CHARLOTTE, N.C., Oct. 25, 2017 /PRNewswire/ -- Direct ChassisLink, Inc. ("DCLI" or the "Company") today announced that it has signed a definitive agreement to acquire TRAC Intermodal's ("TRAC Intermodal" or "TRAC") fleet of approximately 72,000 53-foot domestic chassis and related customer and hosting contracts with major Class I railroads and intermodal shipping companies throughout the United States. The transaction is expected to close in January 2018, subject to customary closing conditions. Financial terms of the transaction were not disclosed.
As a result of this acquisition, DCLI will own, lease or manage approximately 136,000 marine chassis, as well as approximately 80,000 domestic chassis, for a total chassis fleet of over 216,000. In addition, through its REZ-1 asset management platform, the company manages over 86,000 domestic intermodal containers for third parties. DCLI is also entering into a Transition Services Agreement with TRAC for certain back-office functions until a complete system migration is accomplished, ensuring a seamless transition and uninterrupted service for customers. Post-integration, customers will benefit from a new single source for intermodal marine and domestic chassis leasing services over an expanded national footprint encompassing all major ports and railway terminals. These services will be powered by the REZ-1 asset management platform, which already trades in both the domestic and marine markets.
"The acquisition of TRAC's domestic business accelerates our vision to create the leading intermodal asset leasing, management, and services platform for the transportation and logistics industries," said Bill Shea, CEO of DCLI. "New customers will benefit from enhanced technology-enabled service offerings and an expanded national footprint across the marine and domestic intermodal industries, while our existing customers will continue to receive the same high degree of customer service they have come to expect. We look forward to closing the deal and beginning the integration process."
About Direct ChassisLink, Inc.
DCLI is a leading provider of marine chassis and asset management services to the U.S. intermodal industry. The company owns, leases and manages over 136,000 marine chassis and also manages over 86,000 intermodal containers for third parties through its differentiated asset management platform, REZ-1. DCLI has a strong focus on safety and sustainability and is a participant in the U.S. Environmental Protection Agency's (EPA) innovative WasteWise program. DCLI is owned by EQT, a global investment firm with Nordic roots.
For further information, contact:
Brian Schaffer, Prosek Partners