Move comes after fund's transaction with Wren House
Ontario Teachers’ Pension Plan (Ontario Teachers’) has recently considered divesting its remaining stake in SeaCube Container Leasing Ltd. (SeaCube), sources familiar with the matter told Bloomberg. The move comes shortly after Wren House Infrastructure acquired a portion of SeaCube’s equity from the pension, a transaction that concluded this week.
Back in September, Ontario Teachers’ was already engaged in discussions to sell approximately half of its stake in SeaCube, with the deal estimating the company's value at up to US$1 billion, inclusive of debt, according to a Bloomberg report.
SeaCube, based in Woodcliff Lake, New Jersey, is known for being one of the world's largest operating lessors of intermodal containers. “Over the past few years, SeaCube has been the largest purchaser of refrigerated containers for the industry,” said Bob Sappio, SeaCube CEO, as quoted in a release in October.
Jeff Markusson, senior managing director of financial services at Ontario Teachers’, previously highlighted the fund's role in helping SeaCube refocus its strategy towards refrigerated equipment and cold-chain transport.
“SeaCube is an attractive business with a strong, proven management team. Over the past decade, we have been delighted to support Bob Sappio and his team as they have re-focused the strategic direction of the company towards refrigerated equipment and the cold chain among other strategic initiatives,” Markusson said.
Ontario Teachers’ originally acquired SeaCube in 2013 for $469.5 million.
