Private equity firm Carlyle Group has acquired a majority interest in ITS Technologies & Logistics, an intermodal facilities operator, from Lanigan Holdings.
Private equity firm Carlyle Group has acquired a majority interest in ITS Technologies & Logistics, an intermodal facilities operator, from Lanigan Holdings. Under the otherwise undisclosed terms of the acquisition agreement, the Lanigan family will retain a significant minority equity interest. Lazard Middle Market was financial advisor to ITS.
ITS is one of the largest operators in North America of intermodal facilities that switch containers from rail to truck and truck to rail, and performs rail switching, terminal administration and equipment maintenance. The company employs more than 1,600 people in 52 locations in the US and three in Mexico that are key components of the movement of goods in North America.
‘I am excited about the opportunity that Carlyle’s investment presents for our customers and employees,’ says ITS president Tom Stangl. ‘Carlyle has an outstanding track record of long-term investment in assets in the US and around the world. We are confident our partnership will enable ITS to grow, ensure its continued success in providing a first class service to our customers and maintain a secure and rewarding environment for our employees.’
Robert Dove, a Carlyle managing director and co-head of the infrastructure team, says: ‘We are pleased to partner with Tom and his management team, who have demonstrated a track record of consistently growing the company.’
Jack Lanigan jr, a representative of the Lanigan family, adds: ‘We thank the management and employees of ITS for building the premier US intermodal operator over the past 30 years. Carlyle has an impressive reputation for creating shareholder value and we believe they will help take ITS to the next level.’
Carlyle’s investment was made by Carlyle Infrastructure Partners, a USD1.14bn fund that invests primarily in transportation and water infrastructure projects in the US and Canada with enterprise value ranging from USD100m to more than USD1bn.
The Carlyle Group is a global private equity firm with USD81.1bn under management committed to 60 funds. The group invests in buyouts, venture and growth capital, real estate and leveraged finance worldwide, focusing on aerospace and defence, automotive and transportation, consumer and retail, energy and power, financial services, healthcare, industrial, infrastructure, technology and business services, and telecommunications and media.
Since 1987, the firm has invested USD43bn of equity in 774 transactions for an aggregate purchase price of USD229.3bn. The Carlyle Group employs more than 1,000 people in 21 countries, while its portfolio companies have more than USD87bn in revenues and employ more than 286,000 people worldwide.
