HNA Group Signs Agreement To Purchase Trailer Leasing & Services Business From GE Capital
HONG KONG, June 24, 2013 /PRNewswire/ -- HNA Group Company Limited (HNA) of China, a leading diversified services and integrated operations company today announced they have agreed to acquire GE Capital's TIP Trailer Services, a European market leading provider of transport equipment leasing, rental and service solutions, subject to customary closing conditions, including regulatory approvals. HNA Group is advised by Bravia Capital (Bravia) of Hong Kong with whom they have historically partnered on other transactions.
Following the completion of the acquisition TIP will operate a network of 48 branches throughout 16 European countries, with over 100 rental locations, more than 50 workshops and 100 mobile service vans. TIP has a transport equipment fleet in excess of 45,000 units.
Adam Tan, Vice-Chairman and President of HNA Group states "The acquisition of TIP strategically fits within HNA Group's existing portfolio of logistics, airline, airport, financial services, real estate, tourism, shipping and retail companies, and significant revenue synergies exist between TIP and HNA's logistics and financial services businesses. We are a group committed to growth and are eager to finalise the acquisition and welcome this new addition to our successful portfolio of businesses." Mr. Tan went on to say "HNA has been seeking to make strategic investments in world-class companies that focus on innovation, growth, and have high quality management. The acquisition of TIP allows HNA to continue implementing our long-term vision in this space."This transaction will strengthen TIP's value proposition as significant strategic investment and growth are anticipated. "This is an exciting and positive step forward for TIP Trailer Services." says Bob Fast, President and CEO of GE's TIP Trailer Services. "It's great news for our employees, customers and partners. TIP will continue to be a trusted, long-term partner with solid financial backing from a leading global firm prepared to invest in the business. During this period of transition we continue to operate as business as usual, delivering the same high quality service levels to our valued customers." Bharat Bhise, Chief Executive Officer of Bravia pointed out that bringing TIP and HNA together strengthens the depth and breadth of logistical capabilities to meet client's needs. "We are enthusiastic about the combined strategic growth prospects that this acquisition brings and believe both companies will become stronger positioned as a result, this is a true win-win acquisition." says Mr. Bhise.
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