3i Infra, Deutsche AM land airport services business

The consortium members will own up to 50% of TCR each, with 3i investing about €200m.

3i Infrastructure and Deutsche Asset Management are set to acquire up to 50 percent each of TCR, an airport ground support equipment lessor headquartered in Brussels, from a duo of buyout firms.

The remaining equity, if any, is to be owned by the company’s current management team. 3i Infrastructure will pay about €200 million for its stake, the London-listed firm said in a statement.

The consortium members will buy TCR from Paris-based Chequers Capital and Florac, which originally invested in the business in 2006 and 2012 respectively. The company previously belonged to Frankfurt Airport and an Australian logistics company, according to Chequers.

TCR provides leasing, maintenance and fleet management to its clients, which are primarily ground handling companies, airlines and airports. 

Operating at about 100 hubs, it is the largest independent lessor of ground equipment in Europe, 3i Infrastructure said. The buyers intend to expand TCR’s foothold both in Europe and internationally.

The deal, which is subject to clearance by the European Commission, is expected to close by the end of August.