Financial terms for the agreement, which is subject to customary closing conditions and regulatory approvals, were not disclosed. TRAC’s existing management team will remain to run the business, TRAC said on Feb. 18.
Both parties will benefit from the acquisition, according to Princeton, New Jersey-based TRAC. Stonepeak’s support will enable TRAC to grow the company’s presence in North America. TRAC operates 180,000 marine chassis nationwide, with an operating footprint of over 650 locations.
TRAC also has three subsidiaries: TRAC Tire Services, which supplies tires and parts; FYX, an emergency fleet roadside assistance offering; and TRAC Services, which provides maintenance, repair and depot services to intermodal and over-the-road customers.
“We are excited to have Stonepeak as our new sponsor,” said Jennifer Polli, TRAC president and CEO. “We welcome the operational and capital support that Stonepeak will provide. Their deep experience and relationships in North America will help fuel our continued growth and reinforce our industry leadership position.”
Meanwhile, Stonespeak said the acquisition complements Stonepeak’s existing portfolio, which spans infrastructure assets within the energy, power and renewables, transportation, utilities, water and communications sectors.
According to Stonepeak’s website, the company’s current transportation portfolio includes Casper Crude to Rail, a joint venture with Cogent Energy Solutions and Granite Peak Development to develop, construct and operate crude oil rail infrastructure in Casper, Wyoming, and a number of energy midstream companies that seek to find transportation solutions.
“Stonepeak is pleased to partner with TRAC Intermodal to build upon its position as an industry-leading critical intermodal infrastructure provider,” said Luke Taylor, Executive Committee Member, and James Wyper, Senior Managing Director, both of Stonepeak. “Our focus will be on continuing to provide TRAC’s customer base with best-in-class service solutions while also pursuing new commercial opportunities across the value-chain through our industry relationships.”
Investment bank Citi will serve as TRAC’s financial advisor and law firm Skadden Arps will serve as TRAC’s legal advisor during the acquisition process.
Fortress, a New York City-based financial management firm, has previously sought buyers for TRAC Intermodal, American Shipper reported in January 2015.