Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  17.06.2021 
C(2021)  451 final  
PUBLIC VERSION 
TDR Capital LLP  
20 Bentinck Street   
London W1U 2EU  
United Kingdom  
Subject : Case M.10269 – TDR CAPITAL / ARROW GLOBAL  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economi c Area2  
Dear Sir or Madam,  
1. On 21 May 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking  TDR Capital LLP (‘TDR Capital’, UK)  acquire s within the meaning of 
Article 3(1)(b) of the Merger Regulation sole  control over the whole of the 
undertaking Arrow Global Group plc (‘Arrow Global’, UK) by way of purchase of 
shares.3 
2. The business activities of the undertakings concerned are:  
− for TDR Capital: TDR Capital is a private equity firm investing in a variety of 
sectors including in motor fuels retail, gyms and health clubs, conveyor car washes, vacant property services, UK social housing refurbishment services, modular construction, pubs and restaurants, logistic pallet return, coastal transport, life insurance and UK retirement income products,  
− for Arrow Global: Arrow Global is an investor and asset manager. Arrow Global targets three core asset classes, comprising unsecured and secured non -
performing, and performing portfolio investments across the consumer, SME, mortgage, real estate, master servicing / securitization / credit bureau and fund management niches. Arrow Global operates a number of investment and servicing 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 207, 1.06.2021 , p. 4. 

2 brands, through which it provides investment opportunities for institutional funds 
and deleveraging solutions for banks. 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agre ement . 
For the Commission  
  (Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.