Bahrain-based Arcapita Bank has acquired PODS Inc, a leading provider of portable storage and moving solutions, for $451.4 million.

The transaction was led out of Arcapita’s US office in Atlanta, Georgia.

PODS was founded on a revolutionary concept that has redefined the moving and storage industries, and since its launch in 1998, PODS has grown rapidly to become one of the most recognised brands in these sectors, a statement said.

The PODS fleet of easily transportable and secure containers can be delivered for loading and unloading right to the customer’s doorstep.  In this way, the process of moving and storing household and office goods can be done with superior convenience and service levels compared with similarly priced alternatives, it said.

PODS and its subsidiaries operate 16 company-owned locations and have 129 franchise locations operating in the United States, Australia and Canada. 

Arcapita’s chief executive officer, Atif A Abdulmalik, said: “With its concept of portable storage containers, PODS has revolutionised the storage and moving industries, and has successfully turned this advantage into fast growth and rising earnings.  We believe that there is a considerable further market opportunity for development of the company, and that given its value proposition, it is positioned to perform well throughout the economic cycle.”

With its transformational model, PODS operates across a number of distinct industry sectors, whose combined annual revenue has been estimated at over $40 billion. To date, PODS has captured less than 1 per cent of this total, he said. 

“With its strong brand, well developed national footprint and service infrastructure, proprietary and patented products, and attractive economics, the PODS management team is confident that the company can continue to deliver strong growth from its US operations.  It is also excited about the further opportunities for international expansion, developing franchises beyond its existing new markets of Canada and Australia,” he said.

PODS joins industrial companies Varel and Profine as Arcapita’s third completed private equity transaction since the start of the credit crunch last August, for a total of almost $2 billion.  –TradeArabia News Service