I Squared Capital, an independent global infrastructure investor, entered into a definitive agreement to sell a 25% minority interest in TIP Group, a European transportation equipment leasing and services platform, to Investment Management Corporation of Ontario (IMCO) and GCM Grosvenor.
“TIP exemplifies I Squared’s platform-building investment strategy,” Mohamed El Gazzar, senior partner at I Squared Capital, said. “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.”
Matthew Mendes, managing director, head of infrastructure at IMCO, added, “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. 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 Q1/27, 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 served as M&A legal counsel to I Squared Capital. Torys and Simmons & Simmons served as legal counsel to IMCO. Hogan Lovells Cadwalader served as legal counsel to GCM Grosvenor.
