Private equity firm I Squared Capital has agreed to sell a 25% stake in European transport equipment leasing company TIP Group to Investment Management Corporation of Ontario (IMCO) and GCM Grosvenor, according to a report by Bloomberg.
Financial terms of the deal have not been disclosed, although the report cites unnamed people familiar with the matter as saying that the transaction implies an enterprise valuation of nearly €4bn for the Amsterdam-based company.
The investment marks the entry of IMCO and GCM Grosvenor as shareholders in TIP Group, while allowing I Squared Capital to partially realise its investment after acquiring the business in 2018.
TIP Group operates a fleet of approximately 90,000 trailers, trucks and specialist transport equipment across 17 countries, making it one of Europe’s largest transport equipment leasing platforms.
The transaction comes after I Squared explored strategic options for the business. Reports last year suggested the infrastructure-focused investment firm was considering a sale that could value TIP at more than €3bn, with the latest deal reflecting a higher valuation.
The sale represents a partial exit rather than a full disposal, enabling I Squared to crystallise part of the value created during its ownership while retaining exposure to the business’s future growth.
JPMorgan Chase and UBS acted as financial advisers to I Squared on the transaction.
