I Squared Capital has agreed to sell a 25% minority stake in TIP Group to the Investment Management Corporation of Ontario (IMCO) and GCM Grosvenor (Nasdaq: GCMG), according to a press release from I Squared.

TIP Group, headquartered in Amsterdam, operates a fleet of approximately 90,000 trailers, trucks, and specialized equipment across more than 130 service locations in 17 countries. The company serves more than 15,000 transportation and logistics customers in Europe, offering leasing, rental, maintenance, repair, digital fleet solutions, and used equipment sales.

I Squared acquired TIP in 2018 and has since completed 30 acquisitions. The firm states that revenue and EBITDA have more than doubled during its ownership.

The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and other closing conditions. Financial terms were not disclosed.

IMCO manages $90.7 billion in assets on behalf of Ontario's broader public sector. GCM Grosvenor manages approximately $91 billion in assets across private equity, infrastructure, real estate, credit, and absolute return strategies.

J.P. Morgan Cazenove and UBS acted as financial advisors to I Squared. Simpson Thacher & Bartlett LLP served as M&A legal counsel to I Squared. Torys LLP and Simmons & Simmons advised IMCO, while Hogan Lovells Cadwalader advised GCM Grosvenor.