NEW YORK & TORONTO — May 11, 2026
Executive Summary
Stonepeak and BMO Financial Group have announced an agreement under which Stonepeak will acquire BMO’s Transportation Finance and Vendor Finance businesses, collectively referred to as “BMO Transportation and Vendor Finance.” As part of the transaction, BMO will reinvest a 19.9% minority interest in the business following completion of the acquisition.
The transaction involves one of North America’s major transportation financing platforms, with operations across the United States and Canada and a workforce of more than 700 employees. The business provides financing solutions for transportation assets and specialized commercial equipment, including trucks, trailers, agriculture equipment, and construction equipment. Upon closing, the business will continue to operate under the leadership of Gary Kempinski, Head of Transportation Finance & Vendor Finance at BMO. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.
Announcement Overview
The announced acquisition represents a significant transaction within the North American transportation finance and infrastructure investment sectors. Under the agreement, Stonepeak will acquire BMO Transportation and Vendor Finance from BMO Financial Group while BMO retains a minority ownership position through a reinvestment structure.
Based in Irving, Texas, BMO Transportation and Vendor Finance operates across the United States and Canada and provides customized financing solutions for a broad range of commercial transportation and industrial equipment categories. The business has established a presence in commercial truck and trailer financing and serves customers operating in transportation, logistics, agriculture, construction, and other commercial end markets.
Stonepeak stated that the transaction aligns with its long-term investment focus on transportation-focused asset leasing and infrastructure-related businesses. The acquisition also adds to Stonepeak’s portfolio of transportation and logistics investments across multiple asset classes. According to the companies, the transaction is intended to support the continued growth of the business while maintaining existing customer relationships, operational culture, and leadership continuity.
Key Announcement Details
- Transaction Type: Acquisition agreement involving BMO Transportation and Vendor Finance
- Acquiring Company: Stonepeak
- Selling Company: BMO Financial Group
- Business Included in Transaction: BMO Transportation Finance and Vendor Finance businesses
- Minority Reinvestment Interest: BMO to retain a 19.9% minority interest in the business
- Business Headquarters: Irving, Texas
- Primary Financing Areas: Commercial trucks, trailers, agriculture equipment, construction equipment, and specialized transportation assets
- Geographic Operations: United States and Canada
- Employee Base: More than 700 employees
- Leadership Continuity: Gary Kempinski to continue leading the business following closing
- Stonepeak Investment Focus: Transportation infrastructure and transportation-focused asset leasing businesses
- Referenced Stonepeak Portfolio Companies: Textainer, Air Transport Services Group, and TRAC Intermodal
- Asset-Based Financing Provider: PGIM, the global asset management business of Prudential Financial, Inc.
- Lead Financing Arranger: Bank of America
- Legal Counsel to Stonepeak: Skadden, Arps, Slate, Meagher & Flom LLP and Blake, Cassels & Graydon LLP
- Financial Advisors to BMO: BMO Capital Markets and BofA Securities
- Legal Counsel to BMO: Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP
- Expected Closing Timeline: Fourth quarter of 2026
- Closing Requirements: Regulatory approvals and customary closing conditions
- Stonepeak Assets Under Management: Approximately $88 billion
- BMO Total Assets: Approximately $1.5 trillion as of January 31, 2026
- BMO Client Base: Approximately 13 million clients across Canada, the United States, and select global markets
Transportation Finance and Vendor Finance Business Overview
BMO Transportation and Vendor Finance has developed a large operational footprint across North America through its financing activities in transportation and equipment sectors. The business focuses on providing financing products tailored to commercial operators and businesses requiring transportation-related assets and specialized operational equipment.
According to the announcement, the platform is recognized as one of the largest lenders to the commercial truck and trailer market in North America. The business finances a broad range of transportation and equipment assets across several industries and end markets.
The financing platform supports:
- Commercial transportation operators
- Fleet businesses
- Agricultural equipment users
- Construction-related operators
- Businesses requiring specialized transportation equipment
The company’s financing activities include:
- Customized financing structures
- Asset-backed commercial financing
- Vendor financing solutions
- Equipment financing products
- Transportation asset financing arrangements
Operations currently span both the United States and Canada, supported by a workforce exceeding 700 employees. The transaction announcement also confirmed that the business will continue to be led by Gary Kempinski after completion of the acquisition.
Stonepeak’s Transportation and Infrastructure Investment Strategy
Stonepeak stated that the acquisition reflects the firm’s established investment strategy focused on transportation infrastructure and transportation-related asset leasing businesses. The company highlighted its prior investments in transportation-focused platforms and noted that the acquisition builds on its long-term sector thesis surrounding logistics infrastructure and transportation asset financing.
According to the announcement, Stonepeak has invested in nine transportation-focused asset leasing platforms to date. These investments collectively represented nearly $28 billion in enterprise value at the time of acquisition.
