I Squared sells stake in €4 Billion truck leasing firm TIP Group
Investment Management Corp. of Ontario, GCM Grosvenor purchased 25% stake
I Squared Capital has agreed to sell a 25% stake in transport equipment leasing company TIP Group to Investment Management Corporation of Ontario and GCM Grosvenor.
The private equity firm announced the deal in a statement Tuesday that confirmed a Bloomberg News report. Financial terms were not disclosed.
The transaction values TIP Group at nearly €4 billion ($4.6 billion) including debt, people familiar with the matter said, asking not to be identified discussing confidential information.
A representative for I Squared declined to comment on value.
Based in Amsterdam, TIP operates a fleet of about 90,000 trailers, trucks, and specialized equipment in 17 countries. I Squared acquired the business in 2018.
Bloomberg News reported last year that I Squared was weighing a sale of TIP that could have valued the group at more than €3 billion.
JPMorgan Chase & Co. and UBS Group AG are advising I Squared.
