The deal will take TDR Capital’s ownership of Asda to 67.5%. Credit: © ASDA 2024.

Funds managed by UK-based private equity firm TDR Capital have entered an agreement to acquire shares owned by Zuber Issa in supermarket chain Asda.  

The deal brings TDR’s ownership of Asda to 67.5%, with the remaining 22.5% and 10% owned by Mohsin Issa and Walmart respectively. 

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The transaction will be completed in the third quarter of 2024. 

TDR Capital and the Issa brothers invested in Asda in 2021, taking majority ownership of the retail business. 

Since then, along with other shareholders, TDR has backed the retailer’s strategy, with a focus on reducing prices and expanding into the convenience retail segment. 

In May 2024 Asda reported a 6.6% growth in total revenues, excluding fuel, amounting to £5.3bn ($6.7bn) for the first quarter of the fiscal year 2024.  

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The retailer is currently on the hunt for a permanent CEO to lead the business in its next phase of growth.  

TDR Capital managing partners Gary Lindsay and Tom Mitchell said: “We first invested in Asda over three years ago, seeing a huge opportunity to cement its position as one of the UK’s leading retail brands. By combining our investment and sector expertise with Asda’s heritage of delivering value for customers, we have already made significant progress in transforming Asda.  

“We have added a scale convenience business, grown Asda’s store footprint from 623 to 1,200 stores and food-to-go sites, and launched a hugely successful loyalty app which now has six million active customers, accounting for around half of total sales.  

“We remain focused on investing in Asda’s stores and online, as well as its colleagues through the highest pay in the traditional supermarket sector, to drive sustainable, long-term growth.” 

The acquisition comes after TDR Capital held exclusive discussions recently to acquire Italian discount retailer Acqua & Sapone from US investment firm HIG Capital.