TIP Trailer Services says it plans to proceed with the acquisition of Trailer Wizards after receiving a no-action letter from the Competition Bureau in Canada.
Trailer Wizards supplies trailer rental and leasing services in Canada. TIP, a portfolio company of I Squared Capital headquartered in Amsterdam, The Netherlands, is an equipment service provider in Europe and Canada specializing in trailer leasing, rental, maintenance and repair, as well as other services to transportation and logistics customers.
TIP first announced the intended acquisition in September, 2019, and now expects to close the deal in January 2020.
The company said the acquisition will make it one of the leading trailer service providers in Canada, further diversifying its geographic footprint, expanding its service offering and broadening its customer base. TIP first expanded from Europe into Canada in 2016 with the purchase of Train Trailer. The acquisition of Trailer Wizards will add 21 locations, more than 400 employees and a fleet of more than 23,000 units in Canada.
After the deal is made official, Train Trailer Rentals and Trailer Wizards both will be part of the TIP Group and fully integrated over time.
TIP’s expanded Canadian division will have a combined fleet of more than 33,000 trailers, reefers, chassis and flatbed/drop-deck configurations, TIP said. The company will employ a staff of more than 500 people, including approximately 300 mechanics, throughout nearly 30 locations in Canada.