Investment firm Stonepeak will acquire BMO Transportation and Vendor Finance business, the companies announced Monday.
BMO Transportation and Vendor Finance offers financing solutions for transportation assets and equipment, such as trucks, trailers and other end markets. It has more than 700 employees and operations across North America. The business will continue to be lead by Gary Kempinski after the transaction closes.
[RELATED: Market Moves: Suppliers drive busy April activity]
"Building on decades of sector expertise, BMO Transportation and Vendor Finance has established itself as one of North America's premier transportation financing platforms," says Will Schleier, senior managing director at Stonepeak. "We are excited to work closely with BMO and the outstanding leadership team in place to invest further in the business, build on its strong performance and grow its commercial customer base while preserving the culture, reputation and relationships that have made the business so successful to date."
Stonepeak has invested $28 billion in nine transportation-focused businesses, including Textainer, Air Transport Services Group and TRAC Intermodal.
"We could not have envisioned a better partner to lead BMO Transportation and Vendor Finance into its next chapter," says Gary Kempinski, head of transportation finance and vendor finance at BMO. "Stonepeak brings deep experience, operating expertise and relationships in North American transportation and logistics infrastructure, and particularly in asset leasing businesses. With their support and strategic partnership, we are positioned incredibly well for sustained success."
The transaction is expected to close in the fourth quarter.
