06 Nov 2025
We are pleased to announce that on 6 November 2025, TDR Capital III sold its interest in David Lloyd Leisure (“DLL”), one of Europe’s largest operators of premium racquets, health and wellness clubs to a newly established continuation fund, TDR Capital Titan (“Titan”), backed by a consortium of leading secondaries investors.
Since TDR’s initial investment in November 2013, the firm has worked closely with DLL’s industry-leading management team to deliver a major operational transformation and capital investment programme — refurbishing, expanding, and premiumising the club estate. Over this period, David Lloyd has grown from 91 to 134 clubs across the UK and Continental Europe, nearly doubling its membership base to over 810,000 members, and significantly increasing both revenue and EBITDA. The company now employs over 11,000 people.
This next chapter represents a continuation of TDR’s long-term partnership with the business and its management team, as DLL continues its growth and development across Europe. We are pleased that TDR Capital SOF I had the opportunity to make an investment alongside Titan in this next phase of DLL’s growth.
Learn more about our investment in David Lloyd.