REG - 3i Infrastructure - Partial syndication of investment in TCR

3i InfrastructureAnnouncement

16/11/2022 07:00

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RNS Number : 5240G  3i Infrastructure PLC  16 November 2022

3i Infrastructure plc announces partial syndication of its investment in TCR

 

16 NOVEMBER 2022

 

 

3i Infrastructure plc ("3i Infrastructure" or "the Company") has signed an
agreement to syndicate a c.27% stake in TCR to 3i Zephyr, a co-investment
vehicle managed by 3i Investments plc and funded by six institutional
investors. Completion is expected to take place later this quarter.

 

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).

 

3i Infrastructure's holding in TCR will decrease from c.96% to c.69%, for
proceeds of c.€220m, in line with the valuation of the stake acquired from
funds managed by DWS on 31 October 2022. The proceeds will be used to repay
part of the Company's outstanding RCF balance.

 

Following completion, 3i Investments plc, the Company's Investment Manager,
will continue to manage c.96% of TCR.

 

Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of
European Infrastructure, 3i Investments plc, commented:

 

"This transaction allows 3i Infrastructure to raise additional liquidity and
achieve portfolio concentration balance. We have attracted six high-quality
institutional investors, demonstrating the continuing strength of demand for
infrastructure investments within private capital markets.  We are excited
about the strong trading momentum at TCR, which is ahead of our expectations
at the time of announcing the further investment, and we look forward to
continue working with TCR's management team to take advantage of increasing
demand for its full service rental model."

 

 

-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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