Apax Partners has agreed to sell tank container services business Boasso to private equity giant KKR.
KKR is tapping its Global Infrastructure Investors IV fund for the deal. The firm hit a $17bn close for the mammoth vehicle in March this year.
The deal comes seven years after Apax Partners acquired Boasso as part of its purchase of logistics business Quality Distribution in an $800m deal. Last year Quality Distribution sold its Quality Carriers bulk liquid chemical transportation business to CSX Corporation, at which point Boasso became a standalone entity.
Boasso provides depot, maintenance, cleaning, and transportation services for the ISO tank container industry in North America and Europe.
Under Apax’s ownership Boasso expanded its geographic footprint into and across the UK and European markets.
KKR infrastructure team partner Dash Lane said, “Boasso utilizes its network of assets to provide essential services to operators of ISO tanks, facilitating the efficient and safe flow of chemical and food grade products that are critical to the global economy.
“We are very excited to begin working with [CEO Joe Troy] and the rest of the Boasso team. Our patient, long-term oriented capital is well positioned to support Boasso’s network of facilities, its employees and its customers in their next phase of growth.”
KKR’s infrastructure team was overseeing about $49bn of assets at the end of June.
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