CLEARWATER, Fla. - Dec. 22, 2014 // PRNewswire // - The parent company of PODS announces the signing of a binding agreement to sell the company, in its entirety, to the Ontario Teachers' Pension Plan (Teachers'). Details on the deal have not been disclosed and it is likely the sale will be finalized in the first quarter of 2015. PODS utilized Barclays as its exclusive financial advisor.
This transaction is led by Teachers' Long-Term Equities group, which focuses on direct investments with steady cash flow, growth potential over a long-term horizon and a low to moderate level of risk.
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 has approximately 1000 corporate employees and has demonstrated a strong track record of growth throughout its history. PODS headquarters will remain in Clearwater, Florida.
John B. Koch, President and CEO, PODS, noted, "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."
"Teachers' is proud to add PODS to its portfolio," said Lee Sienna, Vice President of Long-Term Equities at Teachers'. "We are impressed with the PODS management team, growth trajectory, position in the marketplace, and strategies to increase market share. Our access to capital and focus on long-term returns will help drive sustained growth for PODS. We are excited about our future together."
PODS® is a leader in the moving and storage industry providing both residential and commercial services in 46 U.S. states, Canada, Australia and the UK. Founded in 1998, PODS pioneered the portable moving and storage industry now preferred by many customers' increasingly active and mobile lifestyles. 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.
With $140.8 billion in net assets as of December 31, 2013, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the defined-benefit pensions of 307,000 active and retired teachers in Ontario. For more information, visit www.otpp.com. Follow us on Twitter @OtppInfo
SOURCE PODS Enterprises, Inc.