Buss Funds Sell 275,000 Containers Worth $410 Million

Buss Funds Sell 275,000 Containers Worth $410 Million

Buss funds sell 275,000 containers to Seaborne Intermodal.

The two largest container funds of Buss Global, a collection of transportation equipment investment funds, have sold about 275,000 containers for approximately $410 million to Seaborne Intermodal, a subsidiary of Intermodal Holdings, which is an entity recently formed by U.S.-based private equity firm Lindsay Goldberg to invest in intermodal assets.

“This deal is the biggest fund container sale by a closed-end fund that has ever taken place,” said Dirk Baldeweg, managing partner at Buss Capital, in a written statement.

About 6,700 investors will receive cash payouts of about $160 million. The joint container company of both funds was actively managed by Buss Capital’s staff in Singapore. Final results will be known by the end of 2013, or as soon as the final lease payments are made.