News & ResearchLatest News
August 2, 2022Contract Leasing Corporation Announces Acquisition by Wafra
NEW YORK–(BUSINESS WIRE)–Contract Leasing Corporation (“CLC”), a leading regional trailer and intermodal chassis lessor, today announced its acquisition by funds advised by Wafra Inc. (“Wafra”), a global alternative investment manager. Founded in 1991 and family-owned and operated, CLC has been a trusted provider of trailing equipment and fleet management and maintenance services for over 30 years.
CLC maintains a strong regional presence across 13 branch and depot locations primarily east of the Mississippi, supported by a national third-party maintenance network and young fleet of approximately 15,700 trailer and chassis units. CLC’s Founder, Chief Executive Officer and President, Michael Goor, will continue to lead the business and remain a significant shareholder.
“Partnering with Wafra, a long-term oriented investor with sector expertise across transportation and logistics, will permit CLC to accelerate the growth of our trailer and chassis businesses, expand our geographic footprint, and enhance our ability to provide solutions-oriented service to our customers and partners nationwide,” said Michael Goor. “We are excited to work together to grow our enterprise.”
“Mike and the CLC executive team have built a successful company founded on shared values of customer service, operational excellence and high-quality leasing and ancillary services. Based on these fundamentals, we believe CLC is well positioned to benefit from strong secular growth within its industries,” said Adel Alderbas, Chief Investment Officer of Wafra.
Edward Tsai, Managing Director, Wafra, added, “This investment results from our studied review of essential real assets and transportation sectors, adding trailer and intermodal chassis to our existing investments in intermodal container, railcar, aviation and shipping, among others. Mike’s long-term vision is an excellent fit for the long-term nature of our capital. We look forward to working together to build on that success.”
Evercore Group served as exclusive financial advisor and Scudder Law Firm, P.C. served as legal advisor to CLC. Cleary Gottlieb Steen & Hamilton LLP and Seyfarth Shaw LLP served as legal advisor to Wafra. Regions Capital Markets and Wells Fargo Bank served as Joint Lead Arrangers and Joint Bookrunners on the transaction.
With over 30 years in operation, CLC is a leading trailer and chassis lessor with a 15,700-unit fleet. Headquartered in New Jersey, CLC serves its customers from 13 branches and depots primarily east of the Mississippi River. CLC offers a comprehensive suite of services for fleet management, including leasing, sales and consulting, as well as fleet maintenance and 24/7 roadside assistance. For more information, please visit www.contractleasing.net.
Wafra is a global alternative investment manager with approximately $33 billion of assets under management. Wafra invests across a range of alternative assets, including real assets, infrastructure, real estate and strategic partnerships. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra seeks to align and partner with high quality asset owners, companies and management teams. Headquartered in New York, Wafra has additional offices in London, Kuwait and Bermuda. For more information, please visit: www.wafra.com.
Katrina Allen, Edelman
+1 (917) 640-2753