Infrastructure investment firm Stonepeak is acquiring the transportation and vendor finance businesses of BMO Financial Group in a deal that will see the bank retain a 19.9% minority stake in the operation.
The business, based in Irving, Texas, is one of the largest lenders to the commercial truck and trailer sector in North America. It provides financing for trucks, trailers, and specialized equipment used in agriculture, construction, and other industries. The operation employs more than 700 people across Canada and the U.S.
Gary Kempinski, head of transportation finance and vendor finance at BMO, will continue to lead the business following the transaction’s close.
“Building on decades of sector expertise, BMO Transportation and Vendor Finance has established itself as one of North America’s premier transportation financing platforms,” said Will Schleier, senior managing director at Stonepeak. “We are 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.”
Stonepeak said the acquisition aligns with its broader strategy of investing in transportation-focused leasing and logistics businesses. The company said it has previously invested in nine transportation asset leasing platforms representing nearly $28 billion in enterprise value at the time of acquisition, including container leasing company Textainer, cargo aircraft lessor Air Transport Services Group, and marine chassis provider TRAC Intermodal.
“We could not have envisioned a better partner to lead BMO Transportation and Vendor Finance into its next chapter,” Kempinski said. “Stonepeak brings deep experience, operating expertise, and relationships in North American transportation and logistics infrastructure, and particularly in asset leasing businesses.”
The transaction includes asset-based financing from PGIM and bank financing arranged by Bank of America. The deal is expected to close in the fourth quarter of 2026.
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