CLC

NEW YORK–(BUSINESS WIRE)–Contract Leasing Corporation (“CLC”), a leading regional trailer and intermodal chassis lessor, today announced its acquisition by funds advised by Wafra Inc. (“Wafra”), a global alternative investment manager. Founded in 1991 and family-owned and operated, CLC has been a trusted provider of trailing equipment and fleet management and maintenance services for over 30 years.

CLC maintains a strong regional presence across 13 branch and depot locations primarily east of the Mississippi, supported by a national third-party maintenance network and young fleet of approximately 15,700 trailer and chassis units. CLC’s Founder, Chief Executive Officer and President, Michael Goor, will continue to lead the business and remain a significant shareholder.

“Partnering with Wafra, a long-term oriented investor with sector expertise across transportation and logistics, will permit CLC to accelerate the growth of our trailer and chassis businesses, expand our geographic footprint, and enhance our ability to provide solutions-oriented service to our customers and partners nationwide,” said Michael Goor. “We are excited to work together to grow our enterprise.”

“Mike and the CLC executive team have built a successful company founded on shared values of customer service, operational excellence and high-quality leasing and ancillary services. Based on these fundamentals, we believe CLC is well positioned to benefit from strong secular growth within its industries,” said Adel Alderbas, Chief Investment Officer of Wafra.

Edward Tsai, Managing Director, Wafra, added, “This investment results from our studied review of essential real assets and transportation sectors, adding trailer and intermodal chassis to our existing investments in intermodal container, railcar, aviation and shipping, among others. Mike’s long-term vision is an excellent fit for the long-term nature of our capital. We look forward to working together to build on that success.”

Evercore Group served as exclusive financial advisor and Scudder Law Firm, P.C. served as legal advisor to CLC. Cleary Gottlieb Steen & Hamilton LLP and Seyfarth Shaw LLP served as legal advisor to Wafra. Regions Capital Markets and Wells Fargo Bank served as Joint Lead Arrangers and Joint Bookrunners on the transaction.

About CLC

With over 30 years in operation, CLC is a leading trailer and chassis lessor with a 15,700-unit fleet. Headquartered in New Jersey, CLC serves its customers from 13 branches and depots primarily east of the Mississippi River. CLC offers a comprehensive suite of services for fleet management, including leasing, sales and consulting, as well as fleet maintenance and 24/7 roadside assistance. For more information, please visit www.contractleasing.net.

About Wafra

Wafra is a global alternative investment manager with approximately $33 billion of assets under management. Wafra invests across a range of alternative assets, including real assets, infrastructure, real estate and strategic partnerships. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra seeks to align and partner with high quality asset owners, companies and management teams. Headquartered in New York, Wafra has additional offices in London, Kuwait and Bermuda. For more information, please visit: www.wafra.com.

Contacts
For Media Inquiries:
Katrina Allen, Edelman
+1 (917) 640-2753
[email protected]

Contract Leasing Corp. (CLC), one of the leading commercial trailer leasing providers in North America, has announced the release of the second episode of FleetMasters – their podcast that debuted earlier this year.

FleetMasters presented by CLC is a media project aimed at addressing issues facing the industry since the onset of the COVID-19 pandemic. Hosted by CLC COO Matt Goor, the inaugural episode of FleetMasters featured an interview with CLC CEO Mike Goor and covered the leader’s perspectives on how businesses can pivot to navigate current supply chain concerns as well as thoughts on people-focused topics such as managing employees in an uncertain economic climate. The latest episode features an interview with CLC Executive Vice President of Intermodal, John Mizerek, and covers the current port backlog and the effects that has on the industry. The episode also features a segment about the importance of cybersecurity and the future of autonomous vehicles.

“Our goal with FleetMasters,” said CEO Mike Goor, “Is to offer people actionable ideas regarding issues like equipment shortages as well as to have conversations that will help better our industry as a whole—for equipment providers, their employees, and for drivers.”

FleetMasters initially launched on January 26th. The latest episode is now available on major streaming platforms including Spotify and Vimeo.

About Contract Leasing Corp (CLC)
As a family and employee owned and operated enterprise, CLC has been serving their customers for over 30 years. In addition to assisting customers as a trusted advisor for all their trailer and fleet management related business needs, CLC is dedicated to many social giving initiatives, regularly providing sponsorships and volunteer hours to improve the lives of those less fortunate. When it comes to customers or prospects, employees, or our surrounding community, CLC is a company that cares.

CLC is proud to present the first episode of their all-new podcast, FleetMasters, hosted by COO Matt Goor!

Episode 1 of FleetMasters discusses how the trailer industry has changed in the last 2 years.  Special guest Mike Goor discusses the effects of the COVID-19 pandemic on the industry, and presents his ideas about the future.  Click below to tune into Episode 1 of FleetMasters.

