TDR Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TDR Capital has acquired 1 company.

TDR Capital’s most common sectors for investment arerestaurants (17%) and business services (17%) . The Firm’s most common investment types include divestiture (34%) and buyout (lbo, mbo, mbi) (25%). In total, TDR Capital has invested in 3 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired Asda Stores for $10.5B.

The Firm’s most common exit type is secondary buyout (46%). TDR Capital’s largest (disclosed) exit occurred in 2006 when it sold ASK Central for $861M.

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M&A Summary

  • M&A Total Activity35
    • M&A Buy Activity24
    • M&A Sell Activity11
  • Total Sectors Invested 14
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 17
  • M&A Advisors 10

TDR Capital

20 Bentinck Street,
London, W1U 2EU
United Kingdom
+44 (0) 20 7399 4200
www.tdrcapital.com
info@tdrcapital.com

TDR Capital is a private equity firm that targets large companies valued from €300 million to €1.5 billion. TDR has a particular interest in under-managed, under-invested or misunderstood companies which may be transformed through greater strategic and operational focus. TDR is sector agnostic, however the Firm has a preference for opportunities in the leisure/hospitality, financial services, and business services sectors. TDR Capital was formed in 2002 and is based in London.


Investment Criteria

Sectors of Interest: Business Services, Consumer Services, Energy Services and Equipment, Financial Services, Information Services, Information Technology, Insurance, Leisure, Machinery, Manufacturing, Restaurants, Safety/Security, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed, Stake Purchase

Geographic Preferences: United Kingdom, Western Europe, Eastern Europe, Nordic

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 300 1,500
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.6/yr) # 21 2 1 - - - 24
vol $12.4B $10.5B $22.8B
Sell (0.0/yr) # 11 - - - - - 11
vol $1.7B $1.7B
  35

