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

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.

Star Leasing (I Squared Capital Portfolio) Acquires Cooling Concepts

May 9, 2022

Logistics & Distribution

Star Leasing Company, a portfolio company of I Squared Capital, has acquired Cooling Concepts, LLC, a refrigerated semi‑trailer leasing company serving customers in over 30 U.S. states. The acquisition expands Star’s refrigerated trailer fleet, geographic footprint and product offerings (rentals, leasing, maintenance and trailer sales) and is accretive to its core business as part of I Squared’s larger transport and cold‑chain platform.

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.

Brightstar Capital Partners Acquires Novae Corp.

December 22, 2021

Manufacturing

Brightstar Capital Partners, a New York-based private equity firm, completed its acquisition of Novae Corp., a Markle, Indiana-headquartered trailer manufacturer, in partnership with Novae founder and senior management who retain significant ownership. Novae operates six trailer brands across 15 manufacturing facilities with more than 1,100 employees and will work with Brightstar to scale operations and expand in a fragmented market.

Novae Acquires LOOK Trailers

April 12, 2022

Manufacturing

Novae LLC, a Brightstar Capital Partners-backed trailer manufacturer, has acquired LOOK Trailers, the largest manufacturer of enclosed cargo trailers in the U.S. LOOK will continue operating its six manufacturing facilities and dealer network as a division of Novae, with founder Matt Arnold joining Novae as Chief Innovation Officer. Financial terms were not disclosed.

Motion & Control Enterprises Acquires North East Technical Sales

December 2, 2024

Industrial Services

Motion & Control Enterprises (MCE), a Frontenac-backed supplier of fluid power, automation and flow control solutions, has acquired North East Technical Sales, Inc. (NETS), a Harleysville, Pennsylvania-based distributor of instrumentation and control products. NETS will continue operating under its name with existing leadership, and the acquisition expands MCE's flow control footprint and service capabilities across the Mid-Atlantic.