TDR Capital

TDR Capital LLP
Company typePrivate
Founded2002; 22 years ago (2002)
FounderManjit Dale
Stephen Robertson
HeadquartersLondon, England, UK
Subsidiaries
[2]
Websitewww.tdrcapital.com

TDR Capital LLP is a British private equity firm headquartered in London, England.

History

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TDR Capital was co-founded in 2002 by Manjit Dale, Stephen Robertson, and Tudor Capital.[3][4][5] It is located on Bentinck Street in Marylebone, central London.[4][5]

In 2006, it was a large shareholder of the Gondola Group, which owned PizzaExpress.[6]

In September 2013, TDR acquired the David Lloyd Leisure fitness chain for £750 million.[7]

In 2014 they acquired 85% of the developers Keepmoat. The remaining 15% was acquired by Sun Capital Partners (UK).[8]

In March 2015, it negotiated to acquire LeasePlan.[9] In October 2015, they acquired a stake in Euro Garages.[10]

As of 2015, it had over £4.8 billion (€6.8 billion) in committed capital.[4]

In June 2019, it purchased BCA Marketplace,[11] renaming it Constellation Automotive Group in October 2020; Constellation holds six automotive related subsidiaries.[12]

In October 2020, it purchased Asda from Walmart for £6.8 billion, as part of a consortium with Zuber and Mohsin Issa, with whom it owns EG Group.[13]

In August 2022, TDR and brothers Mohsin and Zuber Issa, co-owners of petrol station operator EG Group and Asda acquired the 129 The Co-operative Group's petrol court stations for a sum of £600 million.[14]

In February 2023, TDR acquired a 3.1% stake in Vertu Motors.[15]

In August 2023, TDR invested £50 million into Popeyes UK, the fast-food chain founded in New Orleans.[16][17][18] In the same month, TDR, through its subsidiary Arrow Global, gained full control of real estate finance provider Maslow Capital, which in addition to their significant minor stake, acquired the remaining shares in Maslow.[19][20]

In November 2023, TDR increased its stake in Vertu Motors from 3.1% to 4.1% purchasing additional shares from the newly released tranche of shares.[21]

In January 2024, TDR increased its stake in Popeyes UK, taking over a majority stake with Ring International Holdings remaining as a minority stakeholder.[22][23][24]

in February 2024, TDR and Andy Bond announced that they would acquire a majority stake in the pet chain Jollyes.[25]

Investigations

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In December 2020, following a referral from the EU Commission, the Competition and Markets Authority launched an investigation into the £6.8 billion Asda joint takeover by brothers Mohsin and Zuber Issa and TDR, joint owners of petrol forecourt firm EG Group, probing for significant adverse effects on competition in the UK.[26][27][28]

In October 2022, the Competition and Markets Authority began an investigation into the completed acquisition by Asda, TDR and brothers Mohsin and Zuber Issa, of petrol forecourt business from the Co-operative Group.[29][30]

TDR's Managing Partner, Gary Lindsay and COO and Deputy General Counsel appeared before a Parliamentary select committee in January 2024 to answer questions about the company's debt burden with regard to Asda and Stonegate in particular.[31]

The chair of the select committee, Labour’s Liam Byrne, said that “The private equity model creates big tax incentives for people to load up some of these companies with a lot of debt.” Byrne added, “When it comes to Stonegate then, you have lost Manjit Dale from the board, you have debt of £2.5 billion, you have a debt increase of about £650 million, and you have significant loans maturing this year. It is not completely clear that the cash in the business can cover that interest payment at the moment.”[31]