Most Recent M&A

Company Date Value Type
BPP Holdings Ltd. 2021-03-23 - Divestiture
London, United Kingdom · www.bpp.com
Asda Stores Ltd. 2020-10-02 10.5B GBP Divestiture
Leeds, United Kingdom · www.asda.co.uk
Globalization Partners, Inc. 2020-02-04 - Growth Capital
Boston, Massachusetts · www.globalization-partners.com
Nordic Leisure Travel Group 2019-10-31 - Buyout (LBO, MBO, MBI)
Stockholm, Sweden · career.nordicleisuretravelgroup.com
BCA Marketplace plc 2019-06-26 2.9B GBP Going Private
London, United Kingdom · www.bcamarketplaceplc.com
NKD Group GmbH 2019-03-19 - Secondary Buyout
Bindlach, Germany · www.nkd.com
Buffalo Grill S.A. 2018-01-10 - Secondary Buyout
Avrainville, France · www.buffalo-grill.fr
International Car Wash Group 2017-08-17 - Secondary Sale
Centennial, Colorado · www.iwcg.com
Keepmoat Ltd. 2017-03-02 508M GBP Trade Sale
Doncaster, United Kingdom · www.keepmoat.com
Lowell Group Ltd. (old) 2015-10-23 - Merger
Leeds, United Kingdom · www.lowell.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
BPP Holdings Ltd. 2021-03-23 Estio Training Ltd. 2021-11-02 1
London, United Kingdom · www.bpp.com Leeds, United Kingdom · www.estio.co.uk
Buffalo Grill S.A. 2018-01-10 Courtepaille 2020-09-29 1
Avrainville, France · www.buffalo-grill.fr Courcouronnes, France · www.courtepaille.com
Algeco S.A. 2004-09-20 Temporary Space Nordics Group AB 2020-08-18 3
Charnay-lès-Mâcon, France · www.algecoscotsman.com Kungsängen, Sweden · www.temporaryspacenordics.com
Algeco S.A. 2004-09-20 Wexus Gruppen AS 2020-06-04 2
Charnay-lès-Mâcon, France · www.algecoscotsman.com Stavanger, Norway · www.wexus.no
David Lloyd Leisure Ltd. 2013-09-16 MeridianSpa Deutschland GmbH 2020-01-31 1
Hertfordshire, United Kingdom · www.davidlloyd.co.uk Hamburg, Germany · www.meridianspa.de
Stonegate Group 2010-11-01 Be At One Ltd. 2018-07-23 3
West Midlands, United Kingdom · www.stonegategroup.co.uk London, United Kingdom · www.beatone.co.uk
Williams Scotsman International, Inc. 2007-07-27 Acton Mobile Industries LLC 2017-12-12 1
Baltimore, Maryland · www.willscot.com Baltimore, Maryland · www.actonmobile.com
LeasePlan Corporation N.V. 2015-07-23 Travelcard Nederland B.V. 2016-08-04 1
Amsterdam, Netherlands · www.leaseplan.com Almere, Netherlands · www.travelcard.nl
Stonegate Group 2010-11-01 Living Ventures Ltd. 2013-08-12 2
West Midlands, United Kingdom · www.stonegategroup.co.uk Cheshire, United Kingdom · www.livingventures.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 2 (17%) 4.7B (22%) 4 (17%) 5.0B (22%)
Restaurants 2 (17%) 574M (3%) 4 (17%) 949M (4%)
Leisure 2 (17%) - 3 (13%) -
Retail 2 (17%) 10.5B (49%) 2 (8%) 10.5B (46%)
Real Estate 1 (8%) 2.5B (12%) 2 (8%) 2.5B (11%)
Automotive 1 (8%) 2.9B (14%) 1 (4%) 2.9B (13%)
Construction - - 1 (4%) 616M (3%)
Oil/Gas Exploration - - 1 (4%) 400M (2%)
Consumer Services - - 1 (4%) -
Education 1 (8%) - 1 (4%) -
Financial Services - - 1 (4%) -
Insurance - - 1 (4%) -
Internet Software and Services 1 (8%) - 1 (4%) -
Manufacturing - - 1 (4%) -
Total 12 $21.2B 24 $22.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 5 (42%) 14.0B (66%) 13 (54%) 15.2B (67%)
United States 2 (17%) 2.5B (12%) 3 (13%) 2.5B (11%)
  Maryland 1 (8%) 2.5B (12%) 1 (4%) 2.5B (11%)
  Massachusetts 1 (8%) - 1 (4%) -
  Colorado - - 1 (4%) -
France 2 (17%) 539M (3%) 3 (13%) 539M (2%)
Netherlands 1 (8%) 4.2B (20%) 2 (8%) 4.6B (20%)
Germany 1 (8%) - 1 (4%) -
Sweden 1 (8%) - 1 (4%) -
Finland - - 1 (4%) -
Domestic 5 (42%) 14.0B (66%) 13 (54%) 15.2B (67%)
Cross-border 7 (58%) 7.2B (34%) 11 (46%) 7.6B (33%)
Total 12 $21.2B 24 $22.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 4 (33%) 15.2B (72%) 8 (33%) 16.5B (72%)
Buyout (LBO, MBO, MBI) 2 (17%) 539M (3%) 6 (25%) 539M (2%)
Secondary Buyout 3 (25%) - 5 (21%) -
Going Private 2 (17%) 5.4B (26%) 4 (17%) 5.8B (25%)
Growth Capital 1 (8%) - 1 (4%) -
Total 12 $21.2B 24 $22.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (45%) 861M (51%)
Trade Sale 2 (18%) 812M (49%)
IPO 2 (18%) -
Merger 1 (9%) -
Unknown 1 (9%) -
Total 11 $1.7B

Top M&A Advisors

Financial Deals
Quayle Munro
1
Robert W. Baird & Co., Inc.
1
Canaccord Genuity Corp.
1
Legal Deals
Simpson Thacher & Bartlett
2
Linklaters LLP
2
Latham & Watkins
1

Deal Values

buy # Total
> $1B 4 $20.1B
$100M to $1B 6 $2.8B
TOTAL $22.8B
Largest Asda Stores Ltd.
$10.5B (2020-10-02)
sell # Total
$100M to $1B 3 $1.7B
TOTAL $1.7B
Largest ASK Central Ltd.
$861M (2006-09-07)

M&A Connections

Deals
Acquired from
Investor(s)
21%
5 (21%)
Strategic(s)
29%
7 (29%)
Exited to
Investor(s)
45%
5 (45%)
Strategic(s)
27%
3 (27%)

FAQ

When was TDR Capital founded?

TDR Capital was founded in 2002.

What type of investor is TDR Capital?

TDR Capital is a private equity firm.

Where is TDR Capital headquartered?

TDR Capital is headquartered in London, United Kingdom.

How much capital does TDR Capital have under management?

TDR Capital has 8.0B EUR under management.

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