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PE firm Apax to sell Boasso Global to KKR

Oct. 28, 2022
The ISO tank container specialist was called Quality Distribution before selling Quality Carriers to CSX and becoming a standalone entity in 2021

Apax Funds, advised by private-equity company Apax Partners, is selling its majority interest in Boasso Global to global investment firm KKR.

Financial terms of the transaction were not disclosed.

Boasso, which was known as Quality Distribution before divesting its Quality Carriers bulk liquid transport business last year, provides depot, maintenance, cleaning, and transportation services to the ISO tank container industry in North America and Europe.

Apax first acquired a majority share in Boasso in 2015.

KKR is investing in the tank container specialist through its KKR Global Infrastructure Investors IV fund, which focuses on critical infrastructure investments in North America and Western Europe, the company said.

“It has been a privilege to work with Apax, whose guidance and support have helped Boasso achieve significant growth,” said Joe Troy, chairman and CEO at Boasso. “As we look ahead, we are excited about the new opportunities before us as we continue to expand our global footprint and provide our customers with the outstanding service offerings they have come to expect.

“We also look forward to beginning our new strategic partnership with KKR.”

See also: Quality Distribution becomes standalone entity Boasso Global

Boasso provides logistics services to the global chemical and food-grade supply chains through a network of 34 depots across North America and Western Europe. The company’s full suite of ISO tank transportation and depot services are trusted by a diversified group of long-term customers, Boasso said. Under the Apax Funds’ ownership, Boasso continued as an industry leader through organic growth and strategic acquisitions. It also expanded its geographic footprint to better serve its global customer base.

“We are very proud of what the Boasso team has accomplished over the past seven years, advancing the company’s record of excellence and executing a well-defined strategy,” said Ashish Karandikar, partner at Apax. “It has been a pleasure to work with Boasso’s experienced management team and we wish them nothing but success in the future.”

KKR is one of the most active infrastructure investors in the world, with a team of more than 75 dedicated investment professionals across eight countries in the U.S., Europe, and Asia Pacific. Its team oversees approximately $49 billion in assets and boasts more than 65 investments in a range of sub-sectors and geographies.

“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,” said Dash Lane, partner on KKR’s infrastructure team. “We are very excited to begin working with Joe 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.”