I Squared-Backed Star Leasing Agrees to Buy New Jersey Rival CTL

Star Leasing Co., a trailer-leasing specialist backed by I Squared Capital, agreed to buy New Jersey-based rival Commercial Trailer Leasing Inc.

The transaction values the combined entity at $1.6 billion including debt, according to people with knowledge of the matter who requested anonymity to discuss confidential terms. The deal expands Columbus, Ohio-based Star Leasing’s footprint to roughly 41 locations across 13 US states and follows its recent acquisition of North East Trailer Services.

“This is an important milestone in our plan to build the leading North American trailer lessor,” I Squared Chief Investment Officer Gautam Bhandari said in ...