PODS Sold to Bahrain-Based Investment Firm for $430M

Clearwater, Fla.-based PODS (Portable On Demand Storage) has been sold to Arcapita Inc., an international investment bank based in Bahrain, for approximately $430 million. The deal was closed on Dec. 19. 

Founded by CEO Pete Warhurst in 1998, PODS has more than 128,000 storage units in service and more than 110 franchises in Australia, Canada, Europe and the United States. The company also offers other solutions for consumers and businesses, including long-haul moves. 

Arcapita, with offices in Atlanta, Bahrain, London and Singapore, reported $3.8 billion in assets as of Sept. 30. The company’s U.S. holdings include Caribou Coffee, Church's Chicken and Cirrus Design Corp. Arcapita invests only in companies that conform to the Islamic sacred law Shari'ah, which prohibits doing business with firms associated with such interests as alcohol, gambling or pornography.