TIP Canada folded into TEN to form North America’s second largest trailer lessor
TIP Canada is being merged with Transportation Equipment Network (TEN) by parent I Squared Capital, forming the second largest full-service trailer leasing company in North America.
TIP Group will refocus entirely on the European market, while TEN focuses on North America. TIP Canada adds about 28,000 trailers to the TEN network. TIP Canada also contributes 12 workshops and 36 mobile service units to enhance TEN’s maintenance services.
TEN now has a combined fleet of more than 83,000 trailers with locations across most major logistics hubs in North America, the company announced by press release.
“This transaction is a win for our investors and our global transportation franchise. Leveraging I Squared’s expertise in platform building, the combination streamlines TEN and TIP’s operating footprints, improves purchasing power and clarifies strategic objectives,” said Gautam Bhandari, chief investment officer and managing partner with I Squared.
“Trailers play a critical role in complex supply chain networks by meeting customers’ needs for operational and contractual flexibility. These are two leaders in their respective markets and combined they represent a very attractive prospect for infrastructure investors.”
Scott Nelson, president of TEN, added: “While continuing to service the individual customer base, we see a great opportunity to service both Canadian customers that do business in the U.S., as well as U.S. customers that do business in Canada, providing them with value added solutions to help them run their businesses more efficiently. Our expanded scope will allow greater access to equipment and expanded relationships with our supplier partners.”
I Squared has built out its trailer leasing platform with its acquisition of Star Leasing in March 2021, followed by its purchase of Cooling Concepts in May 2022, North East Trailer Services in July 2023, and Commercial Trailer Leasing in September 2023. TEN has now quadrupled its size through those acquisitions coupled with organic growth.
I Squared purchased TIP Group in August 2018. The transaction is expected to close in the second quarter of this year.
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