The company referenced several transportation and logistics investments within its portfolio, including:
- Textainer, which owns a large and diversified container fleet
- Air Transport Services Group, identified as the largest cargo aircraft lessor in North America
- TRAC Intermodal, identified as the largest marine chassis provider in the United States
Stonepeak indicated that the acquisition aligns with its investment approach centered on infrastructure, logistics, transportation, and operationally intensive hard-asset businesses. The firm also emphasized its intention to invest further in the business and support future growth initiatives.
Leadership Statements on the Transaction
Will Schleier, Senior Managing Director at Stonepeak, discussed the transaction and the operational position of the business being acquired.
According to Schleier, BMO Transportation and Vendor Finance has established itself as one of North America’s major transportation financing platforms through decades of sector-focused operations and financing expertise.
Schleier stated that Stonepeak intends to:
- Work closely with BMO and the existing leadership team
- Invest further in the business
- Build on current operational performance
- Expand the commercial customer base
- Preserve the company culture and business relationships already established by the platform
Schleier said:
“Building on decades of sector expertise, BMO Transportation and Vendor Finance has established itself as one of North America’s premier transportation financing platforms. 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.”
The announcement also included comments from Gary Kempinski, Head of Transportation Finance & Vendor Finance at BMO, who discussed Stonepeak’s transportation and logistics investment experience and the anticipated future direction of the business following completion of the transaction.
Kempinski stated that Stonepeak’s experience in transportation infrastructure and transportation asset leasing businesses positioned the firm as a strategic partner for the next phase of growth.
Kempinski said:
“We could not have envisioned a better partner to lead BMO Transportation and Vendor Finance into its next chapter. Stonepeak brings deep experience, operating expertise, and relationships in North American transportation and logistics infrastructure, and particularly in asset leasing businesses. With their support and strategic partnership, we are positioned incredibly well for sustained success.”
Financing Structure and Transaction Advisors
The transaction includes both asset-based financing and bank financing arrangements involving several financial institutions and advisory firms.
According to the announcement:
- PGIM, the global asset management business of Prudential Financial, Inc., is providing asset-based financing associated with the transaction
- Bank of America is serving as Lead Financing Arranger for the bank financing component
The companies also disclosed the legal and financial advisors involved in the transaction.
Advisors supporting Stonepeak include:
- Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel
- Blake, Cassels & Graydon LLP as legal counsel
Advisors supporting BMO include:
- BMO Capital Markets as financial advisor
- BofA Securities as financial advisor
- Sullivan & Cromwell LLP as legal counsel
- Osler, Hoskin & Harcourt LLP as legal counsel
The involvement of multiple advisory firms reflects the cross-border nature of the transaction and the scale of the financing and legal work associated with the acquisition process.
Expected Timeline and Regulatory Conditions
The companies stated that the transaction is expected to close during the fourth quarter of 2026.
Completion of the acquisition remains subject to:
- Regulatory approvals
- Customary closing conditions
- Transaction completion requirements
The announcement did not disclose the financial terms of the acquisition agreement.
Following completion of the transaction:
- Stonepeak will become the majority owner of the business
- BMO will retain a 19.9% minority interest through reinvestment
- Existing operational leadership is expected to remain in place
- The business will continue operating across the United States and Canada
Strategic Significance of the Transaction
The transaction combines a transportation and equipment financing platform with an infrastructure-focused investment firm that has existing transportation and logistics investment experience.
According to the announcement, the acquisition is expected to support:
- Continued investment in the transportation financing platform
- Expansion of the commercial customer base
- Operational continuity
- Leadership continuity
- Preservation of customer and business relationships
The transaction also represents an additional transportation-related investment within Stonepeak’s infrastructure and logistics investment portfolio.
For BMO, the transaction includes continued participation in the busi
About Stonepeak
Stonepeak is an alternative investment firm specializing in infrastructure and real assets investments. According to the announcement, the company manages approximately $88 billion in assets under management.
Stonepeak focuses on investments in hard-asset and infrastructure-related businesses globally and stated that its investment strategy emphasizes:
- Downside protection
- Risk-adjusted returns
- Operational support
- Long-term investment partnerships
The company sponsors private equity and credit investment vehicles and provides operational and strategic support to portfolio companies operating in its target sectors.
Stonepeak’s investment focus areas include:
- Digital infrastructure
- Energy
- Energy transition
- Transport and logistics
- Real estate
The firm is headquartered in New York and maintains offices in:
- Houston
- Washington, D.C.
- London
- Hong Kong
- Seoul
- Singapore
- Sydney
- Tokyo
- Abu Dhabi
- Riyadh
About BMO Financial Group
BMO Financial Group is identified in the announcement as the eighth largest bank in North America by assets.
As of January 31, 2026, BMO reported total assets of approximately $1.5 trillion.
The company provides financial services to approximately 13 million clients across:
- Canada
- The United States
- Select global markets
BMO stated that its operations span several financial services categories, including:
- Personal banking
- Commercial banking
- Wealth management
- Global markets
- Investment banking
The bank also noted that it has served clients for approximately 200 years and operates with a corporate purpose centered on driving positive economic and community outcomes.
Media Contact
For additional information, visit stonepeak.com.
Source Attribution
Source: Company announcement
