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17 July 2024

Bahrain's Arcapita buys US storage firm for $451mn

By Agencies


Bahraini Islamic investment bank Arcapita said on Tuesday it had completed a deal to buy US storage firm Portable On-Demand Storage (PODS) for $451.4 million.

"We believe that there is a considerable further market opportunity for development of the company (PODS) ... it is positioned to perform well throughout the economic cycle," the lender's chief executive, Atif Abdulmalik, said in a statement.

Abdulmalik, whose firm owns Northern Ireland utility Viridian Group Plc, told Reuters earlier this month Arcapita was looking at investing in the US residential real-estate sector after prices were hit by the mortgage crisis.

PODS and its subsidiaries operate 16 company-owned locations and have 129 franchise locations operating in the United States, Australia and Canada. The company's combined annual revenue is estimated at more than $40 billion, Arcapita said in the statement.

Arcapita said on February 19 it had agreed to sell TLC Health Care Services Inc to Amedisys Inc for $395 million. (Reuters)