I Squared Portfolio Companies Transportation Equipment Network (“TEN”) and TIP Canada Combine Operations; Now the Second Largest Full-Service Trailer Lessor in North America

  • The transaction consolidates TEN’s North American footprint; TIP Group to focus exclusively on its core European business

MIAMI–(BUSINESS WIRE)–I Squared Capital, a leading independent global infrastructure investment manager, today announced a transaction to combine the North American operations of two of its portfolio companies.

The recently rebranded Transportation Equipment Network, “TEN” (f.k.a. Star Leasing), will acquire TIP Canada, the Canadian subsidiary of Europe-based TIP Group.

TIP Canada is the Canadian subsidiary of TIP Group, a leading player in the Canadian trailer leasing and rental market with a fleet of approximately 28,000 units. The company has over 480 employees and over 1,500 customers with diversified end sector exposure. TIP Canada also operates 12 workshop locations across Canada and 36 mobile service units providing coast-to-coast maintenance services to its own customers as well as third parties.

With the acquisition of TIP Canada, TEN will be North America’s second largest full-service trailer lessors with a combined fleet of over 83,000 trailers with locations across most major logistics hubs.

Equipped with decades of knowledge and experience, incredible customer track records, and a sharp perspective on the future of the industry, the combined group will provide services including integrated leasing, maintenance, advanced technological solutions, consultation services and innovative fleet electrification offerings across numerous industry verticals.

I Squared’s buildout of this trailer-leasing platform began in March 2021 with the acquisition of Star Leasing and subsequent acquisitions of Cooling Concepts in May 2022, North East Trailer Services (NETS) in July 2023 and Commercial Trailer Leasing (CTL) in September 2023. TEN has now more than quadrupled in size thanks to strong organic growth and this series of tuck-in acquisitions.

Gautam Bhandari, Chief Investment Officer and Managing Partner, I Squared, said: “This transaction is a win for our investors and our global transportation franchise. Leveraging I Squared’s expertise in platform building, the combination streamlines TEN and TIP’s operating footprints, improves purchasing power and clarifies strategic objectives. Trailers play a critical role in complex supply chain networks by meeting customers’ needs for operational and contractual flexibility. These are two leaders in their respective markets and combined they represent a very attractive prospect for infrastructure investors.”

Scott Nelson, President of TEN, said: “While continuing to service the individual customer base, we see a great opportunity to service both Canadian customers that do business in the US, as well as US customers that do business in Canada, providing them with value added solutions to help them run their businesses more efficiently. Our expanded scope will allow greater access to equipment and expanded relationships with our supplier partners.”

Bob Fast, CEO of TIP Group said: “For TIP, this will mean a renewed focus on Europe, our home market. We greatly anticipate prospects for diversification and electrification of our fleet, alongside the expansion of our maintenance network to continue to serve our valued customers and align with our vision to be a leading equipment service provider.”

I Squared acquired TIP Group in August 2018, and has tripled its EBITDA in that time via a combination of organic growth and bolt-on acquisitions. Headquartered in Amsterdam, TIP operates across 17 European countries plus Canada. This transaction will streamline TIP Group’s portfolio, allowing the company to focus on its core European operation and freeing up capital to capture further growth opportunities in the home market.

The transaction is expected to close in the second quarter of 2024.

About I Squared Capital

I Squared is a leading independent global infrastructure investor with over $38 billion in assets under management. We are known for the development of investment platforms in infrastructure projects where we start small and grow big. We use global insights and deep local intelligence to solve complex problems, foster smarter businesses, serve local communities, and invest in a more sustainable future to provide essential services to millions of people around the world. We are a team of over 260 people, headquartered in Miami with offices in London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. We operate a diverse portfolio of 82 companies in 71 countries with over 66,000 employees in a variety of sectors including utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure. You can find out more by visiting: www.isquaredcapital.com.

I Squared & Transportation

I Squared has significant expertise investing in the transportation and equipment leasing space globally, with a transportation and logistics portfolio that has over 268,000 trailers and chassis and 147 workshops with over 3,900 employees in 22 countries.

About TEN (Transportation Equipment Network)

TEN (Transportation Equipment Network) is the largest full-service trailer lessor in the United States, with approximately 55,000 trailers and locations across the U.S. TEN provides full-service support well beyond leasing including, maintenance, advanced technological solutions, consultation services, and other innovative offerings across numerous industry verticals. Previously known as Star Leasing Company, CTL, Cooling Concepts, and NETS Leasing, these merged entities announced their decision earlier this year to rebrand collectively as TEN. They will begin operating as TEN later this year. For more information, visit https://www.starleasing.com/.

About TIP Group

For over 55 years, TIP Group has been a leading full-service equipment provider in Europe and Canada, with 140+ service locations spanning across 18 countries. Specializing in truck and trailer solutions, we offer leasing, rental, maintenance and repair, digital solutions, and second-hand equipment sales. With a fleet of over 100,000 assets, we prioritize customer satisfaction and sustainable supply chains through reliable partnerships with major transportation companies, shaping a more environmentally conscious and efficient future.

For more information, please visit: https://www.tip-group.com


This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible.

Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.



I Squared Capital
Dominic McMullan

+1 (786) 794-2861


TEN (Transportation Equipment Network):
Melanie March

+1 (614) 809-1200


TIP Group
Conor Lynch, Communications Director

TIP Group

+31 611265573


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