TRAC Intermodal, a Princeton-based marine chassis operator, will be acquired by a New York-based private equity firm, the company announced.
Stonepeak Infrastructure Partners has signed a binding agreement to acquire TRAC, a major intermodal infrastructure provider, from investment funds managed by an affiliate of Fortress Investment Group LLC.
TRAC’s existing management team will continue in its current roles. Financial terms of the transaction were not disclosed.
“We are excited to have Stonepeak as our new sponsor,” TRAC CEO and President Jennifer Polli said in a prepared statement. “We welcome the operational and capital support that Stonepeak will provide. Their deep experience and relationships in North America will help fuel our continued growth and reinforce our industry leadership position in providing the highest quality products, reliable equipment and best-in-class customer service to the marine intermodal and transportation industries.”
Citi is serving as TRAC’s exclusive financial adviser, while Skadden Arps is its legal adviser. Simpson Thacher is Stonepeak’s legal adviser.
The transaction is expected to close in the next few months, pending customary approvals and conditions.