Simpson Thacher is representing TIP Group, a Europe-based I Squared portfolio company, on the sale of its Canadian business, TIP Canada, to Transportation Equipment Network (“TEN”, f.k.a. Star Leasing), a North America-based I Squared portfolio company. This transaction allows for I Squared to combine the North American operations of two of its portfolio companies and allows for the TIP Group to renew its focus on its home market, Europe.
TIP Canada is a leading player in the Canadian trailer leasing and rental market with a fleet of approximately 28,000 units. The company has over 480 employees and over 1,500 customers with diversified end sector exposure. TIP Canada also operates 12 workshop locations across Canada and 36 mobile service units providing coast-to-coast maintenance services to its own customers as well as third parties.
The transaction was announced on 15 April 2024 and is expected to close in the second quarter of 2024.
The Simpson Thacher team includes Amy Mahon, Jiaying Zhang, Bella Sullivan, Alex Ward, Kate Strachan, Sam Moon and Fran Towers (Corporate – U.K.); William Smolinski (Tax – U.S.); Yash Rupal and Chris Dorman (Tax – U.K.); and Michael Isby (Environmental).