TDR Capital Agrees Roughly €400m Takeover of Lovehoney Group
TDR Capital, the private equity firm that owns Asda and Britain's biggest pubs operator, has agreed a deal worth roughly €400m (£334m) to acquire Lovehoney Group, a major player in the fast-growing intimate wellness industry. The acquisition was announced on 31 October 2026. No further details on financing structure, advisers, or deal conditions were available in the source.
Why this matters
A €400m buyout by an established UK-connected PE house signals continued appetite for consumer-sector acquisitions despite elevated interest rates. TDR Capital's existing portfolio, spanning grocery retail and hospitality, makes this a notable sector diversification into wellness. The deal illustrates that mid-market European private equity activity has not stalled even as debt costs remain high.
On the Ground
Transactions of this size activate M&A, financing, and competition law practices. Lawyers would advise on SPA negotiation, debt financing documentation, and any required merger filings across relevant jurisdictions. A trainee would typically assist with due diligence checklists, data room management, and conditions precedent tracking.
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