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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