Stonepeak acquires TRAC

Stonepeak Infrastructure Partners has closed its previously announced acquisition of New Jersey-based TRAC, an intermodal infrastructure provider.

Stonepeak Infrastructure Partners has closed its previously announced acquisition of New Jersey-based TRAC, an intermodal infrastructure provider. No financial terms were disclosed. Citi served as financial advisor to TRAC on the deal while Skadden Arps provided legal advice. And, Simpson Thacher was legal advisor to Stonepeak.

PRESS RELEASE

PRINCETON, N.J., March 30, 2020 /PRNewswire/ — Stonepeak Infrastructure Partners (“Stonepeak”) announced that it has completed the previously announced transaction to acquire TRAC Intermodal (“TRAC”), a leading intermodal infrastructure provider, and its subsidiaries from investment funds managed by an affiliate of Fortress Investment Group LLC on March 27, 2020. The completed transaction provides Stonepeak with an industry leader to strengthen its infrastructure and transportation market portfolio, while TRAC gains a new sponsor and support for future growth. TRAC’s existing management team will continue to run the business in their current capacities.

Citi served as exclusive financial advisor to TRAC and Skadden Arps served as legal advisor to TRAC. Simpson Thacher served as legal advisor to Stonepeak.

About TRAC Intermodal
TRAC Intermodal (www.tracintermodal.com) is North America’s leading marine chassis pool manager and equipment provider. TRAC has the largest fleet of marine and specialty chassis in North America and operates an extensive network of facilities. TRAC’s subsidiaries offer expert nationwide tire and parts supply through TRAC Tire Services, emergency fleet roadside assistance through FYX, and maintenance and repair services and other depot solutions through TRAC Services.

About Stonepeak Infrastructure Partners
Stonepeak Infrastructure Partners (www.stonepeakpartners.com) is an infrastructure-focused private equity firm headquartered in New York that manages $17.9 billion of assets for its investors (as of September 30, 2019). Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.