Asda Owner TDR Capital’s Founders Hand Over Control After Two Decades
Asda Owner TDR Capital’s Founders Hand Over Control After Two Decades
(Bloomberg) -- TDR Capital’s founding partners are handing over the reins after spending about two decades building up the U.K. private equity firm.
Stephen Robertson and Manjit Dale will pass management to Gary Lindsay and Tom Mitchell, who will become managing partners, according to a letter sent to investors. Dale will become the firm’s chief investment officer, while Robertson will remain a member of TDR’s investment committee.
The investment firm also owns fitness center chain David Lloyd Leisure and bar operator Stonegate Pub Co. A representative for TDR didn’t immediately respond to a request for comment.
Robertson and Dale set up TDR in 2002 with help from hedge fund billionaire Paul Tudor Jones. Before that, the pair worked together at DB Capital Partners, then the private equity arm of Deutsche Bank AG.
Next Generation
Thibaut Large has also decided to leave TDR to pursue investments in the technology sector, according to the investor letter. Investment partner Jonathan Rosen will remain with the firm but devote more time to charitable activities.
The change of management at TDR comes at a time when many well-known private equity firms are laying the groundwork for a new generation of dealmakers. In October, KKR & Co.’s billionaire founders Henry Kravis and George Roberts handed over control of the firm, following a similar move by rival Carlyle Group Inc. in 2017.
High valuations in the public markets are also providing leaders of alternative investment firms a potentially lucrative avenue to cash out and aid succession planning. CVC Capital Partners has been informally discussing the idea of an initial public offering after the successful listings of Bridgepoint Group Plc and EQT AB, though no decision has been made, Bloomberg News reported previously.
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