Transport Topics – Milestone Equipment, Quest Capital Complete Merger

Barings, which owns trailer leasing companies, announced that it has completed a merger of Milestone Equipment Holdings and Quest Capital Group, a transaction that increases Milestone’s fleet by 70%. Milestone, which previously had 40,000 trailers and containers, now has 68,000 units for lease and rent. The added assets include 18,000 highway trailers and 10,000 pieces of intermodal equipment. Milestone’s fleet now includes intermodal and highway trailers, dry and refrigerated domestic containers and chassis.  Financial details of the transaction weren’t announced. The deal included US Trailer Holdings I and II, which provided leasing and rental services with investor-backed equipment.

Milestone will provide more innovative and flexible leasing and rental products to our customers as a result of our significantly enhanced scale in the marketplace,” Milestone CEO said Rob Thull said. “We are excited to expand the equipment offerings of Milestone through the merger of our operations,” Quest CEO Jordan Ayers said.

“The merger of Milestone, USTH and Quest is strategically important to Barings’ strategy in the surface transportation sector. It will enable Milestone to expand its fleet and geographic footprint while continuing to focus on equipment solutions for its customers,” said Thomas Juterbock, a Barings managing director.

Milestone was acquired by New Haven, Connecticut-based Barings in March.

Source: Transport Topics

Milestone Equipment Holdings Merges with US Trailer Holdings and Quest Capital Group

New Haven, Connecticut – Barings announced it has completed the merger of Milestone Equipment Holdings (“Milestone”), US Trailer Holdings I and II (collectively, “USTH”) and Quest Capital Group (“Quest”). The merger adds approximately 28,000 units of highway and intermodal equipment to Milestone’s existing 40,000-unit fleet; including 18,000 highway trailers, 7,000 domestic containers and 3,000 chassis. Milestone is a full-service transportation equipment lessor specializing in highway and intermodal trailers, domestic intermodal dry and refrigerated containers, as well as chassis. The company’s owned and managed fleet of 68,000 units is provided to its customers under flexible operating lease and rental structures. Barings acquired Milestone in March 2015.

Thomas Juterbock, a Managing Director at Barings, stated: “The merger of Milestone, USTH and Quest is strategically important to Barings’ strategy in the surface transportation sector. It will enable Milestone to expand its fleet and geographic footprint while continuing to focus on equipment solutions for its customers.”

Rob Thull, Milestone’s CEO and founder stated: “Milestone will provide more innovative and flexible leasing and rental products to our customers as a result of our significantly enhanced scale in the marketplace along with the executive talent from Quest. Milestone will be celebrating its 20th anniversary this year and is well capitalized to continue its growth into the future.”

Jordan Ayers, Quest’s CEO and founder stated: “We are proud to join the Milestone team and we are excited to expand the equipment offerings of Milestone through the merger of our operations.”

Barings, Bowman, and Milestone Acquire Assets of GE’s Trailer Leasing Business, Transport International Pool, Inc.

New Haven, Connecticut – A fleet of approximately 27,000 over-the-road trailers previously owned by Transport International Pool, Inc. (“TIP”), a subsidiary of General Electric Capital Corporation, was acquired today by Barings, Bowman Sales and Equipment (“Bowman”), and Milestone Trailer Leasing (“Milestone”) the companies announced. The acquisition includes all of TIP’s remaining U.S.-based trailers.

The majority of the trailers will be owned by Barings affiliates and managed and operated by Trailer Leasing Alliance (“TLA”) and Quest Capital Group (“Quest”).

TLA is a newly formed joint venture trailer leasing company owned by Milestone and Bowman and will be staffed by executives with extensive trailer leasing industry experience and national account management capabilities. Quest is an existing operating partner of Barings and an experienced transportation equipment manager. TLA and Quest will provide high quality services to existing and future trailer lessees and the acquisition group intends to provide additional capital to meet future trailer lessee capacity needs.

“Our acquisition of the TIP trailer fleet expands Barings’ transportation footprint beyond existing investments in U.S. intermodal and commercial aviation markets,” said Barings President Jonathan Rotolo. “The industry fundamentals, driven by a historically small U.S. trailer fleet, offer attractive returns to our investors and complement our existing transportation investments. We are excited to work together with our partners at Bowman, Milestone and Quest, three of the nation’s leading ground transportation players, and we plan to build our presence in the industry.”

As a global, diversified asset manager, Barings delivers the enhanced global perspective, local insight and broader range of traditional and alternative asset class expertise that today’s investors seek. Learn more at www.barings.com

Dennis Hamill, President of Bowman noted: “Bowman has been very fortunate to be able to continue to take advantage of the trailer leasing market consolidation that has taken place in the U.S. in the last few years and we are totally committed to continuing to provide our customers with the best equipment and service available in the industry.”

Bowman Sales & Equipment Inc DBA Bowman Trailer Leasing has a fleet of over 30,000 assets and operates out of 34 branch locations. Based in Hagerstown, MD, Bowman is a full service provider that includes in-house maintenance and delivery/pick-up capabilities in most locations. Learn more at www.bowmanleasing.com

Robert Thull, President and co-owner of Milestone added: “This acquisition and the formation of TLA will provide cost-effective rental and lease alternatives to our customers throughout the United States. The combination of Milestone’s and Bowman’s large regional rental branch infrastructure with the industry-leading TLA executive team will provide exceptional service and trailer capacity to national accounts.”

The Milestone companies, including Milestone Equipment Corporation, operate a leased fleet of over 50,000 units of domestic intermodal and highway transportation equipment. Milestone Trailer Leasing, LLC, headquartered in Tiburon, CA, operates 18,000 highway rental trailers through its affiliate, Personal Attention Leasing, Inc. (“PAL”). The company has 19 full service rental branch locations primarily in the Midwestern United States.

Scrap Metal Services & Milestone Equipment Acquire GE Capital Intermodal Trailer Fleet

Chicago, Illinois – Scrap Metal Services LLC (SMS) and Milestone Equipment Holdings today announced the acquisition of 7,300 intermodal dry van trailers. These heavy duty dry van trailers are operated under leases throughout North America in rail intermodal service. Financial terms of the transaction were not disclosed. SMS and MEC have created a new JV Entity call Scrapstone Intermodal Services, LLC for this transaction as well all future intermodal opportunities. Robert Thull, Milestone’s President and founder stated: “Milestone is now the largest domestic intermodal container and intermodal trailer equipment lessor. We are committed to continued rapid growth and investments in intermodal equipment to provide flexible operating leases to our customers.” Jeffry K. Gertler, Chief Executive Officer of Scrap Metal Services, stated, “This acquisition allows Scrap Metal Services to expand its role in the intermodal marketplace, a market segment that we believe will experience considerable growth over the next several years.”

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