Terra Firma
Terra Firma is a London-based private equity firm founded by Guy Hands in 2002 through the spin-out of Nomura's Principal Finance Group, where the team had invested since 1994. It pursues asset-backed buyouts in essential industries and today operates a hybrid model combining third-party LP funds with permanent capital managed for the Hands Family Office. Notable historic deals include EMI, Annington, Deutsche Annington, AWAS, Tank and Rast, Odeon and UCI, Infinis and Four Seasons Health Care. Guy Hands stepped down as Chairman and CIO in July 2023 and relocated personally to Guernsey, while the firm remains headquartered in London.
Key facts
Recent exits
Coverage notes
6 funds tracked, 35 portfolio companies (10 active · 25 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Terra Firma has raised, with its portfolio companies. Hand-checked from public filings.
Terra Firma Special Opportunities Fund IReal Estate2012 · 14yr€550M1 active
Terra Firma Capital Partners IIIBuyout2007 · 19yr€5.4B0 active · 6 realized
Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| AWAS | Aerospace & Defence | United States | 2006 | 2017 | Trade Sale | – | |
| EverPower | Energy | United States | 2009 | 2018 | Trade Sale | – | |
| Four Seasons Health Care Group | Healthcare | UK | 2012 | 2019 | Liquidation | – | |
| Infinis | Energy | UK | 2006 | 2016 | Trade Sale | – | |
| RTR | Energy | Italy | 2011 | 2018 | Trade Sale | – | |
| Wyevale Garden Centres | Consumer | UK | 2012 | 2019 | Trade Sale | – |
Terra Firma Deutsche Annington (TFDA)Real Estate2006 · 20yr€2.1B0 active · 1 realized
Terra Firma Capital Partners IIBuyout2004 · 22yr€2.1B0 active · 7 realized
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| East Surrey Holdings | Energy | UK | 2005 | 2013 | Trade Sale | – | |
| EMI | TMT | UK | 2007 | 2011 | Write-off | – | |
| Odeon & UCI | Consumer | UK | 2004 | 2016 | Trade Sale | – | |
| Pegasus | Aerospace & Defence | United States | 2005 | 2006 | GP-led | – | |
| Phoenix Group | Energy | UK | 2005 | 2013 | Trade Sale | – | |
| Tank & Rast | Consumer | Germany | 2004 | 2015 | Trade Sale | – | |
| WRG | Business Services | UK | 2003 | 2006 | Trade Sale | – |
Terra Firma Capital Partners IBuyout2002 · 24yr€1.2B1 active · 11 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Hand Picked Hotels | Consumer | UK | 2001 |
Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Angel Trains | Industrials | UK | 1996 | 2008 | Trade Sale | – | |
| AT&T Capital | Financials | United States | 1996 | 1998 | Trade Sale | – | |
| Inn Partnership | Consumer | UK | 1999 | 2002 | Trade Sale | – | |
| Inntrepreneur | Consumer | UK | 1999 | 2004 | Trade Sale | – | |
| Le Meridien | Consumer | France | 2001 | 2003 | Write-off | – | |
| Phoenix Inns | Consumer | UK | 1995 | 2002 | Trade Sale | – | |
| Thorn | Consumer | UK | 1998 | 2007 | Trade Sale | – | |
| Thresher | Consumer | UK | 2000 | 2007 | Trade Sale | – | |
| Unique Pub Company | Consumer | UK | 1999 | 2002 | Secondary | – | |
| Voyager Pub Group | Consumer | UK | 1999 | 2002 | Trade Sale | – | |
| William Hill | Consumer | UK | 1997 | 1999 | Secondary | – |
Hands Family OfficeEvergreen2000 · 26yr8 active
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| CPC | Agriculture | Australia | 2018 |
| Food Folk | Consumer | Denmark | 2017 |
| Lovat Parks | Consumer | UK | 2025 |
| Richborough | Real Estate | UK | 2022 |
| Tamara Comolli | Consumer | Germany | 2018 |
| untypical | Construction | UK | 2024 |
| Villa Saletta | Agriculture | Italy | 2000 |
| Welcome Hotels | Consumer | Germany | 2016 |
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About Terra Firma
Terra Firma is a British private equity and investment platform with capital deployed across 10 active fund vehicles, headquartered in London. The firm operates across multiple alternative strategies, with capital deployed into European businesses across consumer, industrials, financials, business services, energy and TMT.
Investment thesis
Terra Firma operates across complementary alternative investment strategies, deploying capital into European businesses across consumer, industrials, financials, business services, energy and TMT. The multi-strategy platform enables diversified capital deployment across the business lifecycle from venture and growth equity to mid-cap buyouts, with capital sourced from institutional limited partners and selective family-office capital across the United Kingdom and broader European market.
Recent activity
Realised exits across the current platform vintages remain limited, with the portfolio in active deployment and value-creation phase. The platform tracks 10 fund vehicles, 39 active portfolio companies and 0 realised exits across the strategy's history. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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