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Infrastructure investment firm I Squared Capital has raised more than $600 million from investors, including Mubadala Investment Co. and Qatar Investment Authority, for Transportation Equipment Network (TEN), North America's second largest full-service trailer lessor.
The fundraising comes after I Squared set up the trailer-leasing platform in March 2021 with the acquisition of Star Leasing and subsequent acquisitions of Cooling Concepts in May 2022, North East Trailer Services (NETS) in July 2023 and Commercial Trailer Leasing (CTL) in September 2023.
The combined group provides services including integrated leasing, maintenance, advanced technological solutions, consultation services and innovative fleet electrification offerings across numerous industry verticals.
For Mubadala the investment in the trailer leasing market "shows great potential with its rapid demand growth and strong market fundamentals," said Giovanni Oddo, Head of Americas – Traditional Infrastructure at Mubadala.
(Writing by Brinda Darasha; editing by Seban Scaria)
