I Squared-backed Star Leasing to merge with Commercial Trailer Leasing

• The combined company will be led by Steve Jackson, David Eisen and Gregg Gottsegen as managing partners
• In conjunction with Star Leasing’s recent combination with North East Trailer Services, the combined company will be one of the largest trailer lessors in the US
• Based in Miami, I Squared Capital has over $37 billion in assets under management

Star Leasing Company, a portfolio company of I Squared Capital, has agreed to merge with New Jersey-based Commercial Trailer Leasing, a trailer lessor. No financial terms were disclosed.

Based in Columbus, Ohio, Star Leasing is a provider of trailer leasing and maintenance services.

In conjunction with Star Leasing’s recent combination with North East Trailer Services, a trailer lessor with a fleet of over 10,000 trailers, the combined company will be one of the largest trailer lessors in the U.S.

“Through organic growth and tuck-in acquisitions Star Leasing has more than tripled in size with over $200 million of EBITDA. This is an important milestone in our plan to build the leading North American trailer lessor and leverages I Squared’s expertise in platform building,” said Gautam Bhandari, chief investment officer and managing partner at I Squared Capital in a statement. “The combined business will be one of the largest service providers in North America, with a leading suite of customers, a sizable fleet, and a diversified footprint across the region.”

The combined company will be led by Steve Jackson, David Eisen and Gregg Gottsegen as managing partners. The board of directors will include representatives from Star Leasing, CTL, NETS and I Squared Capital.

Gibson, Dunn & Crutcher LLP served as legal advisor to I Squared Capital and Star Leasing for both transactions, Perella Weinberg Partners served as financial advisor to I Squared Capital and Star Leasing for the CTL transaction. Evercore served as financial advisor and Scudder Law Firm served as legal advisor to CTL. Frohman and Associates, LLC served as legal advisor to NETS.

Based in Miami, I Squared Capital has over $37 billion in assets under management.