What investment strategy does TDR Capital focus on?

TDR Capital focuses on Buyout strategies in the private equity space.

How many portfolio companies does TDR Capital have?

TDR Capital has 20 active portfolio companies and 11 completed exits and 7 funds tracked on GP Intel.

Where is TDR Capital headquartered?

TDR Capital is headquartered in London, United Kingdom.

What is TDR Capital's assets under management?

TDR Capital manages approximately €15.0B in assets under management.

When was TDR Capital founded?

TDR Capital was founded in 2002.

What sectors does TDR Capital invest in?

TDR Capital invests across Consumer, Business Services, Financials, Industrials.

What are TDR Capital's recent exits?

Recent realized exits by TDR Capital include: NKD (2026) to Mr Price Group; Nordic Leisure Travel Group (2026) to Norwegian Air Shuttle; Ayvens (2025) to Public markets (Euronext Paris, staged sell-downs); David Lloyd Leisure (2025) to TDR Capital Titan (continuation vehicle); Hurtigruten (2024) to Hurtigruten creditors (AlbaCore Capital, Arini Capital Management, Barings, Cyrus Capital Partners); Keepmoat Homes (2021) to Aermont Capital; ICWG (2017) to Roark Capital; Lowell Group (2015) to Permira.

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TDR Capital

London, United Kingdom·Founded 2002·

Buyout

·tdrcapital.com

TDR Capital is a London-based pan-European private equity firm founded in 2002 by Manjit Dale and Stephen Robertson, managing assets of over 15 billion euros across a single conviction-led mid and large-cap buyout strategy. The firm runs a concentrated portfolio of European businesses across consumer, leisure, business services and financials, and is authorised by the FCA under Firm Reference Number 216708.

AUM

€15.0B

Funds

vintages 2003–2025

Portfolio

Exits

TDR Capital is a London buyout firm with €15.0B AUM, 20 active companies and 11 exits.

SectorsConsumer Business Services Financials Industrials

Key takeaways

·6 exits in the last 5 years · consistent DPI cadence.
·Average hold across 11 realized deals: 7 years.
·Top sector focus: Hospitality (26% of portfolio).
·Fund cadence: ~4Y between vintages · last raise 2025.

Sector breakdown

31 companies

Hospitality

8 · 26%

Consumer

6 · 19%

Business Services

6 · 19%

Financials

5 · 16%

Industrials

2 · 6%

Diversified

1 · 3%

Education

1 · 3%

Construction

1 · 3%

Geography breakdown

9 geographies

21 · 68%

France

2 · 6%

Italy

1 · 3%

Spain

1 · 3%

Germany

1 · 3%

Sweden

1 · 3%

Netherlands

1 · 3%

Key facts

HQLondon, United Kingdom

Founded2002

Employees65+

Websitetdrcapital.com

Recent exits

TDR Capital sold NKD to Mr Price Group in 2026 after 7 years.

TDR Capital sold Nordic Leisure Travel Group to Norwegian Air Shuttle in 2026 after 7 years.

TDR Capital sold Ayvens to Public markets (Euronext Paris, staged sell-downs) in 2025 after 9 years.

TDR Capital sold David Lloyd Leisure to TDR Capital Titan (continuation vehicle) in 2025 after 12 years.

Partners

Tom MitchellManaging Partner

Gary LindsayManaging Partner

Coverage notes

7 funds tracked, 31 portfolio companies (20 active · 11 realized). Verified weekly from public filings and deal announcements.

Investment team

Senior partners. Hand-checked from public filings and the firm's own site.

Tom Mitchell

Managing Partner

Gary Lindsay

Managing Partner

Funds & portfolio

Every fund TDR Capital has raised, with its portfolio companies. Hand-checked from public filings.

7 funds

Fund

Strategy

Vintage

Size

Assets

Exits

TDR Capital Titan

Buyout2025€977M1 assets

Buyout

2025 · 1yr

€977M

–

Unrealized

1 held

Company	Entry
David Lloyd Leisure Hospitality · UK	2025

TDR Capital V

Buyout2024€4.2B2 assets

Buyout

2024 · 2yr

€4.2B

–

Unrealized

2 held

Company	Entry
Acqua & Sapone Consumer · Italy	2024
Applus Business Services · Spain	2024

TDR Capital SOF I

Buyout2023€500M5 assets

Buyout

2023 · 3yr

€500M

–

Unrealized

5 held

Company	Entry
Buffalo Grill Hospitality · France	2018
CorpAcq Diversified · UK	2025
Escode Business Services · UK	2025
Jollyes Consumer · UK	2024
Popeyes UK Hospitality · UK	2024

