JOC Staff | Dec 28, 2012 1:07PM EST
Container lessor Textainer Group Holdings has acquired a 50.1 percent interest in TAP Funding, which owns a fleet of containers comprising about 99,000 20-foot-equivalent units, for approximately $78 million, including the value of TAP Funding’s outstanding debt.
Textainer already manages the fleet, which contains a diversified mix of container types, including standard and specialized dry freight as well as refrigerated containers. Textainer also has agreed with TAP Ltd., the other shareholder in TAP Funding, to continue to invest in new containers for the fleet to increase the portfolio and maintain the relatively young average age of the containers.
“We have long stated that Textainer’s strategy is to grow our overall fleet and increase the portion which we own. This transaction reflects our continued execution of that strategy,” Philip K. Brewer, Textainer president and CEO, said in a written statement. “Additionally, this investment is another example of our ability to productively deploy recently raised equity.”
Brewer said Textainer expects the acquisition to be accretive to earnings immediately.
