Direct ChassisLink changes hands in $3.6 billion deal-sources

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NEW YORK (Reuters) - A consortium comprising a Singapore sovereign wealth fund, a Canadian pension fund and a British investment manager has acquired chassis lessor Direct ChassisLink from buyout firms Apollo Global Management (NYSE:APO) Inc and EQT (NYSE:EQT) Partners AB for about $3.6 billion, including debt, people familiar with the matter said on Thursday.

The deal's completion brings one of the largest chassis lessors in the United States under the control of Singapore's GIC, the infrastructure investment arm of Canada's OMERS and London-based investment firm Wren House.

The deal marks a win for Apollo, which acquired a majority stake in Charlotte, North Carolina-based Direct ChassisLink and logistics and digital supply chain solutions company Blume Global from EQT in 2019 for around $2.5 billion, including debt. EQT kept a 20% stake in both companies.

The latest transaction did not include Blume. Excluding Blume's remaining value, Apollo made two times the money it invested, according to a person familiar with the matter.

Blume separately raised money from outside investors in 2021 at a valuation of $500 million.

Direct ChassisLink controls a fleet of over 151,000 marine and 100,000 domestic chassis. It has a workforce of around 410 employees and is active in the transportation of containers to and from ports, railyards and other locations.