Chassis pool manager CCM acquired by Oaktree

Consolidated Chassis Management (CCM) announced Tuesday it has been acquired by funds managed by global investment firm Oaktree Capital Management.

The chassis pool manager was previously owned by a group of 10 container shipping companies — the Ocean Carrier Equipment Management Association (OCEMA).

Financial terms of the transaction were not provided.

The deal is expected to provide CCM with a bigger capital base as it acts as the sole manager and chassis provider to the South Atlantic Consolidated Chassis Pool (SACP 3.0), which was launched on Sunday.

“With Oaktree’s backing, CCM will be very well-positioned to carry out the innovative vision of the Ports and OCEMA to create the largest truly interoperable chassis utility in the country,” said CCM CEO Mike Wilson.

In March, CCM announced the planned launch of SACP 3.0.

The new chassis pool will include 45,000 units, which will be provided to trucking companies, beneficial cargo owners and ocean carriers at more than 75 locations in Alabama, Florida, Georgia, North Carolina and South Carolina. Additional chassis are expected to be entered into service in the region, with new units already being delivered to ports in Wilmington, North Carolina; Savannah, Georgia; and Jacksonville, Florida.

“The new pool’s high service standards and entirely rejuvenated fleet will benefit all stakeholders for the next decade and beyond in this dynamic and fast-growing region,” said Jeff Lawrence, executive director at OCEMA. “This unique public private partnership represents the next frontier in the evolution of the chassis paradigm in the U.S.”

InterPro Advisory and Strategic Rail Capital advised OCEMA on the transaction.

More FreightWaves articles by Todd Maiden

• Morgan Stanley says 2nd phase of LTL freight reshuffle coming
• Forward Air’s bid for Omni temporarily blocked by court
• 3PL, warehousing provider WSI acquires El Paso carrier

The post Chassis pool manager CCM acquired by Oaktree appeared first on FreightWaves.

Source: freightwaves - Chassis pool manager CCM acquired by Oaktree
Editor: Todd Maiden