Stonepeak Infrastructure Partners recently completed its acquisition of TRAC Intermodal and its subsidiaries from investment funds managed by an affiliate of Fortress Investment Group.
Stonepeak says the transaction strengthens its infrastructure and transportation portfolio, and supports TRAC’s future growth. TRAC’s existing management team will continue to run the business in their current capacities, Stonepeak added.
“Stonepeak is pleased to partner with TRAC Intermodal to build upon its position as an industry-leading, critical intermodal infrastructure provider,” Stonepeak’s Luke Taylor and James Wyper said in a joint statement. “Our focus will be on continuing to provide TRAC’s customer base with best-in-class service solutions while also pursuing new commercial opportunities across the value-chain through our industry relationships.”
TRAC currently operates 180,000 marine chassis nationwide and has a broad operating footprint of more than 650 locations. TRAC subsidiaries offer nationwide tire and parts supply through TRAC Tire Services, emergency fleet roadside assistance through FYX, and maintenance, repair and depot solutions through TRAC Services.
“We are excited to have Stonepeak as our new sponsor,” said Jennifer Polli, president and chief executive officer at TRAC. “We welcome the operational and capital support that Stonepeak will provide. Their deep experience and relationships in North America will help fuel our continued growth and reinforce our industry leadership position in providing the highest quality products, reliable equipment and best-in-class customer service to the marine intermodal and transportation industries.”