Stonepeak Infrastructure Partners Signs Agreement to Acquire
PRINCETON, N.J., Feb. 18, 2020 /PRNewswire/ -- Stonepeak Infrastructure Partners ("Stonepeak") announced today that it has entered into a binding agreement to acquire TRAC Intermodal ("TRAC"), a leading intermodal infrastructure provider, and its subsidiaries from investment funds managed by an affiliate of Fortress Investment Group LLC. The transaction will provide Stonepeak with an industry leader to strengthen its infrastructure and transportation market portfolio and TRAC with a new sponsor and support for future growth. TRAC's existing management team will continue to run the business in their current capacities.
TRAC currently operates 180,000 marine chassis nationwide and has a broad operating footprint of over 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.
"We are excited to have Stonepeak as our new sponsor," says 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. 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," said Luke Taylor, Executive Committee Member, and James Wyper, Senior Managing Director, both of Stonepeak.
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.
About TRAC Intermodal
TRAC Intermodal (www.tracintermodal.com) is North America's leading marine chassis pool manager and equipment provider. TRAC has the largest fleet of marine and specialty chassis in North America and operates an extensive network of facilities. TRAC's subsidiaries offer expert nationwide tire and parts supply through TRAC Tire Services, emergency fleet roadside assistance through FYX, and maintenance, repair services and depot solutions through TRAC Services.
About Stonepeak Infrastructure Partners
Stonepeak Infrastructure Partners (www.stonepeakpartners.com) is an infrastructure-focused private equity firm headquartered in New York that manages $17.9 billion of assets for its investors (as of September 30, 2019). Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.
For more information, contact:
View original content to download multimedia:http://www.prnewswire.com/news-releases/stonepeak-infrastructure-partners-signs-agreement-to-acquire-trac-intermodal-301006121.html
SOURCE TRAC Intermodal