While the French middle market buyout sector continues to represent a particularly attractive investment opportunity, the ability to identify attractive businesses and manage them over several years to a successful conclusion has become increasingly challenging, with only a few teams achieving positive results on a recurring basis.

Due to its highly experienced team and privileged deal sourcing network, TCR has been able to continually identify, execute, manage and successfully exit transactions since its inception. The TCR funds focus on buyout investments, targeting majority stakes as lead or co-lead investor in financially sound companies with principal activities based in France.

Although the TCR Funds will not normally focus on a given industry sector, we have a preference for companies that fall within Business-to-Business services, Business-to-Consumer Services, Specialised Distribution, Leisure or Niche Manufacturing sectors. The team believes that companies in these sectors typically have a number of attractive characteristics including a growing customer base, low capital expenditure and working capital requirements, reduced exposure to imports from low-cost labour countries, low exposure to business cycle risk, and high visibility of future sales.

TCR will not invest in real estate, business start-ups, turnarounds, heavy industry or companies exposed to either technological or commodity type risk or highly seasonal behaviour.