The Ontario Teachers' Pension Plan on Friday agreed to pay $467 million to buy a 100-percent stake in the container leasing firm SeaCube.
It’s the second major splash the pension fund, one of Canada’s largest, has made in the container shipping industry. In 2006, the fund acquired several assets from OOCL Terminals in a $2.4 billion deal, which gave the fund control of two container terminals each in New York/New Jersey and Vancouver.
SeaCube is reportedly the seventh largest container lessor globally, with a fleet of roughly 1 million TEUs, and also one of the largest reefer container lessors with a fleet of 175,000 TEUs.
In its most recent financial statements, SeaCube said it made $11.4 million in net profit in the third quarter of 2012 on revenue of $49.5 million.
The pension fund indicated SeaCube operations will be unaffected by the sale, with the current management team remaining in place. - Eric Johnson