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.”

About I Squared Capital

I Squared is a leading independent global infrastructure investor with $40 billion in assets under management. We are known for the development of investment platforms in infrastructure projects where we start small and grow big. We use global insights and deep local intelligence to solve complex problems, foster smarter businesses, serve local communities, and invest in a more sustainable future to provide essential services to millions of people around the world. We are a team of over 280 people, headquartered in Miami with offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a diverse portfolio of 83 companies in 71 countries with over 66,000 employees in a variety of sectors including utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure. You can find out more by visiting: www.isquaredcapital.com.

About Mubadala Investment Company

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $302 billion (AED 1,111 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. For more information about Mubadala Investment Company, please visit: www.mubadala.com.

About Qatar Investment Authority

Qatar Investment Authority (“QIA”) is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar.

About TEN (Transportation Equipment Network)

TEN (Transportation Equipment Network) is the largest full-service trailer lessor in the United States, with over 83,000 trailers and locations across the U.S. and Canada. TEN provides full-service support well beyond leasing including, maintenance, advanced technological solutions, consultation services, and other innovative offerings across numerous industry verticals. Previously known as Star Leasing Company, CTL, Cooling Concepts, NETS Leasing, and TIP Canada, these merged entities announced their decision earlier this year to rebrand collectively as TEN, effective 1 July 2024. For more information, visit https://tenleasing.com/.

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible.

Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.