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TDR Capital

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Coordinates:51°31′01″N0°09′00″W/ 51.5170°N 0.1499°W/51.5170; -0.1499
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TDR Capital LLP
Company typePrivate
Founded2002;22 years ago(2002)
FounderManjit Dale
Stephen Robertson
HeadquartersLondon,England, UK
Subsidiaries
[2]
Websitewww.tdrcapital

TDR Capital LLPis a Britishprivate equity firmheadquartered inLondon,England.

History

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

In 2006, it was a large shareholder of theGondola Group,which ownedPizzaExpress.[6]

In September 2013, TDR acquired theDavid Lloyd Leisurefitness chain for £750 million.[7]

In 2014 they acquired 85% of the developersKeepmoat.The remaining 15% was acquired bySun Capital Partners (UK).[8]

In March 2015, it negotiated to acquireLeasePlan.[9]In October 2015, they acquired a stake inEuro 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 itConstellation Automotive Groupin October 2020; Constellation holds six automotive related subsidiaries.[12]

In October 2020, it purchasedAsdafromWalmartfor £6.8 billion, as part of a consortium withZuberandMohsin Issa,with whom it owns EG Group.[13]

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

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

In August 2023, TDR invested £50 million intoPopeyesUK, the fast-food chain founded inNew Orleans.[16][17][18]In the same month, TDR, through its subsidiaryArrow 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 theEU Commission,theCompetition and Markets Authoritylaunched 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.Retrieved17 May2021.
  3. ^"Bid battle hots up at PizzaExpress - Citywire".
  4. ^abc"TDR".TDR.Retrieved14 August2015.
  5. ^abCompany 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.Retrieved14 August2015.
  8. ^Blackman, David (2017)."Moody's puts Keepmoat under rating review".Social Housing(17 Mar 2017).Retrieved29 October2017.
  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.Retrieved7 May2017.
  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.Retrieved19 June2023.
  13. ^"Asda bought by billionaire brothers in £6.8bn deal".BBC News.2 October 2020.Retrieved2 October2020.
  14. ^Banfield-Nwachi, Mabel (31 October 2022)."Co-op completes £600m sale of petrol forecourts to Asda".The Guardian.ISSN0261-3077.Retrieved27 January2024.
  15. ^"Constellation Automotive owner TDR Capital acquires stake in Vertu Motors".am-online.Retrieved26 December2023.
  16. ^London, Lela."Popeyes Secures $63 Million Investment In The UK".Forbes.Retrieved7 January2024.
  17. ^McCarthy, Sebastian."TDR Capital gets taste for chicken with Popeyes deal".penews.Retrieved7 January2024.
  18. ^"Popeyes UK secures £50m funding package to drive next phase of growth".restaurantonline.co.uk.1 August 2023.Retrieved7 January2024.
  19. ^Robinson, Jon (23 August 2023)."Arrow Global takes full control of real estate finance provider".Business Live.Retrieved8 January2024.
  20. ^Patel, Bea (24 August 2023)."Arrow Global acquires Maslow Capital".BTR News.Retrieved8 January2024.
  21. ^"Cinch and We Buy Any Car owner increases its stake in Vertu Motors again".Car Dealer Magazine.9 November 2023.Retrieved22 January2024.
  22. ^"Chicken chain Popeyes to open 30 more UK restaurants in 2024".Perspective Magazine.22 January 2024.Retrieved27 January2024.
  23. ^Devlin, Ed."TDR Capital acquires controlling stake in Popeyes UK".The Grocer.Retrieved27 January2024.
  24. ^McCarthy, Sebastian."TDR shows chicken shop appetite with Popeyes deal".penews.Retrieved27 January2024.
  25. ^Morgan, Aoife (28 February 2024)."Asda private equity owner acquires majority stake in Jollyes - Retail Gazette".Retrieved28 February2024.
  26. ^Wood, Zoe (8 December 2020)."Competition watchdog investigates £6.8bn takeover of Asda".The Guardian.ISSN0261-3077.Retrieved2 February2024.
  27. ^"Billionaire Issa brothers' Asda takeover deal probed".BBC News.9 December 2020.Retrieved2 February2024.
  28. ^Jahshan, Elias (8 December 2020)."CMA launches probe into Issa brothers' £6.8bn Asda takeover".retailgazette.co.uk.Retrieved2 February2024.
  29. ^Fish, Isabella (2 February 2024)."Competition inquiry into Asda takeover of Co-op petrol stations".ISSN0140-0460.Retrieved2 February2024.
  30. ^"CMA investigating completed petrol forecourt acquisition".insider Media.1 November 2022.Retrieved2 February2024.
  31. ^ab"Business and Trade Committee: Private equity and the retail sector - Oral evidence".UK Parliament.9 January 2024.
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51°31′01″N0°09′00″W/ 51.5170°N 0.1499°W/51.5170; -0.1499

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