Investment firm ITE Management announced Tuesday it has acquired a majority stake in Trend Intermodal Chassis Leasing.
Based in Kearny, New Jersey, Trend leases a portfolio of chassis and gensets to intermodal trucking companies in the Northeast as well as other primary intermodal markets. Trend is a term lease provider of assets compared to most providers that operate in a chassis pool configuration.
Financial terms of the transaction were not provided.
“Trend is synonymous in the chassis market with fleet quality and best-in-class customer support,” said Jennifer Polli, ITE managing director, head of intermodal and senior operating partner. “They are the perfect chassis leasing platform to serve as ITE’s partner in pursuit of growth opportunities across the intermodal value chain.”
New York-based ITE primarily invests in operators of railcars, intermodal equipment, aircraft and marine assets.
Trend’s current management team will continue to run the business.
“We welcome ITE as a committed expert in the intermodal sector, said Ayman Awad, Trend founder and CEO. “Their operational and capital support is instrumental in the next chapter for Trend and will create long-term value for our existing customers.”
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