3i Infrastructure to increase stake in ground support equipment leader TCR – 3i Infrastructure has agreed to acquire the stake in TCR owned by funds managed by DWS, which will result in it increasing its holding from around 48% to around 96% of the equity in TCR, alongside management.
This further investment is expected to be about £334m and completion is subject to certain third-party consents and is expected to take place in the final quarter of 2022.
Since acquiring TCR in 2016, 3IN 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. The company 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.
The chair said: ‘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.’
3IN : 3i Infrastructure to increase stake in ground support equipment leader TCR