American Intermodal Management (AIM), a U.S.-based marine chassis lessor and a portfolio company of I Squared Capital, has signed an agreement to merge with FlexiVan Leasing, the third largest marine chassis provider in the U.S., owned by Castle & Cooke.
I Squared Capital will assume a controlling interest in FlexiVan with Castle & Cooke maintaining a minority interest in the combined business. FlexiVan, one of the leading marine chassis leasing companies in North America and to combine its business with AIM.
Formed as a logistics platform by I Squared Capital in 2016, AIM has grown into a leading chassis lessor providing GPS-enabled services to retailers, logistics companies and shipping lines in the U.S. intermodal supply chain.
According to spokesmen, AIM’s “innovative technology solutions complement the deep experience and relationships” that FlexiVan has established over many years.
Ronald D. Widdows, Executive Chairman of AIM, said in a statement that the deal combines FlexiVan’s 65 years of operating history, nationwide presence and shipper relationships with AIM’s fleet of new chassis, “innovative technology” and data analytics to offer more flexibility and greater supply chain efficiency.”
Widdows will serve as the CEO of combined company which will do business as FlexiVan.
According to Charles G. Wellins, FlexiVan President and COO, the combination of AIM and FlexiVan will provide strong financial support to continue the upgrade of FlexiVan’s fleet, support significant investment in new assets, and fund ongoing development of innovative IT systems.
Industry analysts told LM that this makes sense.
“While we have not followed it closely, AIM may have not been able to make a go of it independently,” said Dan Smith, principal, Tioga Group, Inc. “Otherwise, FlexiVan may be aggressive in buying a threatening competitor.”
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