TDR Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

TDR Capital’s most common sectors for investment arebusiness services (17%) and restaurants (17%) . The Firm’s most common investment types include divestiture (34%) and buyout (lbo, mbo, mbi) (25%). In total, TDR Capital has invested in 3 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired Asda Stores for $10.5B.

The Firm’s most common exit type is secondary buyout (46%). TDR Capital’s largest (disclosed) exit occurred in 2006 when it sold ASK Central for $861M.

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M&A Summary

  • M&A Total Activity35
    • M&A Buy Activity24
    • M&A Sell Activity11
  • Total Sectors Invested 14
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 17
  • M&A Advisors 10

TDR Capital

20 Bentinck Street,
London, W1U 2EU
United Kingdom
+44 (0) 20 7399 4200
www.tdrcapital.com
info@tdrcapital.com

TDR Capital is a private equity firm that targets large companies valued from €300 million to €1.5 billion. TDR has a particular interest in under-managed, under-invested or misunderstood companies which may be transformed through greater strategic and operational focus. TDR is sector agnostic, however the Firm has a preference for opportunities in the leisure/hospitality, financial services, and business services sectors. TDR Capital was formed in 2002 and is based in London.


Investment Criteria

Sectors of Interest: Business Services, Consumer Services, Energy Services and Equipment, Financial Services, Information Services, Information Technology, Insurance, Leisure, Machinery, Manufacturing, Restaurants, Safety/Security, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed, Stake Purchase

Geographic Preferences: United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 300 1,500
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.2/yr) # 23 1 - - - - 24
vol $22.8B $22.8B
Sell (0.0/yr) # 11 - - - - - 11
vol $1.7B $1.7B
  35

