We are advising Milestone Equipment Holdings, Partners Group and Barings on the transaction

Davis Polk is advising Milestone Equipment Holdings, Partners Group and Barings on Milestone’s sale of its chassis leasing business to ITE Management L.P. The transaction brings approximately 36,000 modern chassis and Milestone’s chassis team to ITE’s portfolio. The transaction is expected to close in the first quarter of 2026.

Milestone, a portfolio company of Partners Group and Barings, operates a fleet of over 110,000 owned and managed trailers, chassis and containers across an integrated network of more than 70 locations near major logistics hubs. The company provides equipment and logistics solutions to its customers under term lease and rental contracts and is one of the largest lessors of critical transportation equipment to U.S. parcel carriers.

Partners Group is one of the largest firms in the global private markets industry, with around 2,000 professionals and over $174 billion in overall assets under management as of June 30, 2025.

Barings is a more than $470 billion global asset management firm that partners with institutional, insurance and intermediary clients, and supports leading businesses with flexible financing solutions.

ITE Management is a global alternative investment firm that helps keep the world’s supply chains moving. Founded in 2014, ITE owns and operates nearly $11 billion of industrial infrastructure assets across rail, intermodal, air and various transportation verticals, as of December 2025.

The Davis Polk corporate team includes partners Thomas J. Malone and Michael Davis and associates F. Adam Abulawi and Jacob Weltman. Partner Pritesh P. Shah is providing intellectual property advice. Partner Veronica M. Wissel is providing executive compensation advice. Partner Kara L. Mungovan is providing tax advice. Partner Robert F. Smith and counsel Christopher D. Milla are providing sponsor finance advice. Partner Jesse Solomon is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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