, supporting air industry
customers in their ground handling processes. The business is
present in over 160 airports (compared with 100 at acquisition),
with more than 30,000 GSE assets in its rental fleet (compared with
23,000 at acquisition).
Since acquiring TCR in 2016, 3i Infrastructure and DWS have
supported management in growing the business and its rental asset
base, alongside an increased focus on ESG and sustainability
including pooling solutions and electrical GSE.
The leasing model, including full service rental in which TCR is
the market leader, remains a small part of the total GSE fleet
worldwide. TCR has an active pipeline of new projects with
significant growth potential across both existing as well as new
markets, underlining the attractiveness of the leasing model for
GSE as the aviation industry continues to recover from the effects
on air travel of Covid-19.
Richard Laing, Chair of 3i Infrastructure, commented:
"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, 3i
Investments plc, Investment Manager of the Company, added:
"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."
-ENDS-
For further information, contact:
Thomas Fodor Tel: +44 20 7975 3469
Investor enquiries Email: thomas.fodor@3i.com
Kathryn van der Kroft Tel: +44 20 7975 3021
Media enquiries Email: kathryn.vanderkroft@3i.com
Notes to editors:
3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company and an approved
UK Investment Trust, listed on the London Stock Exchange and
regulated by the Jersey Financial Services Commission. The
Company's purpose is to invest responsibly in infrastructure,
delivering long-term sustainable returns to shareholders and having
a positive impact on its portfolio companies and their
stakeholders.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and acts as Investment Manager of 3i Infrastructure
plc.
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END
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