I Squared Capital to Sell Minority Stake in TIP Group, a Leading Pan-European Equipment Leasing Platform, to IMCO and GCM Grosvenor

LONDON--(BUSINESS WIRE)--I Squared Capital ("I Squared"), a leading independent global infrastructure investor, today announced it has entered into a definitive agreement to sell a 25% minority interest in TIP Group ("TIP" or the "Company"), one of Europe’s leading transportation equipment leasing and services platforms, to Investment Management Corporation of Ontario (“IMCO”) and GCM Grosvenor.

Headquartered in Amsterdam, TIP is one of Europe's largest trailer leasing and equipment services companies, operating a fleet of approximately 90,000 trailers, trucks, and specialised equipment with over 130 service locations in 17 countries. The Company provides integrated leasing, rental, maintenance and repair, digital fleet solutions, and used equipment sales to more than 15,000 transportation and logistics customers across Europe.

Since acquiring TIP in 2018, I Squared has transformed the business into a market-leading pan-European transportation equipment platform through organic investment and 30 strategic acquisitions. I Squared has expanded TIP’s geographic footprint, strengthened its maintenance network, invested heavily in fleet refurbishment, electrification and digital capabilities including the launch of TIP’s digital platform Viamanta, and more than doubled both revenue and EBITDA.

Mohamed El Gazzar, Senior Partner at I Squared Capital, commented: "TIP exemplifies I Squared's platform-building investment strategy. Over the past eight years, we have partnered closely with management to transform the business through operational investment, strategic acquisitions and disciplined capital allocation, transforming the business into one of Europe's leading transportation equipment platforms. We continue to see significant opportunities for TIP and look forward to partnering with IMCO and GCM Grosvenor to support the next phase of growth, while enabling TIP to continue delivering exceptional service to its customers and partners across Europe."

“TIP is a leading European provider of asset leasing and maintenance services, operating critical transportation infrastructure that aligns with IMCO’s investment strategy focused on resilient businesses and stable cash flows,” said Matthew Mendes, Managing Director, Head of Infrastructure, IMCO. “This investment reflects our continued focus on building a diversified infrastructure portfolio for our clients, while building on our partnerships with experienced global infrastructure investors and high-calibre management teams in sectors where we see long-term value.”

Ravi Parekh, Managing Director at GCM Grosvenor, said: “We are pleased to work with the TIP management team and I Squared to support TIP as it enters its next stage of growth. We believe TIP is well positioned to capitalise on its strong foundation and create long-term value.”

The transaction is expected to close in 1Q27, subject to closing conditions and regulatory approvals. The financial terms of the transaction were not disclosed.

J.P. Morgan Cazenove and UBS served as financial advisors and Simpson Thacher & Bartlett LLP served as M&A legal counsel to I Squared Capital. Torys LLP and Simmons & Simmons served as legal counsel to IMCO. Hogan Lovells Cadwalader served as legal counsel to GCM Grosvenor.

About I Squared Capital
I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

About TIP GROUP
TIP Group is one of Europe’s market leaders providing lease & rental full-service equipment solutions for over 55 years. TIP Group, headquartered in Amsterdam, has an extensive fleet of trailers, trucks, reefers, chassis, and specialized equipment. With a network of 130+ service locations spanning across 17 countries and with a fleet of over 90,000 assets. TIP Group specializes in delivering a highly customizable approach, offering flexible leasing and rental options, maintenance and repair, digital solutions, sustainable initiatives and used equipment sales. With the commitment to shaping a more environmentally conscious future, TIP Group is proudly partnering to achieve sustainability targets faster and on a larger scale.

ABOUT IMCO
The Investment Management Corporation of Ontario (“IMCO”) manages $90.7 billion of assets on behalf of its clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest

About GCM Grosvenor
GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $91 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 560 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk; loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

J.P. Morgan Securities plc, which conducts its U.K. investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United Kingdom by the PRA and regulated in the United Kingdom by the PRA and the FCA. J.P. Morgan Cazenove is acting as financial adviser exclusively for I Squared and no one else in connection with any matters described herein and will not regard any other person as its client in relation to any matters described herein and will not be responsible to anyone other than I Squared for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, or for providing advice in relation to any matter referred to herein.

UBS AG London Branch is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS AG London Branch is acting as financial adviser to I Squared and no one else in connection with the transaction described herein. In connection with such transaction, UBS AG London Branch will not regard any other person as its client, nor will it be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the transaction described herein, the contents of this announcement or any other matter referred to herein.