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"the search for truth is more precious than its posession"

Albert Einstein

Regulatory Information

TFC Investment Management LLP is registered in England and Wales (company number OC359590) and is authorised and regulated by the Financial Conduct Authority (FCA number 538927 and Legal Entity Identifier 213800QVQBQKZGJV7284) and is registered with the Information Commissioner’s Office (ICO) with number ZA029097.
TFC Capital LLP is registered in England and Wales (company number OC384499).

About

The founding partners of TFC have worked together for the last 22 years consecutively.

They have successfully invested and exited from €8 billion of investments since 1992.

The partners have a strong Entrepreneurial track record;

Established from ground zero a business which over 15 years became the global market leading trading and sales business in its niche, generating €4.39bn of revenues and €3.65bn of cash profits during the period for which they directly responsible for the business (it has remained highly profitable in the subsequent years)

Established 3 new businesses since 2011, all trading profitably

Have backed or supported the development of 3 further businesses since 2012

The partners were the most senior professionals in their disciplines at their previous firm and have over 60 years of combined experience in their areas of specialism.

Services

TFC uses the unrivalled and proven combination of skills and experience of its partners, obtained over the last 22 years at the highest level of operation in the international financial markets, to deliver a superior service to its clients.

The partners have spent their careers specialising in;

Directly acquiring control, or helping others to acquire control, of businesses through multiple processes and methods
Achieving, or facilitating for others, the most efficient exit valuation from an investment
Determining whether, in what form and on what terms a company can access finance
Determining the best way for a company to approaching the market to access finance
Value investing through a highly disciplined and proven methodology that they have developed

Investors

Companies

A seasoned team with decades of experience across four economic cycles
A proven formula which has lead to the successful deployment of €8 billion of capital over 20 years with annualised returns exceeding 20%
Consistent track-record for sourcing profitable investment opportunities
Clearly articulated investment strategy and lore
Deal by deal investment structure

Unrivalled breadth of practical corporate finance experience and knowledge: have structured and placed bank debt, bonds and equity
Hands on and direct experience as a Principal in Project Management: Financial Close Documentation; EPC structuring, review and negotiation; Contractor Documentation structuring and negotiation
Unrivalled inter-creditor negotiating skill and experience at the highest level in the international financial markets
Excellent track-record with investors across entire financing spectrum: banks, debt funds, equity investors

Transaction Experience

Directly involved with 243 changes of ownership
Lead and directed the negotiations on 85 complex corporate reorganisations, some of them undertaken through multiple jurisdictions
Participated in over 600 corporate reorganisations
Directed or participated in the M&A or capital markets exits of over 80 corporate reorganisations

In the Public Markets,;

Directly involved with 21 re-listings / IPO’s
Created “when and if” issued grey markets in 6 re-listings
Have evaluated the “trade sale” versus “IPO” valuation argument for over 30 companies

In the Private Equity arena;

Acquired controlling stakes in 28 companies
Negotiated transition of ownership of 14 companies to new PE owners
Exited from all controlling stakes acquired prior to 2012
Directly negotiated Shareholder / Investment Agreements for 27 companies
Acquired minority stakes in over 100 private companies

In the Public Markets;

Involved in the pricing decision on over 300 new corporate bond issues
Directly negotiated terms with the Issuer on 4 new issue bonds
Directly negotiated the restructuring terms with 44 Issuers

In the Private Bank Debt market;

Responsible for over €40 billion of bank debt transfers
Directly negotiated terms with the Issuer on 32 new issue bank facilities
Directly negotiated or facilitated the restructuring terms with over 300 Issuers of bank facilities
Underwritten and distributed 10 new issue bank facilities for corporates

Directly negotiated the commercial terms of construction contracts (FIDIC)
Negotiated the commercial terms of equipment supply contracts (FIDIC and bespoke) for major items of capital equipment on behalf of companies

Each TFC partner previously became the most senior professional in their discipline at their previous employer, serving on the Executive Committee of a top 5 Investment Bank
Over 350 staff directly hired and successfully managed, retained and incentivised over 20 years
Successful succession planning during tenure and on exit from Investment Bank
Directly responsible for the design, specification and roll out of three technology platforms
Directly responsible for the design and creation of policies, procedures and process for the relevant business areas at three financial institutions
Responsible for the successful implementation of both management KPI and financial accounting systems at 7 entities

Fundamental Analysis - TFC Industry Experience

Where TFC has previously managed a significant investment or provided a transaction service

Company

Description

Aeolian Dynamics

On-shore wind-farm developer

Channel Cable Ltd

UK - France interconnection project

CFCL

Domestic fuel cell CHP

Ceres

Domestic fuel cell CHP

Teesside Gas Processing Plant Ltd

Gas Liquids extraction plant

Severn Power Ltd

840MW UK Combined Cycle Gas Turbine power station

Drax Plc

4,000 MW coal / bio-mass power station

British Energy Plc

Nuclear power plant operator

Eggborough Power Ltd

2,000 MW coal fired power station

Company

Description

Lehman Brothers

Global investment bank

MF Global

Global brokerage business

Equitable Life

UK life insurance business

HIH

Global life insurance business

Confederation Life

Global life insurance business

Barings Plc

Global investment bank

Company

Description

Eurotunnel

Fixed link concessionaire between the UK and France

Air Canada

Canadian flag carrier

My Travel

Budget package tour operator

Swissair

Swiss diversified flag carrier

Company

Description

OTE SA

Greek fixed line and mobile operator

Virgin Media

UK cable TV operator

Marconi

Telecom electronics / internet manufacture and service business

Nortel

Telecom electronics / internet manufacture and service business

Swisscom

Swiss cable TV business

Callahan NRW

German cable TV business

UPC

Pan European cable TV business

Company

Description

Alstom

Global power and transportation engineering firm

Costain

Global construction, engineering and contracting company

ABB

Global engineering business

Legal Information

All references to TFCIM within this website refer to the legal entity TFC Investment Management LLP. All references to TFC within this website refer to the partners of TFC Investment Management LLP. All references to TFC Funds refer to the legal entity TFC Capital LLP or funds under the management of TFCIM.

All information made available on this website is intended to be for general use only and is not made available for any specific purpose.

The information and content provided on this website does not constitute, and is not intended to constitute an invitation or inducement to enter into, to offer to enter into or to exercise any rights to acquire, dispose of, underwrite or convert an investment or investment product or any other type of investment contract with TFC Investment Management LLP or TFC Capital LLP.

Any person contemplating any investment or investment product (or other type of investment activity) with TFC Investment Management LLP or TFC Capital LLP should not rely on the information made available on this website.

TFC Investment Management LLP and TFC Capital LLP reserve the right (at any time and without notice) to add or remove, update or vary any of the information that is made available on this site.

This website may contain hypertext-links to other party's websites. We have not reviewed and do not accept any responsibility for any information (and do not endorse any business product or service) that may be found at other websites.

Corporate Information

The Registered Office of TFC Investment Management LLP and TFC Capital LLP is at 21 Bedford Square, London, WC1B 3HH.