Abu Dhabi’s Mubadala Investment Company, Qatar’s QIA and other investors have committed over $600m (€550m) to I Squared Capital’s Transportation Equipment Network (TEN).
I Squared Capital said the funding from the new shareholders will fuel the North American full-service trailer lessor’s previously announced acquisitions and support its continued growth.
TEN provides services including integrated leasing, maintenance, advanced technological solutions, consultation services and innovative fleet electrification offerings across numerous industry verticals.
Gautam Bhandari, CIO and managing partner at 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 recognise 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.”
Mohammed Al-Sowaidi, CIO 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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