File photo of a sign in the office of the Ontario Teachers' Pension Plan.Matthew Sherwood/The Globe and Mail
The Ontario Teachers' Pension Plan bought PODS Inc, a portable moving and storage company, from Bahrain– based Arcapita Bank BSC for more than $1-billion.
The Canadian fund's long-term equities group, with $140.8-billion in assets, led the acquisition of Clearwater, Florida– based PODS, according to an Arcapita statement today. Teachers had announced in late December that it has inked a deal for PODS.
The private equity fund acquired PODS in December 2007 and the exit will bring to $2-billion the proceeds returned to investors over the past 18 months, Arcapita said. The firm sold its 50 per cent stake in the $1.4-billion Lusail Golf Development in Qatar to Barwa Real Estate last month.
Arcapita is planning a return to new investments for the first time since emerging from bankruptcy, it said in November.
"We have an active new deal pipeline and expect to complete a number of new investments over the next few months," said Abdulaziz Aljomaih, chairman of Arcapita.