
I Squared announces new shareholders in Transportation Equipment Network ("TEN") the leading North American full-service trailer lessor
- Mubadala Investment Company, Qatar Investment Authority and other co-investors to invest over $600 million to fund further growth
- Proceeds from the fundraise used to fund the acquisitions of NETS, CTL and TIP Canada; Underscores I Squared's ability to build and scale platforms
- Investment creates a North American champion for flexible last-mile transportation solutions and an industry leading full-service lessor with over 83,000 trailers
Abu Dhabi, UAE - 15 July 2024: I Squared Capital, a leading independent global infrastructure investment manager, today announced that it has raised in excess of $600 million from Mubadala Investment Company ('Mubadala'), the Abu Dhabi sovereign investor, Qatar Investment Authority ('QIA') and others for Transportation Equipment Network ('TEN').
Trailers play a critical role in complex supply chain networks by meeting customers' needs for operational and contractual flexibility. TEN is North America's second largest full-service trailer lessors with a combined fleet of over 83,000 trailers with locations across most major logistics hubs.
TEN recently completed a transaction to combine its operations with those of TIP Canada, the North American operations of TIP Group. I Squared acquired TIP Group in August 2018, and has tripled its EBITDA in that time via a combination of organic growth and bolt-on acquisitions.
Rebranded 'TEN' earlier this year, I Squared's build out of this trailer-leasing platform began in March 2021 with the acquisition of Star Leasing and subsequent acquisitions of Cooling Concepts in May 2022, North East Trailer Services (NETS) in July 2023 and Commercial Trailer Leasing (CTL) in September 2023. The combined group provides services including integrated leasing, maintenance, advanced technological solutions, consultation services and innovative fleet electrification offerings across numerous industry verticals.
In building the TEN platform, I Squared has improved purchasing power and clarified strategic objectives for the firm. Since the platform build out started, TEN has now more than quadrupled in size thanks to strong organic growth and this series of tuck-in acquisitions.
Gautam Bhandari, Chief Investment Officer and Managing Partner, I Squared, said: 'We are delighted to welcome Mubadala, QIA and other co-investors in TEN. All of our co-investors represent like-minded, long-term capital that recognize the potential of the sector and will support the ambitions of TEN. This transaction is a win for TEN, for our investors and for I Squared's global transportation franchise.'
Giovanni Oddo, Head of Americas – Traditional Infrastructure at Mubadala, said: 'Mubadala's investment in TEN reflects our commitment to critical assets that drive economic growth and offer long-term value. The trailer leasing market shows great potential with its rapid demand growth and strong market fundamentals. We are proud to partner with I Squared Capital and other leading investors to further enable the growth of TEN's capabilities and market reach, creating one of the largest trailer leasing platforms in North America.'
Mohammed Al-Sowaidi, Chief Investment Officer for Americas at QIA, said: 'This investment is part of QIA's strategy to invest in, and partner with, the leading companies in critical sectors such as supply chain networks, logistics and warehouses globally.'
Home >> Business and Economy Section
Mercato Wows Visitors with Circus Spectacles, Iconic Slide, and Weekly Cash Priz ...
Abu Dhabi Airports and JINGDONG Property Announce Strategic Joint Venture to Est ...
Khalifa Fund for Enterprise Development launches ‘Future Entrepreneur' program t ...
Etihad Airways Expands Global Network with Three New Routes to Krakow, Salalah, ...
G-SHOCK's Summer Style Statement: Metal-Cased Watches That Define the Season
Sorbonne University Abu Dhabi and Électricité de France Forge Sustainabilit ...
Khalifa Fund for Enterprise Development's Abu Dhabi SME Champions Program facili ...
Mohammed Bin Rashid Innovation Fund Launches a New Chapter to Strengthen Governm ...
Abu Dhabi Chamber Launches Stakeholder Engagement Drive
Etihad Airways Launches Loyalty Partnership with Vietnam Airlines
New SHEGLAM Daydreamer Mini Palette Turns Pocket-Sized into Power Pigment
Passenger Growth Hits 5% in May
Abu Dhabi population in 2024 grows 7.5% to reach 4.14m
May Air Cargo Demand Up 2.2% Despite Trade Disruptions
Return to Ritual: Celebrate Self-Care Month with BUFARMA Skincare
Summer is in Season and Etihad Airways is Bringing the Heat
Rediscover family shopping days: REDTAG opens its doors in Al Ain
VinFast VF 8: The Premium Electric SUV Empowering a New Generation of Entreprene ...
Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from Multiply Group
UAE Team Emirates-XRG take home five National Championship victories