CLEARWATER, FLA. & ATLANTA, December 20 /CNW/ - PODS, Inc. an innovative
provider of moving and storage solutions to residential and commercial
customers, and Arcapita Inc., a private equity investment firm, announced
today the purchase of PODS by an affiliate of Arcapita for approximately $430
million. In July 2007, PODS had announced its commencement of a process to
explore strategic alternatives to maximize shareholder value.
Headquartered in Clearwater, Florida, PODS has a strong national presence
as well as operations in Canada and Australia. With over 130,000 portable
containers in service, PODS provides supply chain and logistics management
solutions by serving a broad range of moving and storage customers.
Pete Warhurst, Chief Executive Officer and founder of PODS stated, "We
are excited about continuing our growth with our new partner Arcapita. We look
forward to building upon our success by leveraging our national footprint to
further penetrate the conventional moving and storage markets while expanding
our other solutions across the supply chain network."
Ransom James, Principal of Arcapita, said, "PODS' growth is being driven
by a differentiated product and highly defensible market position. PODS
provides innovative products and services at competitive values for customers.
PODS' operations are supported by a strong, experienced management team.
Arcapita is excited by the growth prospects of PODS as it continues to execute
on its business plan."
Morgan Stanley served as exclusive financial advisor to PODS. Jones Day
acted as PODS' legal counsel in the transaction. King & Spalding was legal
advisor to Arcapita in the acquisition. Silver Point Finance, LLC arranged the
debt financing for the transaction.
For further information:
For further information: PODS, Inc., Clearwater Susan Green,
727-638-1830 (cell) or 727-538-6322 email@example.com