TDR senior operating partner departs – Exclusive

The London-based mid-market firm, which is currently investing its third, €2bn flagship vehicle, has five dedicated operating professionals left.

Industry veteran Philip Rowland has left pan-European buyout firm TDR Capital where he was a senior operating partner after more than 10 years with the firm, Private Equity International has learned.

Rowland joined the London-based mid-market firm in 2005, according to TDR’s website. He was one of longest serving of TDR’s six dedicated operating partners, alongside Steve Headington and Julian Seaward, who have both been with the firm since 2004.

He is understood to have decided to return to consultancy – Rowland was previously a consultant at McKinsey & Company – and may continue to do some work with TDR. Rowland could not be reached for comment.

Rowland is a non-executive director at TDR portfolio companies David Lloyd Leisure and Stonegate Pub Company, according to his LinkedIn profile.

TDR acquired David Lloyd, a sport and leisure company, in November 2013 from Caird Capital and UK property company London & Regional. The firm said it had been “re-energising the capital investment programme, [and] making significant improvements in the style and range of facilities available to members”.

The firm established Stonegate Pub Company, which operates the Slug & Lettuce chain, in November 2010 as a platform to acquire 333 pubs from Mitchells & Butlers. This was followed by add-on acquisitions of Town & City Pub Company in 2011 and assets from Living Room and Bramwell Pub Company in 2013 to create a group of more than 600 venues, according to TDR’s website.

TDR has helped management improve performance through “a number of operational initiatives and refurbishment programmes,” according to its website.

TDR is currently investing through TDR Capital III, a €2 billion, 2013-vintage vehicle.