TEN Expands Canadian Footprint Through Enterprise Lease Agreement with Shabad Transport Inc.

Sale-leaseback deal converts fleet assets into working capital, strengthening financial flexibility

DUBLIN, Ohio--(BUSINESS WIRE)--As carriers look for ways to unlock capital and navigate ongoing market volatility, TEN (Transportation Equipment Network), an end-to-end leasing, financing, fleet solutions and maintenance company, has completed an enterprise lease agreement with Shabad Transport Inc., a Canadian carrier specializing in cross-border freight services. The deal includes a fleet of 92 dry van trailers and extends a partnership that began in 2014.

Structured as a sale-leaseback, the transaction enables Shabad Transport Inc. to convert owned fleet assets into working capital while continuing to operate the same equipment under a long-term lease. The agreement improves financial flexibility, strengthens the company’s balance sheet, and reduces reliance on high-interest operating lines.

The structure also provides a clear path to phase out older equipment over time in a controlled, cost-effective way, without disrupting day-to-day operations. The deal exemplifies TEN’s approach to designing fleet and capital solutions to help customers adapt, optimize performance, and position their businesses for sustainable growth.

“In this environment, access to capital and flexibility matter more than ever, and we worked closely with the Shabad Transport team to build a solution that puts capital back in their hands and positions them for the road ahead,” said Hooman Yazhari, CEO of TEN. “This agreement is a strong example of how we work with customers to align equipment strategy with their broader business goals and help them navigate uncertainty with confidence.”

Shabad Transport Inc. has more than 30 years of experience in Canadian and cross-border U.S. transportation, serving industries including automotive, manufacturing, and steel. Over the past decade, its relationship with TEN has grown from initial lease transactions into an exclusive trailer program built on a shared focus on long-term growth.

TEN understands where we want to take our business and worked with us to accelerate that plan,” said Amardip Randev, President of Shabad Transport Inc. “We now have the flexibility to redeploy capital into areas that set us up for our next phase of growth, such as developing new yards, modernizing our shop and warehouse facilities, all the while keeping our fleet running for our customers without a single day of disruption.

This agreement reflects TEN’s continued investment in the Canadian market and its ability to deliver capital and fleet solutions tailored to carriers at every stage of growth. It marks TEN’s second major enterprise lease deal in 2026, following a $50 million agreement with USA Truck announced in January.

Learn more about how TEN helps customers manage complexity and position their businesses for sustainable growth.

About TEN (Transportation Equipment Network)

Headquartered in Dublin, OH, TEN (Transportation Equipment Network) is the largest full-service trailer lessor in North America. With approximately 83,000 trailers, 1,000 employees, 249 service shop bays, 130 mobile service trucks, 300 mechanics, 100 road technicians, and nearly 50 locations across the United States and Canada, TEN is equipped to seamlessly serve customers across North America. TEN provides full-service leasing as well as maintenance, advanced technological solutions, consultation services, and other innovative offerings across numerous industry verticals. To learn more, visit https://tenleasing.com.

About Shabad Transport Inc.

Shabad Transport has worked exclusively with TEN on building their trailer fleet since 2014. They operate 90 power units and nearly 250 trailers at peak. The group has investments in parking yards in Ontario and a leased space in Quebec. They have built in-house capabilities in maintenance and repair. Additionally, they also have a cross dock operation that creates efficiencies in their business. Shabad’s linehaul contracts with shippers and major brokerages uses a mix of dry vans, reefers and heaters to haul machinery, auto parts, tire rubber, electronics, paper rolls and food.