Abdulmalik
Arcapita sells US storage container firm
MANAMA, February 4, 2015
Bahrain-based global investment manager Arcapita has sold US-based PODS, a moving and storage container company, to the Ontario Teachers' Pension Plan for a transaction value in excess of $1 billion.
Arcapita and its affiliates had paid approximately $430 million to acquire PODS - Portable On-Demand Storage - in December 2007, said a report in the Gulf Daily News (GDN), our sister publication.
The private equity firm's chairman Abdulaziz H Aljomaih said by completing the sale of PODS, the firm had delivered approximately $2bn in exit proceeds to investors during the last 18 months.
"Arcapita has capitalised on favourable market conditions by exiting a number of portfolio investments," he said.
"We have an active new deal in the pipeline and expect to complete a number of new investments over the next few months," he added.
Chief investment officer Martin Tan said since its acquisition by Arcapita, PODS achieved dramatic market share growth, while continually strengthening all aspects of its operational infrastructure.
Founded in 1998, PODS today operates in over 150 locations, both corporate and franchise owned, in the US, Canada, Australia and the UK.
To-date, the PODS network has completed more than 500,000 long-distance moves, exceeded two million deliveries and has more than 150,000 PODS containers in service.
"The investment manager had worked with the PODS board to enhance operational and network efficiencies while driving growth in both the moving and storage divisions and simultaneously penetrating new market opportunities in the commercial and industrial sectors," he added.
"We are very pleased with the successful outcome of the PODS investment for our investors," Arcapita chief executive Atif Abdulmalik said.
"We continue to pursue investments in sectors such as logistics and business services where Arcapita has built a significant track record and capabilities." - TradeArabia News Service