Partners Group, a global private markets firm acting on behalf of its clients, has acquired a significant equity stake in Milestone Equipment Holdings and will partner with Barings, an investment management firms. Milestone is a provider of transportation equipment and supply chain services in the U.S.
Don Clayton, chief executive officer, Milestone, commented, “Our team has worked tirelessly to serve our customers and grow rapidly in our target market segments, while modernizing our operations and systems to create a highly scalable platform. We are excited by the opportunity to build on this progress with the continued partnership of Barings and the addition of Partners Group. We remain highly committed to delivering the best customer experience in the industry, while providing every Milestone team member the tools they need to grow and prosper.”
Ed Diffendal, managing director, Private Infrastructure, Partners Group, stated, “Milestone is an established infrastructure business that provides exposure to e-commerce, a transformative trend that continues to gather pace as economies digitize. Based on its scale, service, and fleet quality, we have conviction in Milestone’s ability to capture a growing share of the transportation equipment market. Our value creation plan will further develop Milestone’s mobile warehouse offering, as well as build out its network into under-served geographies across the US. We are looking forward to partnering with Milestone’s very experienced management team and our partner Barings on these initiatives.”
Tom Juterbock, managing director, Barings Private Equity / Real Assets, added, “We are thrilled to complete the equity recapitalization of Milestone, which will help enable the Company to achieve its long-term growth objectives. We look forward to working with Partners Group to continue providing Milestone with the resources to excel over the coming years.”
PJT Partners served as exclusive financial advisor to Barings, with Kirkland & Ellis serving as Barings’ legal counsel. Latham & Watkins served as legal counsel for Partners Group, and McGuireWoods served as legal counsel for Milestone.