TDR Capital has closed its third European buyout fund TDR Capital III. TDR Capital III will continue to build on the firm’s core strategy of making control buyout investments in European businesses with an operational focus.
TDR Capital LLP (“TDR Capital”, “TDR”) announces the close of its third European buyout fund, TDR Capital III (the “Fund”), at €2 billion.
“We are delighted with the strong support from TDR’s new and existing investors, which has allowed us to close ahead of schedule,” said Stephen Robertson, Founding Partner. “With TDR III we have enhanced our global investor base, which includes leading public and private pension funds, sovereign wealth funds, insurance companies and endowment funds, from all of the key geographies.”
As with its previous funds, the TDR team is one of the largest investors in the Fund with a commitment of over €175 million, demonstrating its close alignment of interest with its investors.
TDR Capital III will continue to build on the firm’s core strategy of making control buyout investments in European businesses with an operational focus.
Manjit Dale, Founding Partner, said, “The opportunity presented in Europe is well suited to our value and operationally-focused investment strategy. Certain sub-sectors and geographies have experienced sustained distress and dislocation as a long-term effect of the global financial crisis and that, coupled with a significant number of under-managed or misunderstood assets, has ensured we have a strong pipeline of acquisition targets.”
In November 2013, TDR Capital III completed its first platform investment in David Lloyd Leisure (“DLL”) from London & Regional and Caird Capital LLP. DLL is Europe’s largest operator of premium racquets, health and fitness clubs, with 91 sites and employing over 6,000 staff.
TDR Capital was founded in 2002 by Manjit Dale and Stephen Robertson. Across its three European buyout funds it has over €4.7 billion of committed capital. TDR has a proven value-based and operationally-focused investment strategy, which is delivered by a dedicated team of 26 investing and operating professionals from its single office in London.
TDR Capital III will focus on mid-market buyout investments headquartered in or with significant operations in Europe, generally with an enterprise value of €300 million to €1.5 billion. Investments made by TDR include PizzaExpress, Phoenix Group, Algeco Scotsman, VPS, Stonegate Pub Company, Lowell Group, MGM Advantage and David Lloyd Leisure.
Peter Hewer / Martha Walsh +44 20 7353 4200