Ontario Teachers’ Pension Plan has agreed to acquire PODS (Portable On Demand Storage), a provider of container-based moving and storage solutions, from an ownership group led by Arcapita.
Terms of the transaction are not being disclosed, and the deal is expected to close in the first quarter of 2015.
Based in Clearwater, Fla., PODS has corporate and franchise markets across the United States, as well as operations in Canada, Australia and the United Kingdom. The company, founded in 1998, operates by delivering a storage container to the customer’s location to be packed and then stored or delivered to another location.
This transaction is led by Teachers’ Private Capital’s long-term equities group, which is focused on direct investments with steady cash flow, growth potential over a long-term horizon and a low to moderate level of risk.
Teachers’ plans to operate PODS as a stand-alone business operation with the current management team remaining in place.
“PODS is a well-known brand with a leading position in an attractive market,” says Lee Sienna, vice-president, long-term equities. The company is a strong fit with our investment criteria, and we look forward to supporting the management team.”
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