 

Click to listen to this podcast on Spotify or Apple Music

 

 

 

 

More About CLC Trailer Leasing and its Accomplishments

For the past 30 years, CLC had provided high-quality trailer leasing equipment across the contiguous United States.  Over the past year alone, it has grown its intermodal business with the launch of a custom chassis line that has been adopted by ports throughout the northeast and gulf coast.  CLC is constantly innovating, expanding, going above-and-beyond for its clients, and giving back to the community, and we look forward to continuing that legacy for the next 30 years and beyond.

 

 

In the last 30 years, CLC has grown exponentially to become one of the nation’s top trailer equipment providers.  CLC is proud to unveil their new digital brochure, featuring spreads on the company’s services, equipment, and involvement in the community.  Click here to learn all about “the way we roll.”

 

More About CLC Trailer Leasing and its Accomplishments

For the past 30 years, CLC had provided high-quality trailer leasing equipment across the contiguous United States.  Over the past year alone, it has grown its intermodal business with the launch of a custom chassis line that has been adopted by ports throughout the northeast and gulf coast.  CLC is constantly innovating, expanding, going above-and-beyond for its clients, and giving back to the community, and we look forward to continuing that legacy for the next 30 years and beyond.

 

 

Over the last year and a half, CLC has taken the chassis industry by storm.  CLC is currently a top chassis provider across the US, and that is due in part to their partnership with Cheetah Chassis.  Recently, Cheetah released a new video highlighting their equipment and CLC chassis made a small appearance!

Check out the video and see if you can find the CLC chassis!

When you lease semi-trailers, it’s important to give the proper TLC needed to keep them working efficiently throughout the duration of your commercial trailer lease agreement. Most fleet managers’ attention is on the tractor itself, sometimes taking the time to follow up and give sufficient attention to the care of the semi-trailers can fall to the wayside. However, to prioritize the efficiency of your trailer fleet’s operations and to keep your deliveries running smoothly (and without downtime), it is essential to establish the proper trailer maintenance routine. Here are some helpful semi-trailer maintenance tips that will help your operations team care for your trailers properly and keep your business rolling.

TIP 1: CHECK TIRE PRESSURE REGULARLY
Semi-trailer tires can be a major expense if not properly taken care of, but proper care and maintenance of these tires is often ignored. This is especially the case since drivers are very busy with their day-to-day workload and tire pressure status can easily be forgotten or ignored. Mike Goor, President of Contract Leasing Corp., says, “proper tire air pressure is key to tire longevity,” he advises our customers to utilize tire pressure monitoring or inflation systems in order to ensure that they maximize the lifespan of their tires.

It’s key to check a tire’s pressure on a regular basis to ensure the longest life and most efficient operation of the tire. Even a new tire will deflate a little bit over time, and failure to react properly and make the necessary adjustments can negatively affect fuel economy and make a truck more difficult to control. This also will maximize fuel mileage.

TIP 2: DON’T MISS OUT ON INTERIOR SEMI-TRAILER MAINTENANCE
Remember to regularly visually inspect the inside of your fleet trailers and review for issues that would prevent you from maximizing your ability to deliver goods. For example, an issue such as a hole in the roof could lead to leaks that can damage your cargo. In addition, this damaging moisture can spread throughout the trailer, leading to possible rust and unsafe unloading situations, all of which could easily be avoided with regular proactive maintenance and awareness. Also be sure to continuously examine your tie-down straps, inspecting for potential holes or tears that can loosen or unsecure cargo leading to further damage inside your semi-trailer.

TIP 3: PROPERLY INSPECT SUSPENSIONS
Be sure to regularly ensure that suspensions are clear and that there is nothing interfering with the movement the suspension needs to properly function. Examine the semi-trailer’s suspension for warning signs such as wear and tear or even possible rust. If your examination reveals any corrosion, it’s key to replace the part, in order to avoid future issues and breakdowns. A well-maintained suspension ensures safe delivery that protects cargo and trailer life during your lease.

TIP 4: CHECK SEMI-TRAILER BRAKES
A cloud of smoke in a driver’s rear view mirror when they apply their brakes is a dreaded sight. When this issue occurs, at that point it is likely to be too late to avoid serious problems. Issues with breaks lead to downtime, which of course hurts your bottom line. It is mission-critical to frequently inspect semi-trailer brakes – we recommend doing so nearly every day. The inspection takes only a moment of time and can help save a substantial amount of money if an issue is detected early. In addition, it’s also important for drivers to be sensitive when using using their brakes, driving with care to avoid a potential burnout. If drivers apply their brake pressure slowly, it will avoid the brakes slowly burning out and prolong their life. Finally, drivers should strive to avoid using trailer brakes when traveling uphill, since one of the main purposes of semi-trailer brakes is to help regulate speed when driving downhill – making payloads easier to handle.

CLC PROVIDES A FULL RANGE OF SEMI-TRAILER LEASING OPTIONS AND A WIDE RANGE OF SEMI-TRAILER MAKES, SIZES, AND CONFIGURATIONS – PLUS AN INVENTORY OF PREVIOUSLY-OWNED SEMI-TRAILERS.

Discover how our team’s expertise can get you the right equipment and the best possible semi-trailer leasing options, call 877-735-3815 EXT. 2.