REG - 3i Infrastructure - 3iN invests a further c.£334 million in TCR

3i InfrastructureAnnouncement

14/06/2022 15:00

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RNS Number : 8519O  3i Infrastructure PLC  14 June 2022

3i Infrastructure plc invests a further c.£334 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.£334 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 (mailto:thomas.fodor@3i.com)

 Kathryn van der Kroft   Tel: +44 20 7975 3021

 Media enquiries         Email: kathryn.vanderkroft@3i.com (mailto: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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