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TRAC currently operates 180,000 marine chassis nationwide and has a broad operating footprint of more than 650 locations. TRAC subsidiaries offer nationwide tire and parts supply through TRAC Tire Services, emergency fleet roadside assistance through FYX, and maintenance, repair and depot solutions through TRAC Services. Stonepeak Infrastructure Partners is an infrastructure-focused private equity firm headquartered in New York City that manages $17.9 billion of assets for its investors.
Citi is serving as exclusive financial advisor to TRAC and Skadden Arps is serving as legal advisor to TRAC. Simpson Thacher is serving as legal advisor to Stonepeak. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the coming months.
“We are excited to have Stonepeak as our new sponsor,” said Jennifer Polli, President and Chief Executive Officer at TRAC. “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 in providing the highest quality products, reliable equipment and best-in-class customer service to the marine intermodal and transportation industries.”
“Stonepeak is pleased to partner with TRAC Intermodal to build upon its position as an industry-leading critical intermodal infrastructure provider,” said Stonepeak Executive Committee Member Luke Taylor and Senior Managing Director James Wyper. “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.”
The post Stonepeak Acquiring TRAC Intermodal appeared first on Railway Age.
This article first appeared on www.railwayage.com
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