Commercial vehicle leasing and rental company, PEMA, provides services in Belgium, the Czech Republic, Denmark, Germany, Poland, Sweden and Switzerland.
The acquisition will bolster TIP's global footprint, strengthen its position in Germany and enable entry into the Swiss market.
“This is an exciting step in our path of growth and diversification as we continue to build a stronger platform for the benefit of our customers, partners, employees and stakeholders,” said Adil Rahmathulla, Chairman of the TIP Trailer Services Board and Managing Partner of I Squared Capital.
“With the acquisition of PEMA, TIP will gain scale and increased geographic diversification with a stronger position in Germany.
“We continue to seek opportunities to grow the platform, including high-end specialised assets, while maintaining our established offerings and levels of service,” he said.
“The combined companies will have nearly 89,000 trailers and trucks as well as over 100 workshops offering the largest repair network in Europe and Canada and provide a one-stop shop solution for a wide variety of commercial vehicle equipment,” said TIP Trailer Services President and CEO, Bob Fast.
“Our customers will have a seamless service partner across Europe and Canada, simplifying their fleet management and enabling them to focus on their core business activities while enjoying TIP’s strong reliability and customer service,” he said.
TIP and PEMA are both service-orientated companies with longstanding experience in transportation and logistics across Europe supporting customer needs throughout the entire lifecycle of trailers, swap bodies and trucks. PEMA has a modern and diverse fleet of trucks, rigid vehicles and trailers from leading brands including Krone, MAN, Schmitz Cargobull and Volvo. Since 2008, PEMA has been part of the GEFA Group, the equipment finance arm of French banking group Société Générale. Société Générale Equipment Finance holds a 100 per cent stake in PEMA group through its German subsidiary, GEFA Bank.
The acquisition is expected to close in the coming months subject to customary regulatory approvals.