British private equity firm I Squared Capital has acquired trailer leasing group TIP Trailer Services for about €1bn from the Chinese HNA Group. TIP, one of the leading logistics players in Europe, will keep its Amsterdam headquarters, the Financieele Dagblad said on Friday.
HNA acquired TIP from GE Capital in 2013 but is now selling off assets to trim its debt.
Under HNA TIP’s trailer park expanded from 48,000 units to 66,000, and made several acquisitions including Twant Heetkamp in Limburg. TIP has operations in 17 countries in Europe and Canada.
The company reported operating profit of €49m on turnover of €517m in 2017 and said last year it aims at annual sales growth of 20%.
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