• Tcr
    Benelux / Infrastructure

    Transport & logistics


    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.

  • Valorem
    France / Infrastructure



    Valorem is a leading independent renewable energy development and operating company. It is one of the largest onshore wind developers in France, having developed over 600MW of capacity over the last 10 years.

    Recent developments

    • The year to 31 March 2023 was a very strong year for Valorem, with significant EBITDA growth and an increase in total closed capacity of 270MW, to 778MW. The short-term negative impact of the energy windfall tax introduced by the French Government was partially offset by increased auction tariffs. Longer term, market fundamentals remain strong given the ongoing issues with nuclear power plants in the country. The pipeline of wind and solar projects continues to grow as expected.
    • Internationally, the construction of the Viiatti windfarm (313MW) is progressing to plan, with completion expected in 2024. The broader pipeline in Finland continues to mature well. In Greece, Valorem financed its first wind project during the period and is progressing well on further wind and solar opportunities.
    • Beyond its core business, Valorem is exploring further growth initiatives in the floating off-shore wind segment, making progress on its first green hydrogen project and the development of a battery storage pipeline.

    Regulatory information 
    This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

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