Textainer Group Holdings Ltd, a leading lessor of intermodal containers, has entered into an agreement with Capital Intermodal Ltd, Capital Intermodal GmbH, Capital Intermodal Inc, Capital Intermodal Assets Ltd (jointly, Capital Intermodal), and Xines Ltd (together with Capital Intermodal, Capital) to purchase the rights to manage Capital’s 156,000 20-foot equivalent unit (TEU) container fleet as of July 1, 2009.
With this agreement and including the acquisition of management rights for Amficon’s container fleet, announced April 16, 2009, Textainer has added 300,000 TEU to its fleet, representing an increase of 15%. As a result of these purchases, Textainer will operate a fleet of about 2.3 million TEU.
John Maccarone, president and chief executive officer of Textainer, said, “We expect this transaction to be immediately accretive to earnings and further reduce our overhead cost per container. In addition, the fleet has an average age of only two years, and as a result, we anticipate it will generate attractive management fees until at least 2019. The fleet also includes refrigerated containers—an area of emphasis for Textainer—as well as several other types of special containers which complement our strategic growth initiatives.”
Ian K Karan, chairman of Capital Intermodal, said, “Two years ago, amid stiff competition, I chose Textainer to manage the 510,000-TEU Capital Lease Ltd fleet. Textainer’s performance even in this challenging operating environment has been exemplary, and I remain pleased with my decision. The fleet of mostly specialized units operating under Capital Intermodal has expanded rapidly since its inception in 2005 both organically and through the takeover of the management of the Xines Ltd fleet. In addition to standard dry freight containers, the fleet consists of refrigerated, tank, and bulk containers and also includes open tops, flat racks, bitumen, and other highly specialized equipment. Capital Intermodal’s customer base extends over 100 operators and shipping lines and the investment in the owned and managed fleet totals over $500 million.”