TDR closes on E500m

TDR Capital has reached a final closing of €500m on its maiden fund. TDR was formed in 2002 by Manjit Dale and Stephen Robertson, former managing partners of DB Capital Partners and DB Capital Mezzanine and Tudor Capital. The fund will focus on European mid-market investments of between €25m and €75m in companies across all sectors with enterprise values of between €100m and €750m.

The first investment from the fund was the much publicized public-to-private of Pizza Expresss. TDR is also completing an agreed offer for ASK Central, a quoted mid-market UK restaurant chain. The combined PizzaExpress and ASK business will comprise over 500 outlets UK-wide.

Manjit Dale, said: “We are extremely pleased to have exceeded our fund target with commitments received from a high quality international investor base against a difficult fund raising backdrop.”