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Bahrain: Bahrain-based international investment firm Arcapita on Tuesday announced that it and its affiliates have completed the acquisition of PODS, a leading provider of port-able storage and moving solutions for residential and business customers, for a total transaction value of $451.4 million.
The transaction was led by Arcapita's US office in Atlanta, Georgia. PODS was founded on a concept that has redefined the moving and storage industries, and since its launch in 1998, PODS has grown rapidly to become one of the most recognised brands in these sectors. PODS and its subsidiaries operate 16 company-owned locations and have 129 franchise locations operating in the US, Australia and Canada.
Arcapita's chief executive officer Atif A. Abdul Malek said: "With its concept of portable storage containers, PODS has revolutionised the storage and moving industries, and has successfully turned this advantage into fast growth and rising earnings. We believe that there is a considerable further market opportunity for development of the company, and that given its value proposition, it is positioned to perform well."
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