TDR Capital IV

Buyout2019€3.5B5 assets2 exits

Buyout

2019 · 7yr

€3.5B

Unrealized

5 held

Company	Entry
Aggreko Business Services · UK	2021
Arrow Global Financials · UK	2021
Asda Consumer · UK	2020
Constellation Automotive Group Consumer · UK	2019
Lyceum Education Group Education · UK	2021

Realized

2 exits

Company	Entry	Exit	Type	Buyer	MOIC
NKD Consumer · Germany	2019	2026	Trade Sale	Mr Price Group	–
Nordic Leisure Travel Group Hospitality · Sweden	2019	2026	Trade Sale	Norwegian Air Shuttle	–

TDR Capital III

Buyout2013€2.1B4 assets5 exits

Buyout

2013 · 13yr

€2.1B

Unrealized

4 held

Company	Entry
EG Group Consumer · UK	2015
Retirement Advantage Financials · UK	2013
Target Hospitality Business Services · US	2019
WillScot Mobile Mini Industrials · US	2017

Realized

5 exits

Company	Entry	Exit	Type	Buyer	MOIC
Ayvens Financials · Netherlands	2016	2025	Secondary	Public markets (Euronext Paris, staged sell-downs)	–
David Lloyd Leisure Hospitality · UK	2013	2025	Continuation Vehicle	TDR Capital Titan (continuation vehicle)	–
Hurtigruten Hospitality · Norway	2014	2024	Recapitalization	Hurtigruten creditors (AlbaCore Capital, Arini Capital Management, Barings, Cyrus Capital Partners)	–
ICWG Business Services · UK	2014	2017	Secondary	Roark Capital	–
Keepmoat Homes Construction · UK	2014	2021	Secondary	Aermont Capital	–

TDR Capital II

Buyout2007€1.8B3 assets1 exits

Buyout

2007 · 19yr

€1.8B

Unrealized

3 held

Company	Entry
Modulaire Group Industrials · UK	2004
Stonegate Group Hospitality · UK	2010
VPS Holdings Business Services · UK	2010

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Lowell Group Financials · UK	2011	2015	Secondary	Permira	–

TDR Capital I

Buyout2003€565M0 assets3 exits

Buyout

2003 · 23yr

€565M

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
LPR Logistics · France	2004	2011	Trade Sale	Euro Pool System	–
Pearl Group Financials · UK	2005	2009	Secondary	Liberty Acquisition Holdings	–
PizzaExpress Hospitality · UK	2003	2014	Secondary	Hony Capital	–

About TDR Capital

TDR Capital is an alternative investment platform with capital deployed across 9 active fund vehicles, headquartered in London. The firm deploys capital across European mid and small-cap businesses spanning consumer, business services, financials, TMT and industrials.

Investment thesis

The platform combines complementary investment strategies, deploying capital across consumer, business services, financials, TMT and industrials businesses in the United Kingdom and broader European market. Multi-strategy capital deployment enables flexibility across the business lifecycle, with the partnership culture supporting management teams through growth, transmission and selective M&A across multiple fund vintages and asset classes.

Recent activity

Recent realised exits include LPR (business services, 2011). The platform tracks 9 fund vehicles, 29 active portfolio companies and 1 realised exit across the strategy's history.

Frequently asked questions

What investment strategy does TDR Capital focus on?: TDR Capital focuses on Buyout strategies in the private equity space.
How many portfolio companies does TDR Capital have?: TDR Capital has 20 active portfolio companies and 11 completed exits and 7 funds tracked on GP Intel.
Where is TDR Capital headquartered?: TDR Capital is headquartered in London, United Kingdom.
What is TDR Capital's assets under management?: TDR Capital manages approximately €15.0B in assets under management.
When was TDR Capital founded?: TDR Capital was founded in 2002.
What sectors does TDR Capital invest in?: TDR Capital invests across Consumer, Business Services, Financials, Industrials.
What are TDR Capital's recent exits?: Recent realized exits by TDR Capital include: NKD (2026) to Mr Price Group; Nordic Leisure Travel Group (2026) to Norwegian Air Shuttle; Ayvens (2025) to Public markets (Euronext Paris, staged sell-downs); David Lloyd Leisure (2025) to TDR Capital Titan (continuation vehicle); Hurtigruten (2024) to Hurtigruten creditors (AlbaCore Capital, Arini Capital Management, Barings, Cyrus Capital Partners); Keepmoat Homes (2021) to Aermont Capital; ICWG (2017) to Roark Capital; Lowell Group (2015) to Permira.