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.