Approved · Notification · Phase 1 · decided in 32 days, 18 May 2026
Global Infrastructure Management, via GIP V Snow Bidco Limited, proposes to acquire 100% of Envol Holdings Limited and its TCR Group subsidiaries. TCR Group leases and maintains GSE at Australian airports. Global Infrastructure Management is ultimately controlled by BlackRock, Inc., with the target currently controlled by 3i Group plc.
GIP V Snow Bidco Limited (the Acquirer) proposes to acquire 100% of the issued share capital of Envol Holdings Limited and its subsidiaries including TCR Group (the Target) (the Acquisition). The Acquirer is a special purpose vehicle controlled by funds managed and/or advised by Global Infrastructure Management, LLC (together with is affiliates, Global Infrastructure Management). Global Infrastructure Management is the global independent infrastructure fund manager of Global Infrastructure Partners (GIP), headquartered in New York, United States (US), and primarily focused on investing in transportation, energy, waste, water, and digital infrastructure sectors. Global Infrastructure Management also holds a 37% interest in Sydney Aviation Alliance Holdings Pty Ltd, which fully owns Sydney Airport Corporation Ltd. Global Infrastructure Management is ultimately controlled by BlackRock, Inc. (BlackRock). BlackRock is a US company listed on the New York Stock Exchange. BlackRock is active in the provision of global investment management, risk management and advisory services to institutional and retail clients around the world. The Target is the holding entity of TCR Group (TCR), which is primarily active in full-service leasing of ground support equipment (GSE) to independent ground handlers, airlines, and airports globally. TCR also provides repair and maintenance services for GSE (on both leased and third-party fleet) and fleet management services. TCR is headquartered in Steenokkerzeel, Belgium. In Australia, TCR is involved in the leasing out and maintenance of GSE at airports around Australia through various subsidiaries. TCR is currently indirectly solely controlled by 3i Group plc. 3i Group plc is an international investment company listed on the London Stock Exchange, with offices in Europe and North America.