Barings and Partners Group have helped recapitalise a $1.4bn (€1.2bn) US transportation equipment provider.

The Barings-led recapitalisation has help Milestone raise over $1bn in equity commitments from institutional investors in a transaction that values the company at $1.4bn.

As part of the deal, Partners Group acquired a co-control ownership stake in Milestone and joined the company’s board of directors alongside Barings.

Milestone operates a fleet of over 95,000 owned and managed trailers, chassis, and containers across more than 70 locations across the US. The company provides equipment and logistics solutions to its customers and is one of the largest lessors of critical transportation equipment to US parcel carriers. 

Don Clayton, Milestone’s CEO, said: “We are excited by the opportunity to build on this progress with the continued partnership of Barings and the addition of Partners Group.

”We remain highly committed to delivering the best customer experience in the industry, while providing every Milestone team member the tools they need to grow and prosper.”

Ed Diffendal, managing director, private infrastructure at Partners Group, said: “Milestone is an established infrastructure business that provides exposure to e-commerce, a transformative trend that continues to gather pace as economies digitise. Based on its scale, service, and fleet quality, we have conviction in Milestone’s ability to capture a growing share of the transportation equipment market.

”Our value creation plan will further develop Milestone’s mobile warehouse offering, as well as build out its network into under-served geographies across the US.”

Tom Juterbock, managing director, Barings private equity/real assets, said: “We are thrilled to complete the equity recapitalisation of Milestone, which will help enable the company to achieve its long-term growth objectives.

”We look forward to working with Partners Group to continue providing Milestone with the resources to excel over the coming years.”

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