NEW YORK–(BUSINESS WIRE)–Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has acquired Fleet Companies, a leading regional trailer dealership and leasing company.
Fleet Companies serves a variety of both blue chip customers and other transportation companies with an integrated offering across trailer dealership, leasing, drop yard, and maintenance operations. Headquartered in Memphis, Tennessee with additional operations in Nashville, Tennessee and Dallas, Texas, the company sits at the nexus of several of the fastest growing transportation hubs in the country. Fleet will serve as the seed asset for a multi-faceted national trailer platform that Stonepeak plans to build out through additional acquisitions and greenfield operations across the U.S.
The investment follows Stonepeak’s long-held thesis around and extensive experience in transportation-focused asset leasing businesses, including TRAC Intermodal (marine chassis leasing) and Textainer (container leasing), along with Air Transport Services Group (aircraft leasing), which Stonepeak entered definitive documentation to acquire earlier this month. “We view trailer leasing as an attractive sector and a strong fit for our investment strategy, given its essentiality to the transport supply chain, durable industry growth, and history of delivering solid returns on assets throughout economic cycles,” said James Wyper, Senior Managing Director and Head of Transportation & Logistics at Stonepeak.
“Fleet is a high-quality operator with strong customer relationships,” added Graham Brown, Managing Director at Stonepeak. “We have full confidence in John Wilbur and Erek Starnes, two industry veterans with whom we are partnering to grow this platform, and are optimistic about Fleet’s ability to continue to grow and deliver for its customers.”
John Wilbur, Chief Executive Officer, and Erek Starnes, President and Chief Operating Officer of Fleet, added, “We are excited to partner with Stonepeak and tap into their deep industry expertise, operational support, and broad capital base. We look forward to prioritizing our customers’ experience by expanding our fleet, upgrading our systems and leveraging our highly experienced team. This transaction positions us well to become an industry leader with a hyper focus on customer satisfaction. We look forward to working with the Stonepeak team to take Fleet into a new chapter of growth.”
Terms of the transaction were not disclosed, and the transaction has already closed. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Stonepeak. Jefferies served as financial advisor to Stonepeak. Evans Petree served as legal counsel to Fleet.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.
About Fleet Companies
Fleet Companies is a leading regional trailer dealership and leasing company headquartered in Memphis, Tennessee with additional operations in Nashville, Tennessee and Dallas, Texas. For more information, please visit www.fleetequip.com.
