ITE Management Agrees to Acquire Chassis Leasing Business from Milestone Equipment Holdings

NEW YORK and ST. CHARLES, Mo., Dec. 15, 2025 /PRNewswire/ -- ITE Management L.P., a leading alternative asset manager focused on industrial transportation and infrastructure, and Milestone Equipment Holdings ("Milestone"), a leading lessor of mission-critical transportation equipment in the U.S., today announced a definitive agreement for Milestone to sell its chassis business ("Milestone Chassis") to ITE Management L.P. through its managed funds (collectively, "ITE Management" or "ITE").

The transaction brings approximately 36,000 modern chassis and Milestone's chassis team to ITE's portfolio. Milestone Chassis will operate as a standalone company based in the Chicago area. This transaction expands ITE's diversified, multimodal footprint across essential transportation infrastructure and establishes a new independent chassis provider in the U.S.   

The transaction allows Milestone to strategically focus its growth initiatives on its core trailer and container leasing platform. Milestone has a fleet of around 70,000 trailers and containers that are available for lease across an integrated nationwide network near major logistics hubs. Milestone is a portfolio company of Barings and Partners Group. 

"The acquisition of Milestone Chassis strengthens ITE's position in core freight infrastructure. Adding this modern fleet and seasoned team enhances our ability to deliver high-quality leasing solutions to customers," said Jennifer Polli, Managing Director and Head of Intermodal at ITE.

"We're proud of the chassis platform and team that we built, and we're confident it will continue to succeed under ITE," said Ralph Western, CEO of Milestone. "This transaction allows us to invest more extensively in service quality and scale across our national trailer and container business segments, which have a strong position in the market."

The transaction is expected to close in the first quarter of 2026. 

Advisors

Deutsche Bank Securities Inc. is acting as financial advisor to ITE, and Willkie Farr & Gallagher LLP is serving as legal counsel to ITE. Stephens Inc. is acting as financial advisor to Milestone, and Davis Polk & Wardwell LLP is serving as legal counsel to Milestone.

About ITE Management L.P.

ITE Management L.P. is a global alternative investment firm that helps keep the world's supply chains moving. Founded in 2014, ITE owns and operates nearly $11 billion of industrial infrastructure assets across rail, intermodal, air, and various transportation verticals, as of December 2025. The firm focuses on essential-use, long-lived assets and aims to achieve stable lease profiles and long-term contracts that deliver durable, diversified value. ITE blends operational expertise, data intelligence, and sector knowledge to support the future of global transportation. For more information, please visit www.itemgmt.com or follow the company on LinkedIn.

About Milestone Equipment Holdings LLC

Milestone operates a fleet of over 110,000 owned and managed trailers, chassis, and containers across an integrated network of more than 70 locations near major logistics hubs. The company provides equipment and logistics solutions to its customers under term lease and rental contracts and is one of the largest lessors of critical transportation equipment to U.S. parcel carriers.

About Barings

Barings is a $470+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*As of 30 September 2025

About Partners Group

Partners Group is one of the largest firms in the global private markets industry, with around 2,000 professionals and over USD 174 billion in overall assets under management as of 30 June 2025. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and its primary presence in the Americas in Colorado, Partners Group is built diferently from the rest of the industry. The firm leverages its diferentiated culture and its operationally oriented approach to identify attractive investment themes and to build businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.

Media contact:
[email protected]

SOURCE ITE Management L.P.