 | |
| Company type | Private |
|---|---|
| Founded | 2002 |
| Founder | Manjit Dale Stephen Robertson |
| Headquarters | London, England, UK |
| Subsidiaries |
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| Website | www |
TDR Capital LLP is a British private equity firm headquartered in London, England.
| | |
| Company type | Private |
|---|---|
| Founded | 2002 |
| Founder | Manjit Dale Stephen Robertson |
| Headquarters | London, England, UK |
| Subsidiaries |
|
| Website | www |
TDR Capital LLP is a British private equity firm headquartered in London, England.
TDR Capital was co-founded in 2002 by Manjit Dale, Stephen Robertson, and Tudor Capital. [2] [3] [4] It is located on Bentinck Street in Marylebone, central London. [3] [4]
In 2006, it was a large shareholder of the Gondola Group, which owned PizzaExpress. [5]
In September 2013, TDR acquired the David Lloyd Leisure fitness chain for £750 million. [6]
In 2014 they acquired 85% of the developers Keepmoat. The remaining 15% was acquired by Sun Capital Partners (UK). [7]
In March 2015, it negotiated to acquire LeasePlan. [8] In October 2015, they acquired a stake in Euro Garages. [9]
As of 2015, it had over £4.8 billion (€6.8 billion) in committed capital. [3]
In June 2019, it purchased BCA Marketplace, [10] renaming it Constellation Automotive Group in October 2020; Constellation holds six automotive related subsidiaries. [11]
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. [12]
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. [13]
In February 2023, TDR acquired a 3.1% stake in Vertu Motors. [14]
In August 2023, TDR invested £50 million into Popeyes UK, the fast-food chain founded in New Orleans. [15] [16] [17] 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. [18] [19]
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. [20]
In January 2024, TDR increased its stake in Popeyes UK, taking over a majority stake with Ring International Holdings remaining as a minority stakeholder. [21] [22] [23]
in February 2024, TDR and Andy Bond announced that they would acquire a majority stake in the pet chain Jollyes. [24]
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. [25] [26] [27]
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. [28] [29]
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. [30]
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.” [30]
Wm Morrison Supermarkets Limited, trading as Morrisons, is the fifth largest supermarket chain in the United Kingdom. As of 2021, the company had 497 supermarkets across England, Wales and Scotland, and one in Gibraltar. The company is headquartered in Bradford, England.
Asda Stores Limited, trading as Asda and often styled as ASDA, is a British supermarket chain. Its headquarters are in Leeds, England. The company was incorporated as Associated Dairies and Farm Stores in 1949. It expanded into Southern England during the 1970s and 1980s, and acquired Allied Carpets, 61 large Gateway Supermarkets and other businesses, such as MFI Group. It sold these acquisitions during the 1990s to concentrate on the supermarkets. It was listed on the London Stock Exchange until 1999 when it was acquired by Walmart for £6.7 billion. Asda was the second-largest supermarket chain in the United Kingdom between 2003 and 2014 by market share, at which point it fell into third place.
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds. As of December 31, 2022, the firm had completed more than 690 private equity investments in portfolio companies with approximately $700 billion of total enterprise value. As of December 31, 2022, assets under management (AUM) and fee paying assets under management (FPAUM) were $504 billion and $412 billion, respectively.
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally.
Caffè Nero is a coffeehouse company headquartered in London, England. Established in 1997 by Gerry Ford, Caffè Nero runs more than 1,000 coffee houses in eleven countries: the UK, Ireland, Sweden, Poland, Cyprus, Croatia, Turkey, the UAE, Oman and the United States. In 2009, Caffè Nero bought and opened its own coffee roastery in Battersea, south London, which supplies the coffee to all its coffee houses worldwide.
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. The firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care.
Apax Partners LLP is a British private equity firm, headquartered in London, England. The company also operates out of six other offices in New York, Hong Kong, Mumbai, Tel Aviv, Munich and Shanghai. As of December 2023, the firm had raised and advised funds of approximately $65 billion (USD). Apax Partners is one of the oldest and largest private equity firms operating on an international basis.
Bridgepoint Group plc is a British private investment company listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
CVC Capital Partners is a Luxembourg-based private equity and investment advisory firm with approximately US$155 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European and Asian private equity, secondaries and credit funds. As of 31 December 2021, the funds managed or advised by CVC are invested in more than 100 companies worldwide, employing over 450,000 people in numerous countries. CVC was founded in 1981 and, as of 31 March 2022, has over 650 employees working across its network of 25 offices throughout EMEA, Asia and the Americas.
Cooplands is the second largest bakery chain in the UK with over 160 outlets and 12 cafes located primarily across Yorkshire, County Durham and Lincolnshire in the United Kingdom. Cooplands produces takeaway food chiefly for the lunch-time trade, specialising in sandwiches, pasties, desserts, cakes, and bread. It competes with other local cafés and takeaway outlets, and national and international high street food chains and franchises.
Constellation Automotive Group is a used vehicle marketplace. It was founded in the United Kingdom in 1946, as Southern Counties Car Auctions, and was a publicly traded company, BCA Marketplace, when acquired and taken private by TDR Capital in November 2019. TDR rebranded it to the current name in October 2020.
Merlin Entertainments Limited is a British entertainment company based at Poole in Dorset, England, which operates a number of theme parks and other tourist attractions. It was listed on the London Stock Exchange until November 2019, when it was acquired by a consortium that includes Kirkbi A/S.
Mubadala Investment Company PJSC, or simply Mubadala, is an Emirati state-owned holding company that acts as one of the sovereign wealth funds of the Emirate of Abu Dhabi. The company was established in 2017 when then-named Mubadala Development Company and the International Petroleum Investment Company (IPIC) merged.
Leon is a fast food chain based in the United Kingdom, established in 2004. The company had around 70 outlets when it was bought by EG Group in 2021. Since October 2023, most of EG Group's former UK and Ireland business, including Leon, has been owned by the supermarket chain Asda.
Restaurant Brands International Inc. (RBI) is a Canadian-American multinational fast food holding company. It was formed in 2014 by the $12.5 billion merger between American fast food restaurant chain Burger King and Canadian coffee shop and restaurant chain Tim Hortons, and expanded by the 2017 purchase of American fast-food chain Popeyes. The company is the fifth-largest operator of fast food restaurants in the world behind Subway, McDonald's Corporation, Starbucks and Yum! Brands. They are based alongside Tim Hortons in Toronto. For tax purposes, Burger King and Popeyes retain their existing operations and headquarters, both in Miami. The 2014 merger focused primarily on expanding the international reach of the Tim Hortons brand and providing financial efficiencies for both companies.
Vertu Motors PLC is a car dealership group established in 2006 in the United Kingdom. It is listed on the Alternative Investment Market. The company began trading in 2007 after acquiring Bristol Street Motors, a Birmingham-based car dealership, for £38 million cash, £9 million of shares and assumed debt of £29 million.
EG Group is a British operator of filling stations, convenience stores and food service providers across Europe, the United States and Australia. It was founded in Blackburn in 2001 by brothers Mohsin and Zuber Issa, initially as Euro Garages.
Arrow Global Group is a European fund manager. It was listed on the London Stock Exchange until it was acquired by TDR Capital in October 2021.
Mohsin Issa CBE and Zuber Issa CBE are British-Indian billionaire brothers and businessmen who founded Euro Garages in 2001, a Blackburn-based operator of filling stations, convenience stores and food service providers across Europe, the United States and Australia. In 2020, as part of a consortium with TDR Capital, the brothers became majority stakeholders in the British supermarket chain Asda.