BEIJING & HAIKOU, China--(BUSINESS WIRE)--HNA Group, a global Fortune 500 company focused on aviation and tourism, logistics and financial services, today announced an agreement to sell TIP Trailer Services, a leading equipment service provider, to I Squared Capital, an independent global infrastructure investment manager.
Headquartered in Amsterdam and operating in 17 countries, TIP is one of the leading companies in its field in markets across Europe including Germany, the UK, Italy, France, Spain and the Benelux countries, as well as in Canada. It has a fleet of over 66,000 trailers and 86 trailer service centers serving approximately 7,700 customers, including numerous global logistics operators and retailers.
“We are pleased to have worked with Bob Fast and the TIP Trailer management team to increase TIP’s business value significantly since we acquired it in 2013,” said Adam Tan, vice chairman and CEO of HNA Group. “The transaction we are announcing today is profitable and consistent with our commitment to regularly evaluating our portfolio to ensure our deployment of capital is appropriately aligned with our business objectives and strategic priorities as a global leader in aviation and tourism, logistics and financial services.”
“We have patiently worked to find the right buyer for TIP and have found it in I Squared Capital, which has a strong track record in managing similar assets,” said Chris Jin, CEO of HNA Capital and chairman of TIP.
HNA’s co-investor in the initial investment was Bravia Capital of Hong Kong.
EH Global Capital is serving as financial advisor to HNA Group, and CMS is acting as its legal advisor. Linklaters is legal adviser to I Squared Capital.
About HNA Group
HNA Group is a global Fortune 500 company focused on tourism, logistics, and financial services. Since its founding in 1993, HNA Group has evolved from a regional airline based on Hainan Island in southern China into a global company with over $145 billion in assets and more than $100 billion in annual revenues based on 2017 figures, primarily across America, Europe and Asia. For more information, visit www.hnagroup.com.