Transport International Pool Acquires Paragon Leasing Assets.
DEVON, Pa.--(BUSINESS WIRE)--May 4, 2001
Transport International Pool (TIP), a GE Capital company, has acquired substantially all of the assets of Paragon Leasing, a U.S. trailer-leasing business based in Chattanooga, Tenn. Terms of the acquisition were not disclosed.
Under the agreement, Paragon's 5,700 trailers will be integrated into TIP's fleet of more than 300,000 units. Also, the Paragon branch in Knoxville, Tenn., will be added to TIP's branch network, giving TIP a new foothold in the region. Paragon's eight other locations will be consolidated into the TIP organization.
"We're pleased to have completed this transaction and are looking forward to building a strong relationship with our new Paragon customers. They will be able to take advantage of all the benefits of TIP's one-stop shopping and financing resources, as well as gain online access to their account information and TIP products and services via www.tiptrailers.com," said Chris Hines, president, TIP North America. "This acquisition fits nicely with TIP's current branch network. It gives us the opportunity to better serve our new and current customers in the Southeast region with the addition of the branch in Knoxville."
Transport International Pool (TIP), a GE Capital company, is a global leader in leasing, renting, buying, selling and financing over-the-road trailers. TIP is the first OTR trailer supplier to offer real-time, Internet-based services to its customers.
GE Capital, with assets of more than US$370 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 24 businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Connecticut, provides a variety of consumer services, such as credit cards and life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 47 countries around the world. GE is a diversified services, technology and manufacturing company with operations worldwide.
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|Date:||May 4, 2001|
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