Company description

TCR is the world leader in aircraft support equipment rental, based in Belgium and active in 12 countries. TCR originated the concept of long-term rental offers on this category of equipment, including a wide range of devices ranging from electric trolleys to pushback tractors. Its client base consists of independent service companies and subsidiaries of airlines or airports, with whom TCR enters into operational lease agreements of 3 to 5 years, for a range of equipment adapted to the type and frequency of the flights they need to serve.

Context of the investment

TCR was owned 50% by the Australian group Brambles and 50% by the German group Fraport. It was a non-strategic subsidiary, developing a business model with high growth potential but requiring significant investments in equipment, which its shareholders did not want to take on. Our knowledge of the professional equipment rental industry enabled us to make contact with TCR well ahead of its sale, to understand and validate its innovative business model, and to prepare for financing a major investment program in the first years of the LBO, which was a key element of its business plan.

Role of Chequers

During its 10 years as a shareholder, Chequers supported TCR’s international development, as it was initially present in 4 countries at the time of acquisition. TCR has since developed organically its activities in 8 new countries and performed selective external growth deals. This development required significant financial resources, which were provided by Chequers in an equity-increase deal that took place 4 years after the initial investment and by expanding and modifying the banking pool’s structure.


Chequers deliberately took a long-term view spanning 10 years for its investment in TCR, adapted to the nature of the business, meaning that the investments had to be allowed to mature in order to obtain a full return. This timescale led to a fourfold increase in TCR's turnover and EBITDA during Chequers’ investment period. The group’s change of scale and international presence, as well as its contract and asset base, enabled the sale of TCR to a consortium of infrastructure funds in 2016.