Report: Investment firm looking to sell Princeton’s Trac Intermodal for $1B

Investment firm Fortress Investment Group LLC is considering selling Princeton-based transportation equipment company Trac Intermodal LLC, according to a published report.

The New York-based investment company is hoping to get $1 billion for the maker of marine chassis, according to Bloomberg, which cited unnamed sources.

A spokesperson for Trac declined to comment to ROI-NJ on the report. Fortress did not immediately responded to a request for comment.

Fortress paid $2.4 billion for Trac in 2007, according to Bloomberg, and CEO Jennifer Polli is a former Fortress exec.

Fortress, which is itself owned by SoftBank Group Corp., has previously sought to sell Trac, according to the report.