CLEARWATER, Fla. & ATLANTA--(BUSINESS WIRE)--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.