TIP signs agreement to acquire Trailer Wizards
TIP Trailer Services, a portfolio company of I Squared Capital, has signed an agreement to acquire Trailer Wizards Ltd., a leading supplier of trailer rental and leasing services in Canada. TIP first expanded from Europe into Canada in 2016 with the purchase of Train Trailer. The acquisition of Trailer Wizards will add 21 locations, over 400 employees and a diversified fleet of over 23,000 units in Canada.
“This is our second recent acquisition and a key step in our growth plan to expand the business to become a leading global provider of trailer services” said Adil Rahmathulla, Chairman of the TIP Trailer Services Board and Managing Partner of I Squared Capital. “Acquiring Trailer Wizards will make TIP one of the leading trailer service providers in Canada, further diversify our geographic footprint, expand our service offering and broaden our customer base.”
Bob Fast, President and CEO of TIP Trailer Services said, “Trailer Wizards is a well-respected and exceptionally managed trailer service provider, and the combined company will maintain and expand its level of service for employees, customers and partners.” Owner of Trailer Wizards Ltd., Carl Vanderspek added, “As founder and owner of Trailer Wizards for over 50 years, I believe that with TIP, I have found the right home for the business for the future.”
Following the transaction, TIP’s Canadian division will have a combined fleet of over 33,000 trailers, reefers, chassis and flatbed/drop-deck configurations. The company will employ a staff of over 500 people, including approximately 300 mechanics, throughout almost 30 locations in Canada from Prince Edward Island to British Columbia.
The transaction is subject to customary closing conditions and regulatory approvals. TIP and I Squared Capital were advised by ING Bank N.V., HSBC Bank Canada and The Bank of Nova Scotia are lead debt arrangers on the transaction.