Chinese conglomerate HNA Group has completed its purchase of TIP Trailer Services Group from GE Capital.
Tan Xiangdong, vice-chairman and president of HNA said the deal, first announced in June 2013, is a “good strategic fit”.
He continued: “We are very pleased to be acquiring an excellent GE management team who we fully support. We continue to strengthen our transportation finance and services capabilities internationally, and we intend to grow TIP Trailer Services during the coming years.”
Based from its headquarters in Amsterdam, TIP provides trailer leasing, rental and maintenance across 16 countries. It owns and manages more than 48,000 units. The UK makes up approximately 25% of the portfolio, operating from nine sites across the UK and Ireland with a book of 8,000 trailers out on rent with the Fleetcare maintenance portfolio expanding to 4,000 trailers.
Bob Fast, CEO of TIP, was pleased to be joining the HNA Group. “We intend to be the partner of choice in our market by continuing to offer the high standards of care, service and reliability on which our customers have come to rely,” he said.
HNA Group has interests in transport, logistics, tourism, financial services, real estate, airport and retail, and owns 15 airlines in China and Hong Kong.