KKR to Sell Infinity Transportation to Ares for $2.9 Billion

The agreed sale follows a 150% increase in Infinity’s book value since 2021 with KKR’s support.

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NEW YORK--(BUSINESS WIRE)-- KKR & Co. Inc. (NYSE: KKR) and Ares Management Corporation (NYSE: ARES) (“Ares”) today announced a definitive agreement under which KKR will sell Infinity Transportation (“Infinity” or the “Company”), a scaled, full-service railcar and intermodal equipment lessor, to Ares Infrastructure Equity and Ares Insurance Solutions funds for an enterprise value of approximately $2.9 billion. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027.

Founded in 2004, Infinity owns and manages approximately 50,000 railcars leased to more than 350 unique lessees across the United States, Canada and Mexico. KKR’s wholly owned subsidiary, Global Atlantic, has invested in Infinity since 2016. Since 2021, the Company – with KKR’s support – established its standalone operating platform and expanded its fleet, increasing book value by 150% and scaling the business into one of the largest railcar lessors in the United States.

Following the close of the transaction, Ares intends to leverage its extensive infrastructure investing capabilities and scaled capital to support Infinity’s experienced management team, continued fleet growth and deep customer relationships across North America.

“Infinity is a great example of KKR's ability to scale ABF platforms into industry leaders and accelerate their long-term growth,” said Daniel Pietrzak, Partner and Head of ABF at KKR. “This transaction demonstrates the value that can be created when you combine long-term patient capital with strong partnership and deep expertise. We are proud of what we have built together over the past decade and are confident that Ares will be an exceptional partner to Infinity going forward.”

“We appreciate KKR’s partnership and support, which enabled us to invest in the team, expand our fleet and build Infinity into the industry leader it is today,” said Jeff Edelman, President and CEO of Infinity. “We're proud of what we've achieved to date and are excited to begin a new chapter with Ares, whose scale and experience will support our continued growth.”

“Infinity’s railcar portfolio is a critical component of the U.S. transportation and logistics supply chain, and we are pleased to build on our expanding activity in the sector through this transaction,” said Mike Roth, Partner in Ares Infrastructure Equity, and Anup Agarwal, Head and Chief Investment Officer of Ares Insurance Solutions. “Transportation and logistics assets continue benefiting from the reshoring of manufacturing, increased investment in domestic industrial capacity and growing need for more resilient supply chains. Alongside this strong underlying demand, Infinity’s high-quality, long-lived assets are well suited for long-term investment. We look forward to partnering with Jeff and his team to support continued fleet growth, deepen customer relationships and pursue new acquisition opportunities.”

Macquarie Capital is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal counsel to KKR. Citi is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Ares.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

About Infinity Transportation
Infinity Transportation Equipment Leasing is a scaled, full-service rail and intermodal equipment lessor providing net and full-service leases, as well as other structured financing solutions, that address the logistical and financial needs of its customers. Founded in 2004 and headquartered in Atlanta, Georgia, Infinity owns and manages approximately 50,000 railcars leased to more than 350 unique lessees across North America. Infinity is led by a veteran management team with a broad range of technical expertise, asset-level knowledge and transaction experience across transportation operations, maintenance and finance. For more information, please visit www.infinitytransport.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261019755280/en/

Media Contacts
KKR
Kristen Duarte
media@kkr.com

Ares
Jacob Silber | Brennan O’Toole
media@ares.com

Source: KKR & Co. Inc.

Key Terms

enterprise value financial

Enterprise value is the total worth of a company, reflecting what it would cost to buy the entire business. It includes the company's market value plus any debts, minus its cash holdings, offering a comprehensive picture of its true value. Investors use it to compare companies regardless of their capital structures, helping them assess how much they would need to pay to acquire the business.

View in glossary

intermodal technical

Intermodal is the movement of freight using two or more types of transportation—for example truck, rail and ship—while the cargo stays in the same container as it changes modes. Investors watch intermodal capacity and costs because it can lower shipping expenses, speed delivery, reduce damage and emissions, and increase supply‑chain reliability, all of which affect a company's margins and competitiveness—like a well‑timed relay handoff.