•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Stonepeak, an alternative investment firm focused on infrastructure and real assets, and BMO Financial Group (TSX: BMO) (NYSE: BMO) have reached an agreement under which Stonepeak will acquire BMO’s Transportation Finance and Vendor Finance businesses (collectively, “BMO Transportation and Vendor Finance”). As part of the transaction, BMO will reinvest a 19.9% minority interest in the business.
Based in Irving, Texas, BMO Transportation and Vendor Finance provides customized financing solutions for transportation assets and equipment, including trucks, trailers, and specialized equipment used in agriculture, construction, and other end markets. The business is described as one of the largest lenders to the commercial truck and trailer segment in North America, with more than 700 employees and operations across the United States and Canada.
Following closing, the business will continue to be led by Gary Kempinski, Head of Transportation Finance & Vendor Finance at BMO.
The transaction includes asset-based financing from PGIM, the global asset management business of Prudential Financial, Inc., and bank financing with Bank of America as Lead Financing Arranger.
The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions, including regulatory approvals.
Stonepeak said the acquisition aligns with its transportation-focused asset leasing investment thesis. Stonepeak’s Will Schleier, Senior Managing Director, said the firm is “excited to work closely with BMO and the outstanding leadership team in place to invest further in the business, build on its strong performance, and grow its commercial customer base while preserving the culture, reputation, and relationships that have made the business so successful to date.”
Kempinski, Head of Transportation Finance & Vendor Finance at BMO, said Stonepeak brings experience and operating capabilities in North American transportation and logistics infrastructure, particularly in asset leasing businesses.
Stonepeak noted that its investment follows a long-held thesis and experience in transportation-focused asset leasing businesses. It said it has invested in nine such platforms, representing nearly $28 billion in enterprise value at the time of acquisition, including Textainer, Air Transport Services Group, and TRAC Intermodal.
Skadden, Arps, Slate, Meagher & Flom LLP and Blake, Cassels & Graydon LLP served as legal counsel to Stonepeak. BMO Capital Markets and BofA Securities served as financial advisor, and Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP served as legal counsel to BMO.
Stonepeak is an alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. The firm invests in defensive, hard-asset businesses globally, targeting downside protection and strong risk-adjusted returns. Stonepeak is headquartered in New York and has offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh.
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of January 31, 2026. The bank serves approximately 13 million clients across Canada, the United States, and select markets globally.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
