What investment strategy does Terra Firma focus on?

Terra Firma focuses on Buyout, Real Estate strategies in the private equity space.

How many portfolio companies does Terra Firma have?

Terra Firma has 11 active portfolio companies and 26 completed exits and 6 funds tracked on GP Intel.

Where is Terra Firma headquartered?

Terra Firma is headquartered in London, United Kingdom.

When was Terra Firma founded?

Terra Firma was founded in 2002.

What sectors does Terra Firma invest in?

Terra Firma invests across Consumer, Real Estate, Energy, Industrials, Healthcare.

What are Terra Firma's recent exits?

Recent realized exits by Terra Firma include: Four Seasons Health Care Group (2019) to H/2 Capital Partners; Wyevale Garden Centres (2019) to Multiple site buyers; EverPower (2018) to BlackRock Real Assets; RTR (2018) to F2i; AWAS (2017) to Dubai Aerospace Enterprise; Infinis (2016) to 3i Infrastructure; Odeon & UCI (2016) to AMC Theatres; Tank & Rast (2015) to Allianz-led consortium.

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Terra Firma

London, United Kingdom·Founded 2002·

Buyout Real Estate

·terrafirma.com

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.

AUM

–

Funds

vintages 2000–2012

Portfolio

Exits

Terra Firma is a London buyout firm with 11 active companies and 26 exits.

SectorsConsumer Real Estate Energy Industrials Healthcare

Key takeaways

·Average hold across 26 realized deals: 6 years.
·Top sector focus: Hospitality (27% of portfolio).
·Fund cadence: ~2Y between vintages · last raise 2012.

Sector breakdown

37 companies

Hospitality

10 · 27%

Consumer

7 · 19%

Energy

5 · 14%

Real Estate

3 · 8%

Business Services

3 · 8%

Aerospace & Defence

2 · 5%

Agriculture

2 · 5%

Healthcare

1 · 3%

Geography breakdown

7 geographies

24 · 65%

4 · 11%

Germany

4 · 11%

Italy

2 · 5%

France

1 · 3%

Australia

1 · 3%

Denmark

1 · 3%

Key facts

HQLondon, United Kingdom

Founded2002

Websiteterrafirma.com

Recent exits

Terra Firma sold Four Seasons Health Care Group to H / 2 Capital Partners in 2019 after 7 years.

Terra Firma sold Wyevale Garden Centres to Multiple site buyers in 2019 after 7 years.

Terra Firma sold EverPower to BlackRock Real Assets in 2018 after 9 years.

Terra Firma sold RTR to F2i in 2018 after 7 years.

Partners

Guy HandsFounder

Coverage notes

6 funds tracked, 37 portfolio companies (11 active · 26 realized). Verified weekly from public filings and deal announcements.

Investment team

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

Guy Hands

Founder

Funds & portfolio

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

6 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Terra Firma Special Opportunities Fund I

Real Estate2012€550M2 assets

Real Estate

2012 · 14yr

€550M

–

Unrealized

2 held

Company	Entry
Annington Real Estate · UK	2012
Richborough Estates Business Services · UK	2022

Terra Firma Capital Partners III

Buyout2007€5.4B0 assets6 exits

Buyout

2007 · 19yr

€5.4B

Realized

6 exits

Company	Entry	Exit	Type	Buyer	MOIC
AWAS Aerospace & Defence · US	2006	2017	Trade Sale	Dubai Aerospace Enterprise	–
EverPower Energy · US	2009	2018	Trade Sale	BlackRock Real Assets	–
Four Seasons Health Care Group Healthcare · UK	2012	2019	Recapitalization	H/2 Capital Partners	–
Infinis Energy · UK	2006	2016	Trade Sale	3i Infrastructure	–
RTR Energy · Italy	2011	2018	Trade Sale	F2i	–
Wyevale Garden Centres Consumer · UK	2012	2019	Trade Sale	Multiple site buyers	–

Terra Firma Deutsche Annington (TFDA)Realized

Real Estate2006€2.1B0 assets1 exits

Real Estate

2006 · 20yr

€2.1B

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Viterra Real Estate · Germany	2005	2014	IPO	Public markets	–

