Stonepeak Infrastructure Partners’ Acquisition of TRAC Intermodal

Citi served as TRAC’s exclusive financial adviser, while Skadden Arps as its legal adviser. Simpson Thacher acted as legal adviser to Stonepeak.

Stonepeak Infrastructure Partners entered into a binding agreement to acquire TRAC Intermodal, a leading intermodal infrastructure provider, and its subsidiaries from investment funds managed by an affiliate of Fortress Investment Group LLC.

The transaction will provide Stonepeak with an industry leader to strengthen its infrastructure and transportation market portfolio and TRAC with a new sponsor and support for future growth. TRAC’s existing management team will continue to run the business in their current capacities.

TRAC Intermodal is North America’s leading marine chassis pool manager and equipment provider.  TRAC has the largest fleet of marine and specialty chassis in North America and operates an extensive network of facilities.

Stonepeak Infrastructure Partners is an infrastructure-focused private equity firm headquartered in New York that manages $17.9 billion of assets for its investors (as of September 30, 2019). Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.

The Skadden team included M&A partners Peter Serating (Picture; New York) and Joseph Coco (New York), and Tax partner David Polster (Chicago).

The Simpson Thacher team included Eli Hunt and Erica Egenes (M&A); Brian Gluck, Arman Naraghi-Pour and Essete Workneh (Credit); Jonathan Goldstein and Tyler Robbins (Tax); Tristan Brown and Caitlin Fitzgerald (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Krista McManus (Real Estate); Genevieve Dorment (Intellectual Property); Steven DeLott (Insurance); and Peter Guryan and Kelly Karapetyan (Antitrust).

Involved fees earner: Tristan Brown – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Erica Egenes – Simpson Thacher & Bartlett; Caitlin Fitzgerald – Simpson Thacher & Bartlett; Brian Gluck – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Eli Hunt – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Arman Naraghi-Pour – Simpson Thacher & Bartlett; Tyler Robbins – Simpson Thacher & Bartlett; Essete Workneh – Simpson Thacher & Bartlett; Joseph Coco – Skadden Arps Slate Meager & Flom; David Polster – Skadden Arps Slate Meager & Flom; Peter Serating – Skadden Arps Slate Meager & Flom;

Law Firms: Simpson Thacher & Bartlett; Skadden Arps Slate Meager & Flom;

Clients: Stonepeak Infrastructure Partners; TRAC Intermodal;