Private equity firm I Squared Capital has created one of the largest trailer lessors in the U.S. One of the firm’s portfolio companies, Star Leasing, has combined with Commercial Trailer Leasing (CTL).
New Jersey-based CTL is a trailer leasing company with more than 19,000 units. The company’s fleet consists of dry vans, reefers, liftgates and chassis that are committed to national and regional customers. The company also provides trailer maintenance services.
Ohio-based Star Leasing recently combined with New Jersey-based North East Trailer Services (NETS), which had a fleet of more than 10,000 trailers. The three operations combined represent 55,000 units with locations throughout the U.S. In addition to mostly long-term leasing, the operation also sells trailers.
“Through organic growth and tuck-in acquisitions Star Leasing has more than tripled in size with over $200 million of [earnings before interest, taxes, depreciation and amortization],” said Gautam Bhandari, chief investment officer and managing partner at I Squared Capital. “The combined business will be one of the largest service providers in North America, with a leading suite of customers, a sizable fleet, and a diversified footprint across the region.”
Financial terms of the transaction were not provided.
The combined company will be led by the three CEOs of Star Leasing, CTL and NETS. The board will be comprised of representatives from each brand as well as I Squared Capital.
“These acquisitions mark a significant milestone in our growth journey and will enhance our ability to deliver best-in-class trailer leasing services to our combined customer base,” said Steve Jackson, CEO of Star Leasing.
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