FOR IMMEDIATE RELEASE
Miami, FL ‒ January 27, 2020
Announced today, 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. AIM’s innovative technology solutions complement the deep experience and relationships that FlexiVan has established over many years.
“This transaction combines FlexiVan’s 65 years of operating history, nationwide presence and deep customer relationships with AIM’s fleet of new chassis, innovative technology and data analytics to offer our customers more flexibility and greater supply chain efficiency,” said Ronald D. Widdows, Executive Chairman of AIM.
Charles G. Wellins, FlexiVan President and COO added…” 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, all of which will allow us to deliver an industry leading customer experience.”
Mr. Widdows will serve as the CEO of combined company which will do business as FlexiVan. Additional executive appointments will be announced shortly.
FlexiVan® has been a leader in intermodal chassis leasing services in North America since 1955. It manages over 125,000 units in over 300 locations across the country and has nine fully owned and operated service centers providing easy access to chassis maintenance services. Leasing options range from chassis pool user agreements and managed fleets, to short and long term contracts with motor carriers, logistics providers, ocean carriers and beneficial cargo owners. Meanwhile, to facilitate the daily leasing and dispatching process, FlexiVan® per diem rentals are supported by FlexiVan’s streamlined ChassisNow.com booking system. Professional, reliable and cost effective transportation solutions – Experience Delivered. For more information, visit www.FlexiVan.com
About American Intermodal Management
Headquartered in Scottsdale, Arizona, American Intermodal Management, LLC (AIM) was formed in 2016 in response to strong industry demand desiring alternatives for chassis provisioning, and asset management across the U.S. AIM has a fleet of more than 12,000 new chassis equipped with GPS. The AIM business model combines integrity, proactive-disciplined management processes, high quality assets, innovative technology application, and a passion for excellence to achieve maximum value creation.
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