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TCR
BeneluxTransport & logistics
Overview
Headquartered in Brussels, Belgium, TCR is the largest independent lessor of airport ground support equipment (“GSE”). It operates at more than 230 airports across more than 20 countries. Since inception, TCR has defined the market for leased GSE, providing high quality assets and a full service leasing, maintenance and fleet management offering to its clients, which are predominantly independent ground handling companies, airlines and airports. This enables GSE operators to concentrate on their core business of ground handling.
TCR’s GSE is the essential mobile infrastructure used to service aircraft on the ground and enable airports to handle passengers, luggage and cargo, with upwards of 30 pieces of equipment required per turnaround. Reliable GSE is critical to the smooth operation of airports and timely movement of aircraft, and TCR is able to deliver this with its access to scarce airside repair workshops, which provides a high barrier to entry. Sustainability is at the heart of the business and its mission is to deliver the most efficient and sustainable GSE services. Through its expertise in GSE fleet optimisation, “pooling” initiatives and the provision of green GSE, TCR is playing a key role in enabling the decarbonisation of airport ground operations in the airports where it operates.
Recent developments
TCR performed well in the year, driven by higher fleet utilisation rates and accelerated expansion into new markets. The broader macro environment has been supportive, with aviation activity now exceeding pre-pandemic levels. Higher interest rates are favourable to ground support equipment (‘GSE’) lessors, while growing decarbonisation efforts, particularly in Europe, have increased demand for electric-powered GSE and also equipment pooling arrangements to improve efficiency.
During the year, TCR secured several key contracts, including an exclusive contract to supply a centralised all-electric GSE pool at JFK International Airport New Terminal One. This marks a significant step forward in TCR’s North American presence and provides a strong platform for further growth in this largely untapped market for the company.
In February 2025, we completed a debt refinancing on attractive terms, supporting future growth and enabling a substantial distribution of £60 million to 3iN.
Investment rationale
TCR fits with the Company’s strategy of investing in companies with good asset backing, strong market positions and barriers to entry, yet with operational levers to achieve attractive returns for shareholders through active asset management:
- GSE is a scarce resource that is critical to the functioning of an airport; through first mover advantage, TCR has benefited from securing the largest independent GSE fleet in Europe. TCR has access to maintenance workshops in prime locations at airports, many of which are located airside. This means that a high quality maintenance and asset management service can be provided, resulting in high availability of TCR’s fleet.
- TCR is able to offer full-service rentals on a pan-European basis. This creates competitive advantages against competitors, which tend to offer either dry leases or only repair and maintenance services. TCR’s network means it can offer pan-European solutions at multiple locations, matching the footprints of its customers.
- Outsourcing ownership of GSE equipment makes economic sense for independent ground handlers, as it allows them to manage the mismatch between short-term handling contracts and the typically 10-15 year useful life of equipment.
- TCR’s rental contracts are aligned with the ground handlers’ contracts with the airlines and are typically 3-5 years in duration. TCR has experienced a high level of contract renewal.
- The business has a diversified portfolio and is present at over 180 airports across 18 countries with a diverse contract and customer base meaning the revenues of the business are not materially reliant on a single client or geography.
- The investment will provide exposure to the long-term growth in the aviation market, which is fundamentally GDP driven, yet it is expected to be insulated from short-term shocks to demand due to its exposure to aircraft movements rather than passenger numbers.
Sustainability
TCR’s significant growth is supported, amongst other drivers, by the ambition of most European airports to decarbonise their operations on the apron. TCR is helping its customers implement electric replacement plans where airport charging infrastructure allows, and working on a diesel-to-electric GSE conversion strategy where replacement is not feasible. In 2023, the business has grown its electric fleet by 22%. The business is also working on the development of innovative end-to-end sustainability solutions to support its customers’ decarbonisation journey, such as ‘chargingas-a service’ solutions.
Key facts>210 airports Operates at over 210 airports>1,600 employeesc.36,000 ground support equipment assets
