Overview

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, under medium-term contracts. This enables GSE operators to concentrate on their core business of ground handling.

3i Infrastructure acquired a 50% interest in TCR in 2016, completing a follow-on investment in 2022 taking its total ownership to 71%. In June 2026, 3i Infrastructure sold its stake alongside its co-investors, also managed by 3i, to Global Infrastructure Partners, generating €1,129 million of proceeds for 3i Infrastructure. The transaction represented a c.3.5x money multiple and a c.19% gross annual IRR over the life of the investment, and a c.50% uplift to TCR’s pre-sale valuation.

Highlights

• Substantial growth since initial investment: delivered 12.8% revenue CAGR over ten years, with EBITDA doubling between 2022 and 2026.
• Transformed TCR from a European player into a global market leader, expanding its footprint from 100 airports in 11 countries to 237 airports in 24 countries, including establishing leading positions in Australia and North America.
• Strengthened TCR's infrastructure characteristics by diversifying the customer base, extending contract durations and refinancing the business with a long-term, investment-grade infrastructure debt package, supporting a more resilient capital structure and further accretive growth.
• Supported approximately €900 million of investment in fleet expansion and strategic M&A, including six bolt-on acquisitions.
• Expanded the GSE fleet by 78% to more than 41,000 assets, increasing gross book value to over €1.0 billion and growing the proportion of electric GSE from 15% in 2016 to 41% in 2026.
• Supported TCR's expansion into adjacent product categories, including catering trucks, and the development of its airport pooling model, improving operational efficiency while reducing apron congestion, emissions and health and safety risks.
• Supported the integration of sustainability into TCR's commercial strategy, positioning the business as a leader in lower-emission airport operations, with emissions reduction targets validated by the Science Based Targets initiative (SBTi).
• Repositioned TCR into a leading global infrastructure platform, broadening its appeal to long-term infrastructure investors.