3i Infrastructure and Deutsche Asset Management have completed the acquisition of TCR CapVest, Europe’s largest independent owner of airport ground support equipment.
TCR, which is headquartered in Brussels, Belgium, operates at approximately 100 airports and offers expertise in the leasing and maintenance of ground support vehicles, as well as providing fleet management services.
3i’s investment of €204m sees it acquire a 50% stake in TCR. Whilst the deal was initially announced in April 2016, the consortium was required to gain clearance from the European Commission under the EU Merger Regulations, which was received prior to the completion of the deal in July 2016.
In support of the project, Operis was mandated to provide a full accounting review of the financial model.
