Abu Dhabi sovereign investor Mubadala Investment Company is making a $300m (€257m) co-investment alongside Stonepeak to invest in container leasing platforms.
Mubadala is investing to support the acquisition of Global Sea Containers (Seaco) by Stonepeak-owned shipping container lessor Textainer, a deal announced a year ago.
Seaco, founded in 1965, is a global company that today owns and operates a container fleet of over 2.4m 20ft equivalent units supported by more than 360 depots and 23 offices worldwide.
Textainer, which leases containers to around 200 customers, has more than 4m 20ft equivalent units in its owned and managed fleet. Textainer’s fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials.
The combined Textainer and Seaco platform will benefit from enhanced scale, a broader depot network and a more diversified fleet, strengthening its position within an attractive market, the investors said.
Hammad Rahman, head of Asia-Pacific, infrastructure, Mubadala, said: “This investment reflects our focus on building partnerships with leading operators to invest in infrastructure platforms that are fundamental to global economic activity.
“Container leasing sits at the heart of global trade, enabling the efficient movement of goods across markets. The combination of Textainer and Seaco creates a scaled platform with strong market positioning, and together with Stonepeak, we are investing in a business that is well positioned to deliver long-term value.”
James Wyper, board member of Textainer, head of transportation and logistics and head of US private equity, Stonepeak, said: “We are delighted to welcome Mubadala as our partner in this high-quality platform, which serves as a critical link in global trade.
“Together, we look forward to supporting Textainer and Seaco’s long-term growth as they continue delivering flexible and reliable container solutions to customers worldwide.”
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