The Carlyle Group has acquired a majority interest in ITS Technologies & Logistics LLC from Lanigan Holdings LLC. No financial terms were disclosed for the deal, which includes the Lanigan family retaining a minority position. ITS is an operator of intermodal facilities in North America.
Global private equity firm The Carlyle Group today announced that it has acquired a majority interest in ITS Technologies & Logistics, LLC, an intermodal facilities operator, from Lanigan Holdings, LLC. Under the terms of the acquisition agreement, the Lanigan Family will retain a significant minority equity interest. The transaction closed today and the terms are undisclosed.
ITS is one of the largest operators of intermodal facilities in North America, where it lifts containers from rail to truck and truck to rail and performs rail switching, terminal administration and equipment maintenance. The company operates in 52 geographically diverse locations in the U.S. and three locations in Mexico, which are critical components of the movement of goods in North America. ITS provides a complete range of services to its railroad customers, emphasizing on-time performance, equipment availability and safety.
“I am excited about the opportunity that Carlyle's investment presents for our customers and employees,” said Tom Stangl, President of ITS. “Carlyle has an outstanding track record of long-term investment in assets in the U.S. and around the world. We are confident that our partnership with Carlyle 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, Managing Director of Carlyle and Co-Head of the Infrastructure Team, said, “We are pleased to partner with Tom and his management team who have on average more than 25 years of rail experience, and who have demonstrated a track record of consistently growing the company.”
Barry Gold, Managing Director of Carlyle and Co-Head of the Infrastructure Team, said, “We are confident that with ITS's experienced management team, dedicated workforce and the continued commitment from the Lanigan family, the company will continue to grow and build upon its reputation for service and safety in the intermodal industry.”
Jack Lanigan, Jr., representative of the Lanigan family, said, “We thank the management and employees of ITS for building the premier U.S. 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 as it continues to offer its customers the great service they've come to expect.”
Lazard Middle Market served as financial advisor to ITS .
Carlyle's investment is made by Carlyle Infrastructure Partners, a $1.14 billion fund that invests primarily in transportation and water infrastructure projects in the U.S. and Canada generally ranging from $100 million to more than $1 billion in enterprise value.
ITS is one of the leading operators of intermodal facilities in North America, operating at 52 locations in the U.S. and three in Mexico, and employs over 1,600 people in the U.S and Mexico. The Company is one of the largest operators of intermodal facilities and performs approximately five million lifts (or intermodal units) annually. ITS has long standing customer relationships with all the major North American railroads. It provides complete turnkey services to its customers including lift-on/lift-off of containers, equipment maintenance, checkpoint administration, drayage and switching.
The Carlyle Group is a global private equity firm with $81.1 billion under management committed to 60 funds. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $43.0 billion of equity in 774 transactions for a total purchase price of $229.3 billion. The Carlyle Group employs more than 1,000 people in 21 countries. In the aggregate, Carlyle portfolio companies have more than $87 billion in revenue and employ more than 286,000 people around the world. www.carlyle.com