Terra Firma Capital Partners II

Buyout2004€2.1B0 assets8 exits

Buyout

2004 · 22yr

€2.1B

Realized

8 exits

Company	Entry	Exit	Type	Buyer	MOIC
East Surrey Holdings Energy · UK	2005	2013	Trade Sale	Utility trade buyers	–
EMI TMT · UK	2007	2011	Trade Sale	Citigroup	–
Odeon & UCI Consumer · UK	2004	2016	Trade Sale	AMC Theatres	–
Pegasus Aerospace & Defence · US	2005	2006	Trade Sale	Dubai Aerospace Enterprise	–
Phoenix Group Energy · UK	2005	2013	Trade Sale	Hastings Funds Management	–
Shanks Business Services · UK	2004	2006	Trade Sale	FCC	–
Tank & Rast Consumer · Germany	2004	2015	Trade Sale	Allianz-led consortium	–
WRG Business Services · UK	2003	2006	Trade Sale	FCC	–

Terra Firma Capital Partners I

Buyout2002€1.2B1 assets11 exits

Buyout

2002 · 24yr

€1.2B

Unrealized

1 held

Company	Entry
Hand Picked Hotels Hospitality · UK	2001

Realized

11 exits

Company	Entry	Exit	Type	Buyer	MOIC
Angel Trains Mobility · UK	1996	2008	Trade Sale	Babcock and Brown consortium	–
AT&T Capital Financials · US	1996	1998	Trade Sale	Newcourt Credit Group	–
Inn Partnership Hospitality · UK	1999	2002	Trade Sale	Enterprise Inns	–
Inntrepreneur Hospitality · UK	1999	2004	Trade Sale	Unique Pub Company	–
Le Meridien Hospitality · France	2001	2003	–	–	–
Phoenix Inns Hospitality · UK	1995	2002	Trade Sale	Pub trade buyers	–
Thorn Consumer · UK	1998	2007	Trade Sale	Vision Capital	–
Thresher Consumer · UK	2000	2007	Trade Sale	Vision Capital	–
Unique Pub Company Hospitality · UK	1999	2002	Secondary	Enterprise Inns	–
Voyager Pub Group Hospitality · UK	1999	2002	Trade Sale	Pub trade buyers	–
William Hill Consumer · UK	1997	1999	Secondary	Cinven and CVC	–

Hands Family OfficeRealized

Evergreen20008 assets

Evergreen

2000 · 26yr

–

Unrealized

8 held

Company	Entry
CPC Agriculture · Australia	2018
Food Folk Hospitality · Denmark	2017
Lovat Parks Hospitality · UK	2025
Richborough Real Estate · UK	2022
Tamara Comolli Consumer · Germany	2018
untypical Construction · UK	2024
Villa Saletta Agriculture · Italy	2000
Welcome Hotels Hospitality · Germany	2016

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.

Frequently asked questions

What investment strategy does Terra Firma focus on?: Terra Firma focuses on Buyout, Real Estate strategies in the private equity space.
How many portfolio companies does Terra Firma have?: Terra Firma has 11 active portfolio companies and 26 completed exits and 6 funds tracked on GP Intel.
Where is Terra Firma headquartered?: Terra Firma is headquartered in London, United Kingdom.
When was Terra Firma founded?: Terra Firma was founded in 2002.
What sectors does Terra Firma invest in?: Terra Firma invests across Consumer, Real Estate, Energy, Industrials, Healthcare.
What are Terra Firma's recent exits?: Recent realized exits by Terra Firma include: Four Seasons Health Care Group (2019) to H/2 Capital Partners; Wyevale Garden Centres (2019) to Multiple site buyers; EverPower (2018) to BlackRock Real Assets; RTR (2018) to F2i; AWAS (2017) to Dubai Aerospace Enterprise; Infinis (2016) to 3i Infrastructure; Odeon & UCI (2016) to AMC Theatres; Tank & Rast (2015) to Allianz-led consortium.