FL-I-SQUARED-CAPITAL
27.1.2020 16:09:10 CET | Business Wire | Press release
American Intermodal Management (AIM), a U.S.-based marine chassis lessor and a portfolio company of I Squared Capital, has signed an agreement to merge with FlexiVan Leasing, the third largest marine chassis provider in the U.S., owned by Castle & Cooke. I Squared Capital will assume a controlling interest in FlexiVan with Castle & Cooke maintaining a minority interest in the combined business. FlexiVan is one of the three leading companies in the sector with over 60 years of operating history, 300 employees, over 120,000 chassis and an expansive nationwide footprint that will open AIM’s technology-enabled products to new customers across the U.S.
“I Squared Capital is expanding its global presence across the transportation and logistics value chain with approximately $2.2 billion of equity capital committed across North America, Europe and Asia. We are now a leader in trailer and chassis leasing across Europe, Canada and the U.S. as well as the largest private owner of highways in India,” said Adil Rahmathulla, Chairman of the AIM Board and Managing Partner of I Squared Capital. “This is our fifth acquisition in the transport and logistics sector in the last six months and a key milestone as we expand our presence in the U.S. market.”
Formed as a logistics platform by I Squared Capital in 2016, AIM has grown into a leading chassis lessor providing GPS-enabled services to retailers, logistics companies and shipping lines in the U.S. intermodal supply chain. AIM’s innovative technology solutions complement the deep experience and relationships that FlexiVan has established over many years. The combination will allow AIM to deploy its innovative, technology-enabled model on a national scale while maintaining FlexiVan’s established offerings and levels of service.
Evercore served as the financial advisor and White & Case served as legal counsel to I Squared Capital. Citigroup Global Markets Inc. and MUFG Union Bank, N.A. are providing financing.
About FlexiVan Leasing, Inc.
FlexiVan has been a leader in intermodal chassis leasing services in North America since mid-1960s. It manages over 120,000 units in over 100 active locations across the country and has nine owned and operated service centers providing easy access to chassis maintenance services. Leasing options range from chassis pool user agreements and managed fleets, to short- and long-term contracts with motor carriers, logistics providers, ocean carriers and beneficial cargo owners. Meanwhile, to facilitate the daily leasing and dispatching process, FlexiVan per diem rentals are supported by FlexiVan’s streamlined ChassisNow.com booking system. Professional, reliable and cost-effective transportation solutions - Experience Delivered. www.FlexiVan.com
About American Intermodal Management, LLC.
AIM is a chassis leasing platform that owns and leases marine chassis to customers that transport marine containers between ports, rail ramps, and distribution centers in the United States. AIM was formed in June 2016 in response to strong industry demand desiring alternatives for chassis provisioning, and asset management across the U.S. The AIM business model combines integrity, proactive-disciplined management processes, high quality assets, innovative technology application, and a passion for excellence to achieve maximum value creation. AIM has experienced significant growth since inception with a fleet of more than 12,000 new chassis equipped with GPS and led by industry veterans. www.AIMChassis.com
About I Squared Capital:
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom, transport and social infrastructure in the Americas, Europe and Asia. The firm has offices in Hong Kong, London, Miami, New Delhi, New York and Singapore.
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