TDR Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TDR Capital has acquired 5 companies. It has also invested in 1 other.

TDR Capital’s most common sectors for investment arerestaurants (17%) and business services (13%) . The Firm’s most common investment types include divestiture (26%) and going private (23%). In total, TDR Capital has invested in 4 US states and 9 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired Asda Stores for $10.5B.

In the last 3 years, TDR Capital has exited 2 companies. The Firm’s most common exit type is trade sale (36%). TDR Capital’s largest (disclosed) exit occurred in 2023 when it sold LeasePlan N.V. for $5.5B.

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M&A Summary

  • M&A Total Activity45
    • M&A Buy Activity31
    • M&A Sell Activity14
  • Total Sectors Invested 16
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 22
  • M&A Advisors 13

TDR Capital

TDR Capital LLP

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: Automotive, Business Services, Consumer Services, Education, Energy Services and Equipment, Financial Services, Information Services, Information Technology, Insurance, Internet Software and Services, Leisure, Machinery, Manufacturing, Restaurants, Retail, Safety/Security, Test/Measurement Equipment, 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 (1.6/yr) # 23 2 3 - 1 2 31
vol $11.8B $10.5B $4.4B $26.7B
Sell (0.4/yr) # 12 - 1 - 1 - 14
vol $2.8B $5.0B $5.5B $13.3B
  45

Most Recent M&A

Company Date Value Type
Acqua & Sapone s.r.l. 2024-06-26 - Secondary Buyout
Milan, Italy · www.acquaesapone.it
Jollyes Retail Group Ltd. 2024-02-28 - Secondary Buyout
Waltham Abbey, United Kingdom · www.jollyes.co.uk
PLK Chicken UK Ltd. 2023-08-01 - Growth Capital
London, United Kingdom · www.popeyesuk.com
LeasePlan Corporation N.V. 2023-05-23 5.5B EUR Trade Sale
Amsterdam, Netherlands · www.leaseplan.com
Arrow Global Group Ltd. 2021-10-11 867M GBP Going Private
Manchester, United Kingdom · www.arrowglobal.net
Aggreko Ltd. 2021-08-16 3.5B GBP Going Private
Dumbarton, United Kingdom · www.aggreko.com
Modulaire Group 2021-06-27 5.0B USD Trade Sale
London, United Kingdom · www.modulairegroup.com
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 LLC 2020-02-04 - Growth Capital
Boston, Massachusetts · www.globalization-partners.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aggreko Ltd. 2021-08-16 Infiniti Energy 2024-07-08 2
Dumbarton, United Kingdom · www.aggreko.com Howell, New Jersey · www.infinitienergy.com
BPP Holdings Ltd. 2021-03-23 Digital Marketing Institute 2023-02-08 2
London, United Kingdom · www.bpp.com Dublin, Ireland · www.digitalmarketinginstitute.com
Aggreko Ltd. 2021-08-16 Resolute Industrial LLC 2022-12-28 1
Dumbarton, United Kingdom · www.aggreko.com Indianapolis, Indiana · www.resolute-industrial.com
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
Montrouge, France · www.buffalo-grill.fr Courcouronnes, France · www.courtepaille.com
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 Pub Co. Ltd. 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
Stonegate Pub Co. Ltd. 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
Restaurants 3 (19%) 574M (3%) 5 (16%) 949M (4%)
Business Services 1 (6%) - 4 (13%) 4.4B (17%)
Leisure 3 (19%) - 4 (13%) -
Retail 3 (19%) 10.5B (57%) 3 (10%) 10.5B (39%)
Real Estate - - 3 (10%) 2.5B (9%)
Financial Services 1 (6%) 867M (5%) 2 (6%) 867M (3%)
Test/Measurement Equipment 1 (6%) 3.5B (19%) 1 (3%) 3.5B (13%)
Automotive 1 (6%) 2.9B (16%) 1 (3%) 2.9B (11%)
Construction - - 1 (3%) 616M (2%)
Oil/Gas Exploration - - 1 (3%) 400M (1%)
Consumer Products 1 (6%) - 1 (3%) -
Consumer Services - - 1 (3%) -
Education 1 (6%) - 1 (3%) -
Insurance - - 1 (3%) -
Internet Software and Services 1 (6%) - 1 (3%) -
Manufacturing - - 1 (3%) -
Total 16 $18.4B 31 $26.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 9 (56%) 18.4B (100%) 18 (58%) 19.6B (74%)
United States 2 (13%) - 4 (13%) 2.5B (9%)
  Texas 1 (6%) - 1 (3%) -
  Massachusetts 1 (6%) - 1 (3%) -
  Maryland - - 1 (3%) 2.5B (9%)
  Colorado - - 1 (3%) -
France 1 (6%) - 2 (6%) -
Netherlands - - 2 (6%) 4.6B (17%)
Germany 1 (6%) - 1 (3%) -
Italy 1 (6%) - 1 (3%) -
Norway 1 (6%) - 1 (3%) -
Sweden 1 (6%) - 1 (3%) -
Finland - - 1 (3%) -
Domestic 9 (56%) 18.4B (100%) 18 (58%) 19.6B (74%)
Cross-border 7 (44%) - 13 (42%) 7.1B (26%)
Total 16 $18.4B 31 $26.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 3 (19%) 11.0B (60%) 8 (26%) 16.5B (62%)
Going Private 4 (25%) 7.3B (40%) 7 (23%) 10.2B (38%)
Secondary Buyout 5 (31%) - 7 (23%) -
Buyout (LBO, MBO, MBI) 1 (6%) - 6 (19%) -
Growth Capital 2 (13%) - 2 (6%) -
Stake Purchase 1 (6%) - 1 (3%) -
Total 16 $18.4B 31 $26.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (36%) 861M (6%)
Trade Sale - Public Company 3 (21%) 11.6B (87%)
Trade Sale 2 (14%) 812M (6%)
IPO 2 (14%) -
Merger 1 (7%) -
Unknown 1 (7%) -
Total 14 $13.3B

Top M&A Advisors

Financial Deals
Canaccord Genuity Corp.
 1
Barclays Investment Bank
 1
Dean Street Adviser Ltd.
 1
Legal Deals
Simpson Thacher & Bartlett
 2
Linklaters
 2
Pinsent Masons
 1

Deal Values

buy # Total
> $1B 5 $23.6B
$100M to $1B 6 $3.1B
TOTAL $26.7B
Largest Asda Stores Ltd.
$10.5B (2020-10-02)
sell # Total
> $1B 3 $11.6B
$100M to $1B 3 $1.7B
TOTAL $13.3B
Largest LeasePlan Corporation N.V.
$5.5B (2023-05-23)

M&A Connections

Deals
Acquired from
Investor(s)
23%
7 (23%)
Strategic(s)
23%
7 (23%)
Exited to
Investor(s)
36%
5 (36%)
Strategic(s)
43%
6 (43%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

15.0B EUR

Established

2002

Specialist/Generalist

Generalist

Leadership

Stephen Robertson

Founding Partner

Manjit Dale

Founding Partner & CIO

Gary Lindsay

Managing Partner

Nigel Smith

Head of ESG & Sustainability

Oliver Morris

Head of Fund Operations

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 15.0B EUR under management.

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