M&A Deal Summary

3i Infrastructure and DWS Infrastructure Acquire TCR Group

On April 28, 2016, infrastructure investors 3i Infrastructure and DWS Infrastructure acquired business services company TCR Group from Chequers Capital and Florac

Acquisition Highlights
  • This is 3i Infrastructure’s 1st and DWS Infrastructure’s 1st transaction in the Business Services sector.
  • This is 3i Infrastructure’s 1st and DWS Infrastructure’s 1st transaction in Belgium.

M&A Deal Summary

Date 2016-04-28
Target TCR Group
Sector Business Services
Buyer(s) 3i Infrastructure
DWS Infrastructure
Sellers(s) Chequers Capital
Florac
Deal Type Secondary Buyout

Target

TCR Group

Steenokkerzeel, Belgium
TCR Group is a provider of GSE leasing services. TCR offers expertise in the rental and operating leasing of GSE, maintenance and ramp assistance and fleet management, which enables GSE operators to concentrate on their core business of ground handling. TCR Group was founded in 1984 and is based in Steenokkerzeel, Belgium.

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Buyer(S) 2

Buyer

3i Infrastructure

St Helier, Channel Islands

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2007
PE ASSETS 3.9B GBP
Size Large
Type Sector Focused
DESCRIPTION

3i Infrastructure plc is a listed infrastructure investment arm of 3i Group plc. 3i infrastructure invests mainly in Europe and Asia companies with stable underlying performance: asset-intensive businesses, providing essential services over the long term, often on a regulated basis, or with significant contracted revenues. The firm focuses on the Utilities, Transportation, and Social Infrastructure sectors through equity and junior or mezzanine debt investments in the range of £100m–£300 million per transaction. 3i infrastructure was formed in 2007 and is based in Jersey, Channel Islands.


DEAL STATS #
Overall 15 of 31
Sector (Business Services) 1 of 2
Type (Secondary Buyout) 2 of 11
Country (Belgium) 1 of 1
Year (2016) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-07 Esvagt

Esbjerg, Denmark

Esvagt is a dedicated provider of safety and support at sea, founded on an experienced and well-trained offshore crew and unmatched rescue capabilities. Esvagt was founded in 1981 and is based in Esbjerg, Denmark.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-31 Schlemmer

Poing, Germany

Schlemmer GmbH is a developer and producer of cable protection for automotive and industrial applications.

Buy €181M
DESCRIPTION

DWS Infrastructure is the infrastructure investing arm of asset manager and financial services firm DWS. DWS Infrastructure looks to invest in a variety of real assets including airports, transportation, utilities and energy related assets. The Group will invest across the capital structure and will consider projects throughout the UK, Western Europe, North America, and Australia. DWS Infrastructure is based in London.


DEAL STATS #
Overall 1 of 4
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 1 of 2
Country (Belgium) 1 of 1
Year (2016) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-10 SAVE

Tessera, Italy

SAVE is the parent company of a group that has integrated operations in the passenger service sector. The company operates in three main business areas: airport management; mobility infrastructure management; food & beverage and retail. SAVE was founded in 1987 and is based in Tessera, Italy.

Buy -

Seller(S) 2

SELLER

Chequers Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Chequers Capital is a private equity group focused on acquiring and developing small, medium and large-sized companies in partnership with management. Chequers primarily seeks opportunities in France, Germany, Italy, Benelux, Switzerland and Spain. The Firm looks to commit €40 to €150 million per investment in transactions valued between €80 and €500 million. Sectors of interest broadly include all areas of industrial, distribution, and services. Target transaction situations include turnarounds, recapitalizations, buyouts, and divestitures. Chequers Capital was formed in 1972 and is based in Paris.


DEAL STATS #
Overall 9 of 22
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 8 of 16
Country (Belgium) 1 of 2
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-27 Phoenix

Verdello, Italy

Phoenix engages in design, manufacturing, and sale of aluminum extrusion dies for the construction, transportation, and industrial markets. The range of dies is distinguished by technology (flat and porthole), size (150 to 1,200 mm) and the complexity of the profile to be obtained. The die is produced according to the customers' specifications. Phoenix. was founded in 1972 and is based in Verdello, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-02 Fime

Antony, France

Fime is a provider of consulting and market integration services for secure chip based applications, tokens and devices. Fime was founded in 1962 and is based in Antony, France.

Buy -
SELLER

Florac

Investor Investor Investor Investor Investor


Category Family Office
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Florac is a family office focused on a variety of investments and acquisitions across the US and Western Europe (France, Belgium, Italy and Switzerland). Florac looks to commit €20 to €100 million per transaction to support a variety of transaction situations, including growth capital financings, recapitalizations, and buyouts. Florac does not have sector preferences and generally pursues indefinite investment time horizons. Florac was established in 2009 and is headquartered in Paris, France.


DEAL STATS #
Overall 2 of 6
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 1 of 3
Country (Belgium) 1 of 1
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-01 Samson & Surrey

Miami, Florida, United States

Samson & Surrey is a provider of high-end craft spirits brands. Samson & Surrey provide the support, investment, sales resources, brand advocates, storytelling, and insights that create long-lasting relationships between consumers, the trade, and the brands. Samson & Surrey was founded in 2016 and is based in Miami, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-24 Marle

Lyon, France

Marle is an independent implant contract manufacturing company. The Company provides specialised manufacturing services for the production of a wide range of hip, knee, shoulder, spine and extremities implants as well as orthopaedic instruments of the highest quality. Marle was founded in 1964 and is based in Lyon, France.

Buy -