The Kuwait Investment Authority has acquired a 50% stake in SeaCube Container Leasing from Ontario Teachers’ Pension Plan.
The investment will see Wren House, the global infrastructure investment arm of the sovereign wealth fund, become a co-controlling shareholder in the refrigerated container lessor.
Ontario Teachers’ acquired SeaCube in a $1.8bn (€1.7bn) take-private deal in 2013.
The company leases, finances, buys, sells and manages intermodal equipment from more than 200 depots worldwide, enabling the movement of goods via ships, rail and road.
Jeff Markusson, senior managing director of financial services at Ontario Teachers’, said that, over the past decade, the Canadian pension fund had helped SeaCube refocus its strategy towards refrigerated equipment and cold-chain transport.
He said: “We see strong demand in the business – driven largely by increased trade volumes for perishable goods – and are excited at this opportunity to partner with Wren House and leverage their global expertise and fresh perspectives to help accelerate SeaCube’s growth.”
Philippe Busslinger, CEO of Wren House, said the investment was in line with a strategy of building a “global and resilient infrastructure portfolio with outstanding management teams and aligned partners”.
Bob Sappio, the CEO of SeaCube Container Leasing, said: “Over the past few years, SeaCube has been the largest purchaser of refrigerated containers for the industry.
“We see tremendous upside potential for our industry and look forward to continuing to partner with Ontario Teachers’ and having the opportunity to work alongside the Wren House team as well – a company with deep expertise in the container leasing sector.”
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Source : Real Asset