BMO Financial Group Sells Vendor, Transportation Biz to Stonepeak

Alternative investment firm Stonepeak will be purchasing the transportation and vendor financing divisions from BMO Financial Group, which has $14.5 billion in loan and lease assets across the U.S. and Canada. 

Irving, TX-based BMO Transportation and Vendor Finance offers financing solutions across transportation, including trucks, trailers, and equipment for agriculture and construction. 

As part of the transaction, BMO will reinvest a 19.9% minority interest in Stonepeak, and BMO’s head of transportation finance and vendor finance Gary Kempinski, will continue to lead the business following the acquisition. 

Stonepeak has also invested $28 billion across nine transportation-focused businesses, including Textainer, cargo aircraft lessor Air Transport Services Group, and marine chassis provider TRAC Intermodal, the firm said. 

“Stonepeak brings deep experience, operating expertise, and relationships in North American transportation and logistics infrastructure, and particularly in asset leasing businesses,” Kempinski said. “With their support and strategic partnership, we are positioned incredibly well for sustained success.” 

The transaction is expected to close in the fourth quarter of 2026, Stonepeak said. 

Additionally, the acquisition includes financing from PGIM and bank financing arranged by Bank of America. 

Stonepeak’s latest plans come after the firm announced its partnership with Bernhard Capital Partners to acquire electric utility Cleco Group from a consortium comprisedof Macquarie Asset Management, British Columbia Investment Management Corporation, and Manulife Investment Management. 

Upon closing of the transaction, Stonepeak will hold the majority interest in Cleco, with Bernhard as a significant partner. 

BMO Financial Group, which is the eighth-largest bank in North America, manages about $1.5 trillion in total assets as of January.