TDR runs single-asset restructuring – exclusive

Landmark Partners is lined up to back the deal which involves pub chain Stonegate Pubs.

TDR Capital is carrying out a single asset secondaries process on its crisis-era fund with Landmark Partners as the likely backer, Secondaries Investor has learned.

The process involves moving the remaining asset in the 2007-vintage €2.2 billion TDR Capital II into a continuation vehicle managed by TDR and backed by secondaries capital, according to two sources familiar with the deal.

It is not clear if Landmark is the sole buyer or whether the deal has closed.

Rede Partners is advising on the transaction, Secondaries Investor understands.

The asset is Stonegate Pubs, a British firm that owns pub chains including Slug and Lettuce and Yates’s, according to TDR’s website.

Among the investors in TDR Capital II are ICG Enterprise Trust, Quilvest Private Equity and University of Richmond, according to PEI data.

Landmark has backed secondaries processes with TDR before. In 2016 the firm provided a proportion of €835 million in follow-on capital to develop the assets in TDR Capital II and made a stapled commitment to its successor.

On Wednesday Secondaries Investor reported that PAI Partners is also carrying out a single-asset restructuring on its 2005-vintage Fund IV to give more time and capital to Perstorp, a Swedish chemicals producer.

According to research by secondaries advisor Campbell Lutyens, the average secondaries buyer backed between three and four single-asset deals in 2017.

TDR, Landmark and Rede Partners declined to comment.