- 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
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.”
About I Squared Capital
I Squared is a leading independent global infrastructure
investor with $40 billion in assets under management. We are known
for the development of investment platforms in infrastructure
projects where we start small and grow big. We use global insights
and deep local intelligence to solve complex problems, foster
smarter businesses, serve local communities, and invest in a more
sustainable future to provide essential services to millions of
people around the world. We are a team of over 280 people,
headquartered in Miami with offices in Abu Dhabi, London, Munich,
New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a
diverse portfolio of 83 companies in 71 countries with over 66,000
employees in a variety of sectors including utilities, energy,
digital infrastructure, transport, environmental infrastructure,
and social infrastructure. You can find out more by visiting:
www.isquaredcapital.com.
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a
global portfolio, aimed at generating sustainable financial returns
for the Government of Abu Dhabi. Mubadala’s $302 billion (AED 1,111
billion) portfolio spans six continents with interests in multiple
sectors and asset classes. We leverage our deep sectoral expertise
and long-standing partnerships to drive sustainable growth and
profit, while supporting the continued diversification and global
integration of the economy of the United Arab Emirates. For more
information about Mubadala Investment Company, please visit:
www.mubadala.com.
About Qatar Investment Authority
Qatar Investment Authority (“QIA”) is the sovereign wealth fund
of the State of Qatar. QIA was founded in 2005 to invest and manage
the state reserve funds. QIA is among the largest and most active
sovereign wealth funds globally. QIA invests across a wide range of
asset classes and regions as well as in partnership with leading
institutions around the world to build a global and diversified
investment portfolio with a long-term perspective that can deliver
sustainable returns and contribute to the prosperity of the State
of Qatar.
About TEN (Transportation Equipment Network)
TEN (Transportation Equipment Network) is the largest
full-service trailer lessor in the United States, with over 83,000
trailers and locations across the U.S. and Canada. TEN provides
full-service support well beyond leasing including, maintenance,
advanced technological solutions, consultation services, and other
innovative offerings across numerous industry verticals. Previously
known as Star Leasing Company, CTL, Cooling Concepts, NETS Leasing,
and TIP Canada, these merged entities announced their decision
earlier this year to rebrand collectively as TEN, effective 1 July
2024. For more information, visit https://tenleasing.com/.
Disclaimers
This document does not constitute advice or a recommendation or
offer to sell or a solicitation to deal in any security or
financial product. It is provided for information purposes only.
Investing involves risk, loss of principal is possible.
Specific investments described herein do not represent all
investment decisions made by ISQ. The reader should not assume that
investment decisions identified and discussed were or will be
profitable. Specific investment advice references provided herein
are for illustrative purposes only and are not necessarily
representative of investments that will be made in the future.
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version on businesswire.com: https://www.businesswire.com/news/home/20240713566555/en/
Media Contacts I Squared Capital Dominic McMullan
Info@isquaredcapital.com Mubadala Dana Jamal Al-Suwaidi
djalsuwaidi@mubadala.ae Qatar Investment Authority
Media@qia.qa