Stonepeak to Acquire BMO Transportation and Vendor Finance

NEW YORK & TORONTO--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and BMO Financial Group (TSX: BMO) (NYSE: BMO), the eighth largest bank in North America by assets, today announced that they have reached an agreement whereby Stonepeak will acquire BMO’s Transportation Finance and Vendor Finance businesses (collectively, “BMO Transportation and Vendor Finance”). As part of the transaction, BMO will reinvest a 19.9% minority interest in the business.

Based in Irving, Texas, BMO Transportation and Vendor Finance offers customized financing solutions for a wide array of transportation assets and equipment, including trucks, trailers, and specialized equipment for agriculture, construction, and other end markets. It is one of the largest lenders to the commercial truck and trailer segment in North America, with over 700 employees and operations across the United States and Canada. Upon closing of the transaction, the business will continue to be led by Gary Kempinski, Head of Transportation Finance & Vendor Finance at BMO.

“Building on decades of sector expertise, BMO Transportation and Vendor Finance has established itself as one of North America’s premier transportation financing platforms,” said Will Schleier, Senior Managing Director at Stonepeak. “We are excited to work closely with BMO and the outstanding leadership team in place to invest further in the business, build on its strong performance, and grow its commercial customer base while preserving the culture, reputation, and relationships that have made the business so successful to date.”

Stonepeak’s investment follows its long-held thesis around and experience in transportation-focused asset leasing businesses. To date, Stonepeak has invested in nine such platforms, representing nearly $28 billion in enterprise value at the time of acquisition, including Textainer, which owns the world’s largest and most diversified container fleet on a CEU basis; Air Transport Services Group, the largest cargo aircraft lessor in North America; and TRAC Intermodal, the largest marine chassis provider in the U.S.

“We could not have envisioned a better partner to lead BMO Transportation and Vendor Finance into its next chapter,” added Gary Kempinski, Head of Transportation Finance & Vendor Finance at BMO. “Stonepeak brings deep experience, operating expertise, and relationships in North American transportation and logistics infrastructure, and particularly in asset leasing businesses. With their support and strategic partnership, we are positioned incredibly well for sustained success.”

The transaction includes asset-based financing from PGIM, the global asset management business of Prudential Financial, Inc. and bank financing with Bank of America as Lead Financing Arranger.

Skadden, Arps, Slate, Meagher & Flom LLP and Blake, Cassels & Graydon LLP served as legal counsel to Stonepeak. BMO Capital Markets and BofA Securities served as financial advisor and Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP served as legal counsel to BMO.

The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions, including regulatory approvals.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of January 31, 2026. Serving clients for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to approximately 13 million clients across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.