Global Infrastructure Partners (GIP), a part of BlackRock, a leading global infrastructure investor, has announced that it has entered into a definitive agreement to acquire TCR, the largest independent lessor of airport ground support equipment.
3i Infrastructure plc sold its 71% stake in TCR for €1.14bn (£1bn), increasing its valuation by 50% from the time its biggest position was put up for sale.
Members of TCR’s management team will invest alongside GIP.
The transaction reflects GIP’s long-term strategy of investing in essential aviation infrastructure businesses with strong growth potential and resilient business models.
Headquartered in Brussels, TCR owns and manages a global fleet of airport ground support equipment, supporting safe and efficient aircraft operations across more than 200 airports worldwide.
With a diversified customer base and long-term contractual relationships, TCR is integral to efficient airport operations globally.
“We are delighted to partner with TCR, the clear global leader in ground support equipment leasing,” said Michael McGhee, deputy chairman of Global Infrastructure Partners (GIP).
“TCR combines mission-critical airport infrastructure with a highly scalable growth platform, led by an exceptional management team.
“We look forward to working closely with management to accelerate the company’s international expansion and further strengthen its position at the heart of the global aviation ecosystem.”
Bernardo Sottomayor of 3i Investments, 3i Infrastructure’s investment manager, said: “We are extremely proud of TCR’s achievements during our period of ownership.
“Since our investment in 2016, and despite the unprecedented Covid-related transportation crisis, we delivered resilient financial performance and achieved exceptional growth to transform TCR into a truly global platform.
“We add another successful realisation to our track record, highlighting the strength of our investment strategy.
“The robust premium achieved over the pre-sale valuation demonstrates the latent value potential in our portfolio.
“We would like to thank Tom Bellekens, Jason Watson and the TCR management team for their commitment and wish them continued success.”
The transaction is subject to customary closing conditions and regulatory approvals.
