• Tcr

    Transport & logistics


    Headquartered in Brussels, Belgium, TCR is Europe’s largest independent asset manager of airport ground support equipment (“GSE”). It operates at more than 210 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 materially outperformed expectations, resulting in a substantial increase in value by £92 million. This performance was driven by several factors, including significant contract wins, extensions and higher fleet utilisation rates. The company is benefitting from the combination of the post-Covid aviation recovery, high interest rate environment making on-balance sheet options less attractive for customers, and the green agenda in Europe driving strong demand for new electric ground service equipment.

    In February 2024, TCR completed the bolton acquisition of KES, KLM Royal Dutch Airline’s ground equipment services subsidiary at Schiphol airport, adding incremental contracted EBITDA with a flagship European carrier and positioning TCR to support Schiphol’s decarbonisation ambitions. TCR’s footprint now spans more than 200 airports, positioning it well to grow organically with its existing clients as well as increasing market penetration of its full-service rental offering. To support its next phase of expansion, TCR successfully secured additional debt from existing and new lenders on attractive terms.

    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.


    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.