 | |
| 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.
| |
| 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 fi-nance 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 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.[24][25][26]
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.[27][28]
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.[29]
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.”[29]