Warburg Pincus and Vestar Capital Partners, two leading global private equity firms, have announced they acquired joint control of transportation industry technology firm IAS’ (International Asset Systems). ‘Pritzker family business interests will retain a significant equity stake in the company. The current management team will continue to lead IAS. ‘Terms of the transaction were not disclosed.
Paul Crinks, IAS Chief Executive Officer, said: ‘This investment by two such respected private equity firms represents a vote of confidence in IAS’s business today and its potential to deliver even greater value to our present and future customers. We are excited about the possibilities this strategic partnership will bring as we continue to expand our services.’
Clients will continue to use the IAS platform and services to more economically manage assets, processes and events across complex extended transport networks. This investment provides IAS the opportunity to enhance its solutions, extend coverage, and address broader industry needs.
‘IAS has developed tremendous expertise in delivering equipment management solutions to the world’s leading ocean carriers and container leasing companies and is well-positioned to continue to solve important operational efficiency issues facing the global trade and shipping industry,’ said David Coulter, Managing Director of Warburg Pincus. ‘We look forward to partnering with Paul and the rest of the IAS team and building on the company’s success.’
‘In keeping with our philosophy of backing superior management, and investing in companies with innovative solutions for today and the future, we are delighted to be working with the IAS team as the company enters its next phase of growth and development,’ said Sander Levy, Managing Director of Vestar Capital Partners. ‘IAS has long been an advocate for facilitating greater visibility, control and optimization of assets.’ As the supply chain becomes more globally connected, we envision the IAS network and portfolio of services will be in even greater need.’ Our investment will help IAS meet this demand.