Bahrain-based Islamic investment firm Arcapita has announced the sale of PODS Inc, the provider of portable storage and moving solutions for residential and business customers in North America, for more than $1 billion.
The company said in a statement that PODS has been sold to the Ontario Teachers’ Pension Plan (OTPP).
PODS is one of the most recognisable brands in the storage and moving industries, with market coverage of nearly 250 million people.
The company pioneered the portable moving and storage industry and today operates in over 150 locations, both corporate and franchise owned, in the United States, Canada, Australia and the United Kingdom.
To date, the PODS network has completed more than 500,000 long-distance moves, exceeded 2 million deliveries and has more than 150,000 PODS containers in service.
Martin Tan, chief investment officer of Arcapita said: “Since Arcapita’s acquisition of PODS in December 2007, we have worked to continue the company’s growth profile while also enhancing its operational and network efficiencies.”
Atif A Abdulmalik, Arcapita’s CEO, added: “We are very pleased with the successful outcome of the PODS investment for our investors. We continue to pursue investments in sectors such as logistics and business services where Arcapita has built a significant track record and capabilities.”
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