Tag: PODs

Ontario Teachers’ Pension Completes Purchase of Portable Storage Company

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The Ontario Teachers’ Pension Plan (OTPP) has completed its acquisition of PODS, a portable storage company that the pension plan bought for over $1 billion.

OTPP announced the acquisition in December, but the sale wasn’t finalized until Monday.

More from a release:

Founded in 1998, PODS pioneered the portable moving and storage industry and operates in over 150 locations, both corporate and franchise owned, in the US, Canada, Australia and the UK. PODS employs approximately 1,000 corporate employees and has demonstrated a strong track record of growth throughout its history. PODS headquarters will remain in Clearwater, Florida.

PODS President and CEO John B. Koch said, “We are very pleased with the outcome of the sales process and will continue to execute our strategic plan with Teachers’ as our owners. We are looking forward to continued growth as we become part of their world class organization.”

“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 Long-Term Equities at Teachers’. “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.”

The OTPP manages $138.9 billion in assets.

 

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Ontario Teachers Pension Buys Storage Company

Canada

The Ontario Teachers’ Pension Plan has announced it will buy PODS, a moving and portable storage company.

Ontario Teachers’ will purchase the entire company; the sale will be finalized in early 2015.

From the Tampa Bay Business Journal:

“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. We look forward to working with Teachers’ to continue our growth and our commitment to our customers,” John B. Koch, president and CEO at PODS, said in a statement.

Teachers’ has a diverse portfolio of companies across the globe including Burton’s Biscuits in the United Kingdom, Canada Guaranty Mortgage Insurance Co. in Toronto and Mattress companies Serta and Simmons in the United States.

The price of the deal has not yet been released.

Arcapita bought PODS in 2007 for $430 million, according to sister publication Atlanta Business Chronicle. PODS says it pioneered the portable moving and storage industry and now operates in more than150 locations, both corporate and franchise owned, in the U.S., Canada, Australia and the U.K.

The OTPP manages $138.9 billion in assets.