TCR

TCR was an aircraft support equipment rental group, 50% owned  by the Australian group Brambles and 50% by the German group Fraport. It was a non-strategic subsidiary of these groups, developing a business model with high growth potential but requiring significant investments in equipment, which its shareholders did not want to take on.

Chequers acquired a 100% share in TCR alongside its management team in a primary LBO.

Value creation

Value creation was achieved by the provision of dedicated financing for company growth. Present in 4 countries at the time of acquisition, TCR has since developed its activities in 8 new countries organilly and performed selective external growth operations, increasing its turnover fourfold. The group's increased size and international presence as well as its contract and asset base enabled TCR to be sold to a consortium of infrastructure funds in 2016.

Investment year
2006
Turnover at acquisition
€0-100m
Type of operation
MBO
Business sector
B2B Services
Country
Belgium