3i Infrastructure has agreed to syndicate a roughly 27 percent stake in TCR International to co-investment vehicle 3i Zephyr.
The syndication will reduce 3i Infrastructure's holding to around 69 percent from 96 percent, raising €220 million ($229 million). The proceeds will be used to repay part of its revolving credit facility.
3i Investments PLC, the company's investment manager, will continue to manage 96 percent of TCR International.
TCR International is a provider of ground support equipment rental solutions and services, supporting air industry customers in their ground handling processes. The business is located in over 160 airports, compared with 100 at acquisition, with more than 30,000 ground support equipment assets in its rental fleet, compared with 23,000 at acquisition, 3i Infrastructure noted.
Scott Moseley and Bernardo Sottomayor, managing partners and co-heads of European Infrastructure, said: "This transaction allows 3i Infrastructure
