More than 725 refrigerated intermodal containers are for sale following the closure of Tiger Cool Express earlier this summer.
Tiger Cool specialized in moving refrigerated, temperature-controlled freight on the Union Pacific and BNSF railroads for produce, wine, and frozen goods. As recently as April, it was planning to open a Tiger Tri-Cities Logistics Center benefiting agricultural and manufacturing communities after entering into a lease/purchase agreement with Union Pacific for a warehouse and property in Wallula, Washington, in December 2022.
Then the intermodal market declined amid “reduced demand and low trucking rates,” causing the company to struggle, according to a news release from PPL Group, a private equity firm. Those problems contributed to Tiger Cool defaulting on its loan with Wells Fargo for its refinanced 53-ft. intermodal containers, according to reports.
The company operated a late model fleet of CIMC Insulated Containers with Carrier refrigeration units, which now are available for immediate sale by PPL and Quest Leasing. The equipment includes 2022 Slimline and Standard containers, 2022 insulated containers (without reefer units), and 2015 assets located in Chicago.
“In addition to intermodal application, these assets can be used very efficiently for static cold storage,” PPL’s Gary Slager said in a news release.
The containers operate on diesel power and have integrated electric input, enabling the units to be plugged into an electric power source. Other applications include overflow cold storage for distribution centers, meat processing companies, disaster relief sites, festivals, farmers, ranchers, and other industries that need flexible overflow cold storage solutions.
“This is a terrific opportunity for intermodal operators to take advantage of late-model, well-maintained equipment available for immediate purchase and delivery,” Quest Leasing’s Jordan Ayers said.