ITE ACQUIRES MAJORITY STAKE IN LEADING OWNER AND LESSOR OF INTERMODAL CHASSIS
NEW YORK – December 12, 2023 – ITE Management L.P. (ITE), an investment firm specializing in industrial transportation assets and related infrastructure, announced today that it has acquired a majority ownership stake in Trend Intermodal Chassis Leasing LLC (Trend), a chassis leasing company based in Kearny, New Jersey and recognized for its service in the Northeast and other key intermodal markets. The transaction strengthens ITE’s portfolio of investments across the transportation supply chain and provides its intermodal chassis portfolio with access to a scalable, productive leasing platform.
Trend owns and operates a young and versatile chassis fleet, offering customers reliable equipment and flexible leasing solutions. Founder and CEO, Ayman Awad, and the existing Trend team will continue to run the business in their current capacity.
“Trend is synonymous in the chassis market with fleet quality and best-in-class customer support,” says Managing Director Jennifer Polli, who is Head of Intermodal and a Senior Operating Partner at ITE. “They are the perfect chassis leasing platform to serve as ITE’s partner in pursuit of growth opportunities across the intermodal value chain.”
“We welcome ITE as a committed expert in the intermodal sector. Their operational and capital support is instrumental in the next chapter for Trend and will create long-term value for our existing customers,” says Ayman Awad, CEO of Trend. “I have known and worked with Jennifer for over twenty years and am excited to collaborate closely with her and the ITE team as we scale our fleet and service offering.”
Willkie Farr & Gallagher LLP acted as legal counsel to ITE, and McCausland Keen + Buckman acted as legal counsel to Trend.
About Trend Intermodal Chassis Leasing
Trend is a chassis leasing company formed by a group of seasoned intermodal transportation industry professionals. Trend provides its customers with high quality, multi-loading capacity equipment on term lease. With a focus on high touch customer service, Trend offers alternative leasing solutions to the intermodal industry. For more information, please visit www.trendchassis.com.