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A sign hands in the office of the Ontario Teachers' Pension Plan on June 12, 2013.Matthew Sherwood/The Globe and Mail

The Ontario Teachers' Pension Plan said Monday it has signed a deal to buy PODS (Portable On Demand Storage), the container-based moving and storage company, from Arcapita.

Terms of the deal were not disclosed.

PODS was started in 1998 and delivers storage containers to customers to be packed and then stored or moved.

The company will be run as a standalone business with the current management team.

Based in Clearwater, Fla., PODS has operations in the U.S., Canada, Australia and the United Kingdom.

The acquisition by the pension fund is being led by Teachers' Private Capital's Long-Term Equities group.

The deal is expected to close in the first quarter of next year.

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