May 10, 2018
I Squared Capital, an independent global infrastructure investment manager, has signed an agreement through its ISQ Global Infrastructure Fund II, to acquire a 100 percent interest in TIP Trailer Services, a leading pan-European and Canadian trailer leasing and services company, from HNA Group (International) Company Limited.
Headquartered in Amsterdam and operating in 17 countries, TIP is one of the leading companies in its field in markets across Europe including Germany, the UK, Italy, France, Spain and the Benelux countries, as well as in Canada. It has a fleet of over 66,000 trailers and 86 trailer service centers serving approximately 7,700 customers, including numerous global logistics operators and retailers.
“Our investment in TIP is the result of a detailed review of global transportation opportunities that provide essential links while benefiting from macro-economic tailwinds,” said Adil Rahmathulla, Partner of I Squared Capital. “With strong market positions across Europe and a sizeable business in North America, TIP’s global reach is an excellent fit for I Squared Capital. We look forward to working with TIP’s seasoned executive management team and roster of world-class logistics and retail customers to continually deliver essential services and position the business to drive growth across Europe, North America and beyond.”
“This is the start of an exciting new chapter for TIP and we believe that as an infrastructure investor that knows our sector well, I Squared Capital will be a strong long-term partner for us,” said Bob Fast, CEO of TIP. “Our business is well-positioned for growth in the transportation equipment leasing and maintenance services sector in Europe and North America, and we are glad to have a partner with the capital to invest in our fleet and enable us to deliver even better service to our valued customers.”
I Squared Capital is a global infrastructure investor with over $12 billion of assets under management and focusing on energy, utilities, telecom and transport. Select portfolio companies include the Viridian Group, a leading integrated Irish utility with conventional generation, renewable generation, and supply; Grupo T-Solar, one of largest solar platforms in Spain with 392 megawatts of photovoltaic and concentrated solar power generation capacity; and American Intermodal Management, a transportation platform leasing new marine chassis with GPS technology to retailers, logistics companies and shipping lines in the U.S. intermodal supply chain.
Linklaters is legal advisor to I Squared Capital. EH Global Capital is the financial advisor to HNA, and CMS is HNA’s legal advisor.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe, and Asia. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.
About TIP Trailer Services
TIP Trailer Services is one of Europe and Canada’s leading equipment service providers. TIP Trailer services specializes in trailer leasing, rental, maintenance and repair, as well as other value-added services and provide these to transportation and logistics customers across Europe and Canada. Headquartered in Amsterdam, TIP services their customers from 86 locations spread over 17 countries.