NEW HAVEN, Conn., Jul 10, 2012 (BUSINESS WIRE) --
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 Wood Creek Capital
Management ("Wood Creek"), 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 Wood Creek 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 Wood Creek 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 Wood Creek's
transportation footprint beyond existing investments in U.S. intermodal
and commercial aviation markets," said Wood Creek 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."
Wood Creek is an investment manager at the forefront of tangible assets
investing. Headquartered in New Haven, CT, Wood Creek is an
SEC-registered investment advisor and an affiliate of MassMutual
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 is the second
largest semi-trailer leasing company in the U.S. with 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.
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.
About Quest Capital Group, LLC:
Quest Capital Group, LLC, based in Kansas City, MO, is a full-service
transportation asset management company specializing in
rail-industry domestic equipment, maritime related intermodal equipment,
and highway trailers. Asset types include domestic 53' containers, ISO
containers, chassis, intermodal trailers, and highway trailers. Quest
is a leading manager of leased intermodal equipment in North America.
SOURCE: Wood Creek Capital Management
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