References

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  1. ^ McGuire, Laura (9 June 2024). "Asda entices new boss with £10m pay package". CITY A.M.
  2. ^ "Current investments | TDR Capital". tdrcapital.com. Retrieved 17 May 2021.
  3. ^ "Bid battle hots up at PizzaExpress - Citywire".
  4. ^ a b c "TDR". TDR. Retrieved 14 August 2015.
  5. ^ a b Company Overview of TDR Capital LLP, Bloomberg Business
  6. ^ Peter Smith, Private equity dipping into own cash, Financial Times, 25 September 2006
  7. ^ Monaghan, Angela (5 September 2013). "David Lloyd Leisure fitness chain to be bought by TDR Capital for £750m". The Guardian. Retrieved 14 August 2015.
  8. ^ Blackman, David (2017). "Moody's puts Keepmoat under rating review". Social Housing (17 Mar 2017). Retrieved 29 October 2017.
  9. ^ Eyk Henning, TDR Capital-Led Consortium to Buy LeasePlan for Over $3.2 Billion, The Wall Street Journal, 11 March 2015
  10. ^ Begum, Shelina (20 October 2015). "TDR Capital takes a bite into Euro Garages for £1.3bn". Manchester Evening News. Retrieved 7 May 2017.
  11. ^ TDR Capital agrees to buy car auctioneer BCA in £2bn deal, Financial Times, June 2019
  12. ^ "Our Brands". Constellation Automotive Group. 19 June 2023. Retrieved 19 June 2023.
  13. ^ "Asda bought by billionaire brothers in £6.8bn deal". BBC News. 2 October 2020. Retrieved 2 October 2020.
  14. ^ Banfield-Nwachi, Mabel (31 October 2022). "Co-op completes £600m sale of petrol forecourts to Asda". The Guardian. ISSN 0261-3077. Retrieved 27 January 2024.
  15. ^ "Constellation Automotive owner TDR Capital acquires stake in Vertu Motors". www.am-online.com. Retrieved 26 December 2023.
  16. ^ London, Lela. "Popeyes Secures $63 Million Investment In The UK". Forbes. Retrieved 7 January 2024.
  17. ^ McCarthy, Sebastian. "TDR Capital gets taste for chicken with Popeyes deal". www.penews.com. Retrieved 7 January 2024.
  18. ^ "Popeyes UK secures £50m funding package to drive next phase of growth". restaurantonline.co.uk. 1 August 2023. Retrieved 7 January 2024.
  19. ^ Robinson, Jon (23 August 2023). "Arrow Global takes full control of real estate finance provider". Business Live. Retrieved 8 January 2024.
  20. ^ Patel, Bea (24 August 2023). "Arrow Global acquires Maslow Capital". BTR News. Retrieved 8 January 2024.
  21. ^ "Cinch and We Buy Any Car owner increases its stake in Vertu Motors again". Car Dealer Magazine. 9 November 2023. Retrieved 22 January 2024.
  22. ^ "Chicken chain Popeyes to open 30 more UK restaurants in 2024". Perspective Magazine. 22 January 2024. Retrieved 27 January 2024.
  23. ^ Devlin, Ed. "TDR Capital acquires controlling stake in Popeyes UK". The Grocer. Retrieved 27 January 2024.
  24. ^ McCarthy, Sebastian. "TDR shows chicken shop appetite with Popeyes deal". www.penews.com. Retrieved 27 January 2024.
  25. ^ Morgan, Aoife (28 February 2024). "Asda private equity owner acquires majority stake in Jollyes - Retail Gazette". Retrieved 28 February 2024.
  26. ^ Wood, Zoe (8 December 2020). "Competition watchdog investigates £6.8bn takeover of Asda". The Guardian. ISSN 0261-3077. Retrieved 2 February 2024.
  27. ^ "Billionaire Issa brothers' Asda takeover deal probed". BBC News. 9 December 2020. Retrieved 2 February 2024.
  28. ^ Jahshan, Elias (8 December 2020). "CMA launches probe into Issa brothers' £6.8bn Asda takeover". www.retailgazette.co.uk. Retrieved 2 February 2024.
  29. ^ Fish, Isabella (2 February 2024). "Competition inquiry into Asda takeover of Co-op petrol stations". ISSN 0140-0460. Retrieved 2 February 2024.
  30. ^ "CMA investigating completed petrol forecourt acquisition". insider Media. 1 November 2022. Retrieved 2 February 2024.
  31. ^ a b "Business and Trade Committee: Private equity and the retail sector - Oral evidence". UK Parliament. 9 January 2024.
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