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Update 2/3/2015 – Canada-based Ontario Teachers’ Pension Plan (OTPP) has completed its purchase of PODS from Arcapita Inc. for more than $1 billion. Arcapita more than doubled its investment in the portable-storage business, having acquired it in 2007 for $430 million, according to the source.

February 3, 2015

2 Min Read
Ontario Teachers Pension Plan Completes Purchase of PODS Portable-Storage Business for $1B

Update 2/3/2015 – Canada-based Ontario Teachers’ Pension Plan (OTPP) has completed its purchase of PODS from Arcapita Inc. for more than $1 billion. Arcapita more than doubled its investment in the portable-storage business, having acquired it in 2007 for $430 million, according to the source.

“PODS is a strong fit with Teachers’ investment criteria and we are delighted to add them to our portfolio,” said Lee Sienna, vice president of OTPP’s Long-Term Equities group, which led the transaction. “Teachers’ plans to operate PODS as a standalone business operation, retaining the current management team. We are excited about our future together and look forward to supporting the management team to help drive sustained growth for PODS.”

“We are very pleased with the outcome of the sales process and will continue to execute our strategic plan with Teachers’ as our owners,” added John B. Koch, president and CEO of PODS.

12/30/2014 – Alternative-investment firm Arcapita Inc. has agreed to sell its PODS portable-storage business to Canada-based Ontario Teachers’ Pension Plan (OTPP) for an undisclosed amount. The sale is expected to be finalized during the first quarter of 2015, according to a press release. The transaction was led by OTPP’s Long-Term Equities group, which focuses on direct investments with steady cash flow, long-term growth potential and low to moderate risk. PODS was advised by Barclays.

“We are excited about our new ownership by Teachers' and are also appreciative of the support we received from Arcapita and our board of directors the past seven years,” said John B. Koch, president and CEO of PODS. “We look forward to working with Teachers' to continue our growth and our commitment to our customers.”

“Teachers' is proud to add PODS to its portfolio,” added Lee Sienna, vice president of the Long-Term Equities group. “We are impressed with the PODS management team, growth trajectory, position in the marketplace, and strategies to increase market share. Our access to capital and focus on long-term returns will help drive sustained growth for PODS. We are excited about our future together.”

Based in Clearwater, Fla., PODS provides residential and commercial moving services in 46 states as well as Australia, Canada and the United Kingdom. Founded in 1998, the company employs approximately 1,000 people and has more than 150,000 portable-storage containers in service.

Arcapita provides alternative-investment opportunities in the infrastructure, private-equity, real estate and venture-capital sectors. Headquartered in Atlanta, the company also operates in Bahrain, London and Singapore.

OTPP is the largest single-profession pension plan in Canada, according to the release. It operates as an independent organization, investing the pension fund's assets and administering the defined-benefit pensions of 307,000 active and retired teachers in Ontario. It had net assets worth $140.8 billion as of Dec. 31, 2013.

Sources:

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