I Squared Capital has raised more than $600 million from Mubadala Investment Company, the Abu Dhabi sovereign investor, Qatar Investment Authority (QIA) and others for Transportation Equipment Network (TEN), North America’s second-largest full-service trailer lessor.
“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,” said Gautam Bhandari, CIO and managing partner at I Squared. “This transaction is a win for TEN, for our investors and for I Squared’s global transportation franchise.”
With a combined fleet of more than 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
