I Squared Announces New Shareholders in Transportation Equipment Network (“TEN”) the Leading North American Full-Service Trailer Lessor

Proceeds from the fundraise used to fund the acquisitions of NETS, CTL and TIP Canada; Underscores I Squared’s ability to build and scale platforms

I Squared Capital, independent global infrastructure investment manager, has raised in excess of $600 million from Mubadala Investment Company (“Mubadala”), the Abu Dhabi sovereign investor, Qatar Investment Authority (“QIA”) and others for Transportation Equipment Network (“TEN”).

Trailers play a critical role in complex supply chain networks by meeting customers’ needs for operational and contractual flexibility. TEN is North America’s second largest full- service trailer lessors with a combined fleet of over 83,000 trailers with locations across most major logistics hubs.

TEN recently completed a transaction to combine its operations with those of TIP Canada, the North American operations of TIP Group. I Squared acquired TIP Group in August 2018, and has tripled its EBITDA in that time via a combination of organic growth and bolt-on acquisitions.

Rebranded “TEN” earlier this year, I Squared’s build out of this trailer-leasing platform began in March 2021 with the acquisition of Star Leasing and subsequent acquisitions of Cooling Concepts in May 2022, North East Trailer Services (NETS) in July 2023 and Commercial Trailer Leasing (CTL) in September 2023. The combined group provides services including integrated leasing, maintenance, advanced technological solutions, consultation services and innovative fleet electrification offerings across numerous industry verticals.

In building the TEN platform, I Squared has improved purchasing power and clarified strategic objectives for the firm. Since the platform build out started, TEN has now more than quadrupled in size thanks to strong organic growth and this series of tuck-in acquisitions.

Gautam Bhandari, Chief Investment Officer and Managing Partner, I Squared, said: “We are delighted to welcome Mubadala, QIA and other co-investors in TEN. All of our co-investors represent like-minded, long-term capital that recognize the potential of the sector and will support the ambitions of TEN. This transaction is a win for TEN, for our investors and for I Squared’s global transportation franchise.”

Giovanni Oddo, Head of Americas – Traditional Infrastructure at Mubadala, said: “Mubadala’s investment in TEN reflects our commitment to critical assets that drive economic growth and offer long-term value. The trailer leasing market shows great potential with its rapid demand growth and strong market fundamentals. We are proud to partner with I Squared Capital and other leading investors to further enable the growth of TEN’s capabilities and market reach, creating one of the largest trailer leasing platforms in North America.”

Mohammed Al-Sowaidi, Chief Investment Officer for Americas at QIA, said: “This investment is part of QIA’s strategy to invest in, and partner with, the leading companies in critical sectors such as supply chain networks, logistics and warehouses globally.”

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