TDR Capital

Helping develop future talent in private equity.   Our internship programme welcomes three interns this Summer. Sarayu, Jonathan and Liang will be with us for the next 6-8 weeks across our Investment and Finance teams. We are thrilled to have all three of these talented young people with us for the summer, please join us in giving them a warm welcome!

Building on our deep experience in retail.   We are excited to announce that we have signed an agreement to acquire a majority stake in Acqua & Sapone, Italy’s leading non-food discount retail brand, from H.I.G. Capital and the founding Barbarossa family.    Acqua & Sapone sells a wide range of household and personal care products at value prices through a network of over 700 retail locations. The company is one of the most recognised retail brands in Italy and is valued for its price leadership, convenient store locations and wide product assortment.   We see significant potential to accelerate the company’s strong growth trajectory and look forward to working alongside the other investors to drive this forward.   Find out more about the deal here: https://lnkd.in/dubk3d9y

Investing in the TDR Team. We are pleased to have welcomed three new colleagues to the firm in H1 2024. Harry Wake joined us as an Operating Partner and was previously a Director at Philip Morris International, where he led marketing and digital work for Smoke-Free products in the UK & Ireland. Jonathan Wedgbury joined us from Universities Superannuation Scheme (USS) Investment Management, where he was Head of Compliance. Alicia Zhou has joined us from Point72 in New York where she was a Data Scientist focused on industrials, energy and travel industries. Please join us in welcoming them all to the firm!

Backing a market leader in the Testing, Inspection and Certification Services sector… We are very pleased to announce that in partnership with I Squared Capital, we have acquired a majority stake in Applus, one of the world's leading providers of testing, inspection and certification services across a range of industries.   Headquartered in Spain, Applus offers a diversified portfolio of solutions ranging from asset integrity management to statutory compliance-based inspections, and employs over 26,000 people in more than 70 countries.   Applus provides a compelling opportunity to invest in a uniquely positioned business in a resilient and growing sector.

Today, we have announced that funds managed by TDR Capital have agreed to acquire Zuber Issa’s stake in Asda, making TDR the majority owners of the UK’s third largest grocery retailer. The transaction is due to close in Q3, bringing the ownership of Asda to 67.5% by TDR, 22.5% by Mohsin Issa and 10% by Walmart.   We first invested in Asda in June 2021, seeing an opportunity to cement its position as one of the UK’s leading retail brands. Since then, we have supported the company to drive its strategy, focusing on delivering low prices to customers, investing in quality of the offering and expanding into the fast-growing convenience retail segment. As majority owners, we will continue to work closely with Asda’s management team and colleagues to support Asda’s growth strategy. You can read more about our investment in Asda here: https://lnkd.in/eR7A4Zf3

Driving growth through strategic add-on acquisitions. Arrow Global Group, a TDR portfolio company recently completed the acquisition of Amitra Capital, a European non-performing loans and real estate investments manager. This strategic acquisition strengthens Arrow's already strong existing presence in Portugal, expands the company’s footprint in Spain and also provides a foundation for future collaborations with CPP Investments. You can find out more about the deal below.

Congratulations to the team at Jollyes-The Pet People for being recognised on the 2024 Sunday Times Best Places to Work list. It has been an exciting few months of store openings and expansion, and it is fantastic to be partnering with Jollyes to provide even more momentum behind this growth.

Driving ESG performance at our portfolio. Yesterday, we were delighted to welcome senior representatives from all of our portfolio companies to our annual ESG Forum. It was a really productive day where we discussed decarbonisation efforts across our portfolio and shared best practice examples. There was an update on the regulatory environment and sustainable supply chain management and we debated some of the ways in which ESG initiatives have translated into tangible value creation at the portfolio. Thank you to all those who participated and we look forward to many future collaborations.

ASDA has published its full year results for 2023, showing 5.4% like-for-like sales growth and a 24% increase in profits. The company continues to see strong growth with the ASDA Rewards app driving sales while offering customers great value, and the ongoing expansion of its convenience offer has led to the recent opening of its 1,000th store.

Congratulations to the BPP team on their acquisition of Buttercups Training Limited, the market-leading training provider for major pharmacy groups in the UK. This strategic acquisition reinforces BPP's position as a leading training provider in the healthcare sector, adding its first pharmaceutical programmes to its portfolio.   We are pleased to continue to work with BPP and support its progress as it pursues its future growth strategy, to create the leading portfolio of training courses and apprenticeships across a range of disciplines and geographies.   To find out more, click here: https://lnkd.in/eiAvxCR2