Barings, which owns trailer leasing companies, announced that it has completed a merger of Milestone Equipment Holdings and Quest Capital Group, a transaction that increases Milestone’s fleet by 70%. Milestone, which previously had 40,000 trailers and containers, now has 68,000 units for lease and rent. The added assets include 18,000 highway trailers and 10,000 pieces of intermodal equipment. Milestone’s fleet now includes intermodal and highway trailers, dry and refrigerated domestic containers and chassis. Financial details of the transaction weren’t announced. The deal included US Trailer Holdings I and II, which provided leasing and rental services with investor-backed equipment.
“Milestone will provide more innovative and flexible leasing and rental products to our customers as a result of our significantly enhanced scale in the marketplace,” Milestone CEO said Rob Thull said. “We are excited to expand the equipment offerings of Milestone through the merger of our operations,” Quest CEO Jordan Ayers said.
“The merger of Milestone, USTH and Quest is strategically important to Barings’ strategy in the surface transportation sector. It will enable Milestone to expand its fleet and geographic footprint while continuing to focus on equipment solutions for its customers,” said Thomas Juterbock, a Barings managing director.
Milestone was acquired by New Haven, Connecticut-based Barings in March.
Source: Transport Topics