Our Private Equity Investments

Portfolio of Terra Firma's investments

The common thread that runs throughout Terra Firma's entire investment portfolio is the realisation of hidden potential

Since its launch in 1994, Terra Firma has focused on buyouts of large, asset-rich businesses – often with complex structural or regulatory issues – which are in need of strategic, operational or management change. It is these attributes, rather than any specific sector, that determines where Terra Firma will invest.

Deal	Fund	Transaction size (€m)	Key facts	Deal detail
Angel Trains	TFCP I	1,050	Key facts	Deal Angel Trains “Created the UK’s largest rolling stock leasing company” Sector Train Leasing Transaction size €1,050 Status Realised Investment year 1996 Exit Year 1997
Annington Homes	TFCP I	2,600	Key facts	Deal Annington Homes “The single largest transfer of residential property in the UK” Sector Housing Transaction size €2,600m Status Partially Realised Investment year 1996 Exit Year 1997, 2002
AT&T Capital	TFCP I	2,150	Key facts	Deal AT&T Capital “Acquisition of one of the largest U.S. equipment lessors” Sector Consumer Leasing Transaction size €2,150m Status Realised Investment year 1996 Exit Year 1997
AWAS	TFCP II/TFCP III	2,200	Key facts	Deal AWAS "Acquisition of Pegasus made AWAS the third largest global aircraft leasing company" Sector Aircraft Leasing Transaction size €2,200m Status Unrealised Investment year 2006, 2007 Exit Year –
BGCL	TFCP II	150	Key facts	Deal BGCL "Acquisition added scale to East Surrey Holding’s UK operations" Sector Utilities Transaction size €150m Status Realised Investment year 2005 Exit Year 2006
Deutsche Annington	TFDA	2,250	Key facts	Deal Deutsche Annington "The largest residential housing landlord in Germany" Sector Housing Transaction size €2,250m Status Partially Realised Investment year 2000 Exit Year 2006, 2007
EMI	TFCPIII	6,200	Key facts	Deal EMI "One of the world's largest music companies" Sector Media Transaction size €6,200m Status Unrealised Investment year 2007 Exit Year -
East Surrey Holdings	TFCP II	950	Key facts	Deal East Surrey Holdings "Acquisition of publicly-owned portfolio of regulated utility businesses" Sector Utilities Transaction size €950m Status Partially Realised Investment year 2005 Exit Year –
HBS	TFCP I	150	Key facts	Deal HBS "HBS is now established as the market leader in local government business process outsourcing services" Sector Outsourcing Transaction size €150m Status Realised Investment year 2000 Exit Year 2007
Infinis	TFCP II	–	Key facts	Deal Infinis "The UK's largest purely renewable energy business" Sector Renewable Energy Transaction size – Status Unrealised Investment year – Exit Year –
Inn Partnership	TFCP I	600	Key facts	Deal Inn Partnership "Application of a new franchise business model increased tenant performance" Sector Pubs Transaction size €600m Status Realised Investment year 1999 Exit Year 2002
Inntrepreneur	TFCP I	1,900	Key facts	Deal Inntrepreneur "Acquisition of 4,300 pubs – the largest ever pub transaction" Sector Pubs Transaction size €1,900m Status Realised Investment year 1997 Exit Year 1999–2006
Le Meridien	TFCP I	3,500	Key facts	Deal Le Meridien "Acquisition of leading international chain of luxury hotels" Sector Hotels Transaction size €3,500m Status Realised Investment year 2000–2001 Exit Year 2006
Odeon	TFCP II	650	Key facts	Deal Odeon "Odeon/UCI merger created Europe’s leading cinema chain" Sector Cinemas Transaction size €650m Status Partially Realised Investment year 2004 Exit Year 2006
Phoenix Inns	TFCP I	400	Key facts	Deal Phoenix Inns "First major purchase of a pub portfolio by a financial buyer" Sector Pubs Transaction size €400m Status Realised Investment year 1995 Exit Year 2001
Phoenix Natural Gas	TFCP II	400	Key facts	Deal Phoenix Natural Gas "Natural gas network system supplying natural gas to Greater Belfast" Sector Utilities Transaction size – Status Unrealised Investment year – Exit Year –
Pegasus	TFCP III	2,700	Key facts	Deal Pegasus "Merger with AWAS created the third largest global aircraft leasing company" Sector Aircraft Leasing Transaction size €2,700m Status Unrealised Investment year 2007 Exit Year –
Shanks	TFCP II	350	Key facts	Deal Shanks "Merged with WRG, to form the No.1 UK landfill operation" Sector Waste Management Transaction size €350m Status Partially Realised Investment year 2004 Exit Year 2006
Tank & Rast	TFCP II	1,100	Key facts	Deal Tank & Rast "Acquisition of 90% of service station concessions on the German Autobahn network" Sector Motorway Services Transaction size €1,100m Status Partially Realised Investment year 2004 Exit Year 2007
Thorn	TFCP I	1,600	Key facts	Deal Thorn "Public to private deal of the international consumer rentals business" Sector Consumer Goods Rental Transaction size €1,600m Status Realised Investment year 1998 Exit Year 2007
Thresher	TFCP I	350	Key facts	Deal Thresher "Acquisition of UK’s largest specialist off-licence retailer" Sector Alcohol Retail Transaction size €350m Status Realised Investment year 2000 Exit Year 2007
UCI	TFCP II	350	Key facts	Deal UCI "Odeon/UCI merger created Europe’s leading cinema chain" Sector Cinemas Transaction size €350m Status Partially Realised Investment year 2004 Exit Year 2006
Unique	TFCP I	1,350	Key facts	Deal Unique "Acquisition of portfolio of 3,200 pubs" Sector Pubs Transaction size €1,350m Status Realised Investment year 1999 Exit Year 2002
Viterra	TFCP I	6,500	Key facts	Deal Viterra "Acquisition by Deutsche Annington created the largest residential landlord in Germany" Sector Housing Transaction size €6,500m Status Partially Realised Investment year 2005 Exit Year 2006, 2007
Voyager	TFCP I	1,000	Key facts	Deal Voyager "Transition from managed to a tenanted pub portfolio enhanced revenues" Sector Pubs Transaction size €1,000m Status Realised Investment year 2001 Exit Year 2002
William Hill	TFCP I	1,100	Key facts	Deal William Hill "Against market consensus, identified the long-term potential of the betting industry" Sector Betting Shops Transaction size €1,100m Status Realised Investment year 1997 Exit Year 1999
WRG	TFCP II	850	Key facts	Deal WRG "Acquisition of the UK’s No.1 landfill operator and spin out of the largest independent UK renewable energy business" Sector Waste Management Transaction size €850m Status Partially Realised Investment year 2003 Exit Year 2006