The upcoming sale by 3i Infrastructure of its airport equipment company TCR could fetch an equity value of over EUR 1bn, sources said.

The UK investor is currently in the process of collecting pitches from banks for the sale of its entire stake in the business, the largest independent lessor of airport ground support equipment operating at over 230 airports across more than 20 countries.

3i Group owns a 70% stake in TCR via its London-listed fund 3i Infrastructure, but it also manages the remaining 30% on behalf of unnamed LPs, the sources explained.

The business is expected to be marketed off EUR 165m of run-rate EBITDA, the sources added.

3i 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.

Selling at a premium, interested parties would be looking to file offers in excess of EUR 1bn, based on TCR’s most recent EBITDA, the sources added.

Banks vying for a financial advisory role will be filing their pitches this week and the next, according to sources.

TCR is one of the best performing companies in 3i’s portfolio, having delivered returns of 17.1% in the year to 31 March 2025, according to the investment firm’s 2025 annual report.

“TCR outperformed our expectations for the year due to a number of contract wins, further increasing its global presence and strong utilisation of its fleet as air traffic levels continue to grow post the pandemic,” 3i said in its annual report.

3i increased its shareholding in TCR to 96% in 2022, when it acquired DWS Asset Management’s circa 48% stake in the Belgian business for GBP 334m.

It later syndicated around 30% of it to London-registered 3i Zephyr, a co-investment vehicle managed by 3i and funded by six institutional investors.

In preparation for 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.

Another transaction involving the sale of an airport equipment leasing company hit the market earlier this year.

Spain’s AirRail has been targeted by infrastructure funds, with CVC DIF, bidding through its Berlin-headquartered portfolio company HiSERV, seen as the frontrunner for the acquisition of a controlling stake in the business.

3i declined to comment.