Textainer Group Holdings Limited (TGH), a leading lessor of intermodal containers based on fleet size, has acquired a 50.1% interest in TAP Funding Ltd. A Bermuda company, TAP Funding owns an approximately 99,000-TEU (20-foot equivalent unit) fleet of containers managed by Textainer for about $78 million, including the value of outstanding debt.
This fleet contains a diverse mix of container types, including refrigerated, standard dry freight, and specialized dry freight containers. The fleet has high utilization and a diversified lessee mix consistent with Textainer’s overall container fleet. Textainer has agreed with TAP Ltd, the other shareholder in TAP Funding to continue to invest in new containers for this fleet, in order to both grow the portfolio and maintain the relatively young average age of the containers.
“We have long stated that Textainer’s strategy is to grow our overall fleet and increase the portion which we own. This transaction reflects our continued execution of that strategy,” said Philip K Brewer, Textainer president and chief executive officer.
“In 2012, Textainer acquired more than 230,000 TEU from managed container acquisitions,” he said. “Textainer has increased the percentage of our owned fleet from 59% at the start of 2012 to 71% including this transaction. We previously announced that 2012 capital expenditures will be at record levels, and this transaction ensures that we will significantly exceed that goal.”
Visit http://investor.textainer.com to learn more.