Carlyle Takes Control of Shipping Operator
ITS Technologies & Logistics sees majority stake absorbed by Carlyle’s infrastructure unit.
May 20, 2008
ITS Technologies & Logistics LLC, an intermodal facilities operator run by Lanigan Holdings LLC, saw its majority stake sold to The Carlyle Group Tuesday.
Terms of the deal were not disclosed, but in a joint statement, the Lanigan team said it would retain a “significant minority equity interest” in the company, allowing it to continue to benefit from ITS ownership while opening it up to expansion under a better-equipped Carlyle team.
ITS runs rail-to-truck and truck-to-rail terminals and has locations in the U.S. and in Mexico. Lazard Middle Market served as advisor to ITS for the transaction.
Carlyle’s investment was made through the Carlyle Infrastructure Partners fund, a $1.14 billion fund that targets transportation and water infrastructure projects ranging from $100 million to $1 billion in enterprise value.
“We are confident that with ITS’s 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,” said Barry Gold, managing director of Carlyle and co-head of the infrastructure team.
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