The acquisition includes all of TIP's remaining U.S.-based trailers.
The majority of the trailers will be owned by Wood Creek affiliates and managed and operated by Trailer Leasing Alliance and Quest Capital Group.
TLA is a newly formed joint venture trailer leasing company owned by Milestone and Bowman. It will be staffed by executives with extensive trailer leasing industry experience and national account management capabilities. Quest is an existing operating partner of Wood Creek and an experienced transportation equipment manager. TLA and Quest will provide services to existing and future trailer lessees, and the acquisition group intends to provide additional capital to meet future trailer lessee capacity needs.
Wood Creek is an investment manager headquartered in New Haven, Conn., an affiliate of MassMutual Financial Group.
Bowman Sales & Equipment Inc., doing business as Bowman Trailer Leasing, is the second largest semi-trailer leasing company in the U.S. with a fleet of over 30,000 assets and operates out of 34 branch locations. Based in Hagerstown, Md., Bowman is a full service provider that includes in-house maintenance and delivery/pick-up capabilities in most locations.
The Milestone companies, including Milestone Equipment Corp., operate a leased fleet of more than 50,000 units of domestic intermodal and highway transportation equipment. Milestone Trailer Leasing LLC, headquartered in Tiburon, Calif., operates 18,000 highway rental trailers through its affiliate, Personal Attention Leasing Inc. The company has 19 full-service rental branch locations primarily in the Midwest.