Overview

TCR is Europe’s largest independent asset manager of airport ground support equipment and operates at over 180 airports.

Recent developments

• During the year to 31 March 2023, TCR’s activity increased significantly, materially surpassing pre-Covid levels. This outperformance reflects a sustained rebound of air traffic as well as an increased post-pandemic demand for full-rental GSE solutions globally: TCR added over 35 airports in 2022 and its off-lease rate has reverted to early 2019 levels.
• In November 2022, following a bilateral process, TCR completed the acquisition of Adaptalift, a provider of GSE and associated maintenance services to the aviation industry across Australia, adding incremental EBITDA at an attractive valuation with strong expected synergies.
• In parallel, TCR has signed important new contracts with flagship customers, which may lead to further sale-and-lease-back opportunities.
• To support this strong growth, TCR successfully completed the refinancing of its existing RCF in January 2023, raising €225 million of new debt facilities.

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.