Global private equity firm The Carlyle Group has acquired a majority interest in ITS Technologies & Logistics, LLC, an intermodal facilities operator, from Lanigan Holdings, LLC. Under the terms of the acquisition agreement, the Lanigan Family will retain a significant minority equity interest.
ITS is one of the largest operators of intermodal facilities in North America, where it lifts containers from rail to truck and truck to rail and performs rail switching, terminal administration and equipment maintenance. The company operates in 52 geographically diverse locations in the U.S. and three locations in Mexico, which are critical components of the movement of goods in North America. ITS provides a complete range of services to its railroad customers, emphasizing on-time performance, equipment availability and safety.
I am excited about the opportunity that Carlyles investment presents for our customers and employees, says Tom Stangl, president of ITS. Carlyle has an outstanding track record of long-term investment in assets in the U.S. and around the world. We are confident that our partnership with Carlyle will enable ITS to grow, ensure its continued success in providing a first class service to our customers and maintain a secure and rewarding environment for our employees.
We are pleased to partner with Tom and his management team who have on average more than 25 years of rail experience, and who have demonstrated a track record of consistently growing the company. says Robert Dove, managing director of Carlyle.
We are confident that with ITSs experienced management team, dedicated workforce and the continued commitment from the Lanigan family, the company will continue to grow and build upon its reputation for service and safety in the intermodal industry, adds Barry Gold, managing director of Carlyle.
We thank the management and employees of ITS for building the premier U.S. intermodal operator over the past 30 years. Carlyle has an impressive reputation for creating shareholder value and we believe they will help take ITS to the next level as it continues to offer its customers the great service theyve come to expect, says Jack Lanigan, Jr., representative of the Lanigan family.
Lazard Middle Market served as financial advisor to ITS. Carlyles investment is made by Carlyle Infrastructure Partners, a $1.14 billion fund that invests primarily in transportation and water infrastructure projects in the U.S. and Canada generally ranging from $100 million to more than $1 billion in enterprise value.