Stonepeak has acquired US regional trailer dealership and leasing company Fleet Companies as the portfolio for its strategy to build a national trailer platform.
The $70bn (€66.3bn) real assets manager has invested an undisclosed amount to acquire Fleet Companies, which provides trailer dealership, leasing, drop yard and maintenance services to a range of blue-chip clients and other transportation companies.
James Wyper, senior MD and head of transportation and logistics at Stonepeak, said: “We view trailer leasing as an attractive sector and a strong fit for our investment strategy, given its essentiality to the transport supply chain, durable industry growth, and history of delivering solid returns on assets throughout economic cycles.
In a joint statement, John Wilbur, CEO, and Erek Starnes, president and COO of Fleet, said: “We are excited to partner with Stonepeak and tap into their deep industry expertise, operational support, and broad capital base.
“We look forward to prioritising our customers’ experience by expanding our fleet, upgrading our systems and leveraging our highly experienced team. This transaction positions us well to become an industry leader with a hyper focus on customer satisfaction.”
Graham Brown, MD at Stonepeak, said: “We have full confidence in John Wilbur and Erek Starnes, two industry veterans with whom we are partnering to grow this platform, and are optimistic about Fleet’s ability to continue to grow and deliver for its customers.”
Stonepeak has existing investments in transportation-focused asset leasing businesses, such as marine chassis leasing company TRAC Intermodal and shipping container lessor Textainer, and recently entered into an agreement to acquire Air Transport Services Group, a provider of aircraft leasing and cargo transportation services.
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