TGH acquires LAPCO for £51.1 million

Textainer Group Holdings Limited, one of the world’s largest lessors of intermodal containers,  announced that on December 31, 2019, its wholly-owned subsidiary, Textainer Limited, completed the purchase of Leased Assets Pool Company Limited (LAPCO).  

LAPCO owns a fleet of approximately 163,000 TEU (twenty-foot equivalent units) of intermodal containers managed by Textainer and approximately 3,000 TEU of containers managed by other container lessors.   

Textainer previously announced entering an agreement on December 2, 2019 for the purchase of LAPCO for an equity value of approximately £51.1 million in cash (constituting assets of £149 million less outstanding debt of £97.7 million).  

The Company repaid LAPCO’s existing debt at the closing by refinancing it in Textainer Limited’s revolving credit facility.  

LAPCO was an indirect subsidiary of Trencor Limited, which owns approximately 5 per cent of Textainer’s common shares. The percentage of Textainer’s owned fleet increased to 85.4 per cent from 80.8 per cent upon the closing. 

For more information visit www.textainer.com

10th February 2020