Shearman And Sterling

News November 27, 2019

TDR Capital's Recommended Cash Offer of £1.9 Billion for BCA Market Place

Shearman & Sterling recently advised AlbaCore Capital Group (AlbaCore), a European credit manager, in connection with TDR Capital's recommended cash offer of £1.9 billion for BCA Market Place, the owner of AlbaCore invested in BCA Market Place alongside TDR Capital through the issuance of preferred equity instruments.   Korey Fevzi, partner in Shearman & Sterling's European Finance practice, commented: "We are delighted to support our long-standing client AlbaCore on all aspects of their investment in this transaction. Our market-leading Finance, M&A, Capital Markets and Tax practices worked as a highly integrated team on this deal, which showcases the important role credit funds can play in the record number of take-private transactions we are seeing this year."  

David Allen, Founder and Chief Investment Officer of AlbaCore, commented: “Shearman & Sterling has been excellent to work with, supporting us on the many complex issues that arise when structuring credit transactions. They work seamlessly across their teams to provide us with an effective solution that can execute flexibly and according to the timescale of the public to private deals we are funding.”  

AlbaCore is a specialized European credit platform headquartered in London with €3.4 billion under management and focuses on opportunities across corporate credit markets. AlbaCore takes a patient, long-term investment approach to private and opportunistic European credit markets. Its credit selection process is based on fundamental research focusing on capital preservation and risk-adjusted total returns.  

TDR Capital is a leading private equity firm with over €8 billion of committed capital. The company invests in medium-sized, European businesses and partners with them to develop and grow their operations.  

BCA Market Place is the U.K.’s largest operator of physical and digital auctions of used cars.

The Team