Private equity firm Fortress Investment Group LLC is exploring a sale of TRAC Intermodal LLC, a logistics equipment leasing company that could be valued at more than $1.7 billion, including debt, according to people familiar with the matter. Fortress has hired investment bank Morgan Stanley to run an auction for TRAC, and expects first-round offers for the Princeton, New Jersey-based company next month, the people said on Thursday.TRAC has annual earnings before interest, tax, depreciation and amortization of around $190 million, the people added.The sources asked not to be identified because the sale process is confidential. Fortress, TRAC and Morgan Stanley representatives did not respond to requests for comment.Founded in 1968, TRAC Intermodal is the largest provider of marine and ground transport chassis in North America. It has a fleet of close to 276,000 chassis. The net book value of its equipment was about $1.45 billion as of the end of September.
Fortress Investment Group LLC (Fortress), is a global investment management firm. Shares of FIG fell by 0.5% or $-0.04/share to $7.90. In the past year, the shares have traded as low as $5.58 and as high as $9.16. On average, 1349150 shares of FIG exchange hands on a given day and today's volume is recorded at 968935.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 3.73% or $1.37/share to $38.10. In the past year, the shares have traded as low as $28.31 and as high as $38.14. On average, 10440300 shares of MS exchange hands on a given day and today's volume is recorded at 12734878.
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