Star Leasing (I Squared Capital Portfolio) Acquires Cooling Concepts

I Squared Capital Acquires Star Leasing Company

March 24, 2021

Logistics & Distribution

I Squared Capital, through its ISQ Global Infrastructure Fund II, has acquired Star Leasing Company, a Columbus, Ohio-based trailer lessor with a fleet of approximately 19,000 trailers and about 300 employees. The acquisition creates a U.S. semi-trailer platform for I Squared, enabling geographic expansion, enhanced service offerings (rentals, leasing, maintenance, sales, and breakdown services), and opportunities for bolt-on acquisitions.

I Squared-backed Star Leasing Combines with Commercial Trailer Leasing and North East Trailer Services

September 6, 2023

Transportation

Star Leasing Company, a portfolio company of I Squared Capital, has signed an agreement to combine with Commercial Trailer Leasing (CTL) and North East Trailer Services (NETS). The combination creates one of the largest full-service trailer lessors in the United States with an expected combined fleet of approximately 55,000 trailers and expanded national coverage.

Penske Truck Leasing Acquires Star Truck Rentals, Inc.

April 26, 2023

Trucking & Fleet

Penske Truck Leasing agreed to acquire Star Truck Rentals, Inc., a Michigan-based transportation services company that offers full-service leasing, commercial truck rental, contract maintenance and used truck sales. The acquisition adds Star’s ~1,900 vehicles and 18 locations across Michigan and Indiana to Penske’s network; financial terms were not disclosed and the transaction was expected to close in Q2 2023 subject to customary approvals.

I Squared Capital Agrees to Acquire a Controlling Stake in Royale Cold Storage

June 3, 2025

Logistics & Distribution

I Squared Capital agreed to acquire a controlling stake in Royale Cold Storage (RCS), a leading cold storage operator in the Philippines. The investment is intended as the first step in building an institutional cold storage platform in the country, leveraging RCS’s five facilities and relationships with food and agriculture customers. Closing is subject to customary conditions, including Philippine anti-trust clearance.

Service Logic (Warburg Pincus portfolio company) Acquires Atlantic Cooling Technologies, LLC

January 17, 2019

HVAC & Mechanical

Service Logic, a Warburg Pincus portfolio company, acquired Atlantic Cooling Technologies and Services, LLC; the transaction closed on January 17, 2019. Akerman LLP advised Atlantic Cooling Technologies on the sale as Service Logic expands its HVAC/mechanical services platform.

Trane Technologies Acquires Stellar Energy Americas

February 18, 2026

Industrial Services

Trane Technologies completed its acquisition of Stellar Energy Americas, a provider of turnkey data center cooling solutions. The deal strengthens Trane Technologies’ data center thermal management offering through Stellar Energy’s modular cooling systems and is expected to accelerate growth, innovation, and scale.