3i Infrastructure has appointed Deutsche Bank to prepare the sale of its airport equipment company TCR, according to sources familiar with the situation.

Deutsche Bank’s appointment follows a competitive banking bake-off in recent weeks, which saw several investment banks pitching for a role, the sources added.

The timeline of the transaction remains unclear, although sources noted that the deal will most likely hit the market after summer.

3i declined to comment, while Deutsche Bank did not respond to a request for comment.

3i Group owns a 70% stake in TCR, the largest independent lessor of airport ground support equipment operating at over 230 airports across more than 20 countries, via its London-listed fund 3i Infrastructure.

It also manages the remaining 30% on behalf of unnamed LPs, and is expected to sell its entire stake in the business.

Infralogic previously reported that prospective bidders would be looking to file offers in excess of EUR 1bn, based on TCR’s most recent run-rate EBITDA of EUR 165m.

3i Infrastructure valued its 70% stake in TCR at GBP 639m (EUR 758m) in its latest annual report, published in early May, which would value the entirety of the business at GBP 913m.

Ahead of the upcoming sale, 3i closed a EUR 450m refinancing of TCR’s debt, which allowed a GBP 60m distribution to 3i Infrastructure, according to the accounts.

3i joined forces with DWS to buy TCR from private equity firms Chequers Capital and Florac, in a EUR 776m deal, comprising EUR 408m of equity and a EUR 368m debt package, closed in 2016.

Six years later, 3i increased its shareholding in TCR via the acquisition of DWS’s circa 48% stake in the Belgian business for GBP 334m.

Once officially launched, TCR will become the second large airport equipment leasing company to come up for sale this year.

Spain’s AirRail has been targeted by infrastructure funds, including CVC DIF, which bid via its Berlin-headquartered portfolio company HiSERV before recently withdrawing from the process.