KKR’s latest global infrastructure fund is acquiring ISO tank container services company Boasso Global from Apax Partners.

The companies said Apax funds have agreed to sell their majority interest in Boasso to KKR Global Infrastructure Investors IV, the KKR fund which raised $17bn (€17.3bn) in March this year. Financial details were undisclosed.

Boasso provides depot, maintenance, cleaning, and transportation services for the ISO tank container industry in North America and Europe.

The Apax funds acquired Boasso in 2015 as part of their purchase of Quality Distribution, a global logistics and transportation provider. Last year, Quality Distribution sold its Quality Carriers bulk liquid chemical transportation business to CSX Corporation. As a result of that transaction, Boasso became a standalone entity.

Dash Lane, partner on KKR’s infrastructure team, said: “Boasso utilises its network of assets to provide essential services to operators of ISO tanks, facilitating the efficient and safe flow of chemical and food grade products that are critical to the global economy. 

“We are very excited to begin working with Joe and the rest of the Boasso team. Our patient, long-term oriented capital is well positioned to support Boasso’s network of facilities, its employees and its customers in their next phase of growth.”

Ashish Karandikar, a partner at Apax, said, “We are very proud of what the Boasso team has accomplished over the past seven years, advancing the company’s record of excellence and executing a well-defined strategy. It has been a pleasure to work with Boasso’s experienced management team and we wish them nothing but success in the future.”

Joe Troy, chairman and CEO of Boasso, said: “It has been a privilege to work with Apax, whose guidance and support have helped Boasso achieve significant growth.

”As we look ahead, we are excited about the new opportunities before us as we continue to expand our global footprint and provide our customers with the outstanding service offerings they have come to expect. We also look forward to beginning our new strategic partnership with KKR.”  

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