The deal, which is reportedly for an approximately $2.5 billion and also includes DCLI subsidiary Blume Global, is expected to close in the second quarter.
Funds managed by affiliates of the public equity firm Apollo Global Management LLC announced Thursday they have entered into a definitive agreement with EQT Infrastructure to purchase Direct ChassisLink Inc. (DCLI) and its subsidiary Blume Global.
The transaction, which is expected to close in the second quarter this year, is for about $2.5 billion, Reuters reported. EQT Infrastructure will retain a 20 percent minority stake in DCLI and Blume Global.
DCLI, based in Charlotte, N.C., has about 450 locations on or near port facilities and intermodal hubs throughout the United States and owns or manages more than 226,000 marine and domestic chassis, according to its website. The company, launched in 2009, serves about 4,000 customers, primarily shipping companies, railroads, motor carriers, beneficial cargo owners and other logistics companies, according to EQT’s website.
In 2014, DCLI acquired Blume Global, which has developed a cloud-based technology platform for reservations, tracking and billing. Blume Global, founded in 1994, processes approximately $1 billion in transactions with 99.99 percent billing accuracy, according to the press release announcing the definitive agreement.
Bill Shea, CEO of DCLI, said the company is looking to grow its asset provisioning business and expand into new adjacencies.
“EQT’s vision and backing have allowed us to grow rapidly over the past few years,” he said. “We are thankful for EQT’s ongoing support and we welcome Apollo to the DCLI family.”