With growing competition and a limited pipeline of airport transactions, airport investors are increasingly turning to ancillary airport businesses as a means to accessing the aviation asset class.
The 2016 sale of TCR, a ground service equipment leasing provider, attracted significant interest from both private equity and infrastructure investment firms. Ultimately, the company was acquired by 3i and Deutsche Alternative Asset Management—both investors associated with more traditional infrastructure investments. The type of investor TCR attracted indicated that it was considered to have the potential to offer infrastructure-like return characteristics.
As the market leader in its sector, the TCR opportunity could be considered a “one-off”. However, the success of this transaction indicates that other similar transactions may follow. In this white paper, ICF explores the infrastructure characteristics of the TCR case and considers other businesses associated with airports that could attract infrastructure investors.
Download the full white paper to read more.