Most Recent M&A

Company Date Value Type
BPP Holdings Ltd. 2021-03-23 - Divestiture
London, United Kingdom · www.bpp.com
Asda Stores Ltd. 2020-10-02 10.5B GBP Divestiture
Leeds, United Kingdom · www.asda.co.uk
Globalization Partners, Inc. 2020-02-04 - Growth Capital
Boston, Massachusetts · www.globalization-partners.com
Nordic Leisure Travel Group 2019-10-31 - Buyout (LBO, MBO, MBI)
Stockholm, Sweden · career.nordicleisuretravelgroup.com
BCA Marketplace plc 2019-06-26 2.9B GBP Going Private
London, United Kingdom · www.bcamarketplaceplc.com
NKD Group GmbH 2019-03-19 - Secondary Buyout
Bindlach, Germany · www.nkd.com
Buffalo Grill S.A. 2018-01-10 - Secondary Buyout
Avrainville, France · www.buffalo-grill.fr
International Car Wash Group 2017-08-17 - Secondary Buyout
Centennial, Colorado · www.iwcg.com
Keepmoat Ltd. 2017-03-02 508M GBP Add-on Acquisition
Doncaster, United Kingdom · www.keepmoat.com
Lowell Group Ltd. (old) 2015-10-23 - Merger
Leeds, United Kingdom · www.lowell.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
BPP Holdings Ltd. 2021-03-23 Estio Training Ltd. 2021-11-02 1
London, United Kingdom · www.bpp.com Leeds, United Kingdom · www.estio.co.uk
Buffalo Grill S.A. 2018-01-10 Courtepaille 2020-09-29 1
Avrainville, France · www.buffalo-grill.fr Courcouronnes, France · www.courtepaille.com
Algeco S.A. 2004-09-20 Temporary Space Nordics Group AB 2020-08-18 3
Charnay-lès-Mâcon, France · www.algecoscotsman.com Kungsängen, Sweden · www.temporaryspacenordics.com
Algeco S.A. 2004-09-20 Wexus Gruppen AS 2020-06-04 2
Charnay-lès-Mâcon, France · www.algecoscotsman.com Stavanger, Norway · www.wexus.no
David Lloyd Leisure Ltd. 2013-09-16 MeridianSpa Deutschland GmbH 2020-01-31 1
Hertfordshire, United Kingdom · www.davidlloyd.co.uk Hamburg, Germany · www.meridianspa.de
Stonegate Group 2010-11-01 Be At One Ltd. 2018-07-23 3
West Midlands, United Kingdom · www.stonegategroup.co.uk London, United Kingdom · www.beatone.co.uk
Williams Scotsman International, Inc. 2007-07-27 Acton Mobile Industries LLC 2017-12-12 1
Baltimore, Maryland · www.willscot.com Baltimore, Maryland · www.actonmobile.com
LeasePlan Corporation N.V. 2015-07-23 Travelcard Nederland B.V. 2016-08-04 1
Amsterdam, Netherlands · www.leaseplan.com Almere, Netherlands · www.travelcard.nl
Stonegate Group 2010-11-01 Living Ventures Ltd. 2013-08-12 2
West Midlands, United Kingdom · www.stonegategroup.co.uk Cheshire, United Kingdom · www.livingventures.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 2 (17%) 4.7B (22%) 4 (17%) 5.0B (22%)
Restaurants 2 (17%) 574M (3%) 4 (17%) 949M (4%)
Leisure 2 (17%) - 3 (13%) -
Retail 2 (17%) 10.5B (49%) 2 (8%) 10.5B (46%)
Real Estate 1 (8%) 2.5B (12%) 2 (8%) 2.5B (11%)
Automotive 1 (8%) 2.9B (14%) 1 (4%) 2.9B (13%)
Construction - - 1 (4%) 616M (3%)
Oil/Gas Exploration - - 1 (4%) 400M (2%)
Consumer Services - - 1 (4%) -
Education 1 (8%) - 1 (4%) -
Financial Services - - 1 (4%) -
Insurance - - 1 (4%) -
Internet Software and Services 1 (8%) - 1 (4%) -
Manufacturing - - 1 (4%) -
Total 12 $21.2B 24 $22.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 5 (42%) 14.0B (66%) 13 (54%) 15.2B (67%)
United States 2 (17%) 2.5B (12%) 3 (13%) 2.5B (11%)
  Maryland 1 (8%) 2.5B (12%) 1 (4%) 2.5B (11%)
  Massachusetts 1 (8%) - 1 (4%) -
  Colorado - - 1 (4%) -
France 2 (17%) 539M (3%) 3 (13%) 539M (2%)
Netherlands 1 (8%) 4.2B (20%) 2 (8%) 4.6B (20%)
Germany 1 (8%) - 1 (4%) -
Sweden 1 (8%) - 1 (4%) -
Finland - - 1 (4%) -
Domestic 5 (42%) 14.0B (66%) 13 (54%) 15.2B (67%)
Cross-border 7 (58%) 7.2B (34%) 11 (46%) 7.6B (33%)
Total 12 $21.2B 24 $22.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 4 (33%) 15.2B (72%) 8 (33%) 16.5B (72%)
Buyout (LBO, MBO, MBI) 2 (17%) 539M (3%) 6 (25%) 539M (2%)
Secondary Buyout 3 (25%) - 5 (21%) -
Going Private 2 (17%) 5.4B (26%) 4 (17%) 5.8B (25%)
Growth Capital 1 (8%) - 1 (4%) -
Total 12 $21.2B 24 $22.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (45%) 861M (51%)
Trade Sale 2 (18%) 812M (49%)
IPO 2 (18%) -
Merger 1 (9%) -
Unknown 1 (9%) -
Total 11 $1.7B

Top M&A Advisors

Financial Deals
Robert W. Baird & Co., Inc.
1
Canaccord Genuity Corp.
1
Dean Street Adviser Ltd.
1
Legal Deals
Simpson Thacher & Bartlett
2
Linklaters LLP
2
Paul Hastings LLP
1

Deal Values

buy # Total
> $1B 4 $20.1B
$100M to $1B 6 $2.8B
TOTAL $22.8B
Largest Asda Stores Ltd.
$10.5B (2020-10-02)
sell # Total
$100M to $1B 3 $1.7B
TOTAL $1.7B
Largest ASK Central Ltd.
$861M (2006-09-07)

M&A Connections

Deals
Acquired from
Investor(s)
17%
4 (17%)
Strategic(s)
29%
7 (29%)
Exited to
Investor(s)
45%
5 (45%)
Strategic(s)
27%
3 (27%)

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