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Ontario Teachers’ agrees $467m take-private for SeaCube

21 Jan 2013

SeaCube containersCanadian retirement system Ontario Teachers’ Pension Plan has agreed to buy all of the shares of container leasing company SeaCube for about $467m.

The $23 per share deal represents a 13.3 per cent premium over the shares’ closing price on January 18 and a 25 per cent premium over the 50-day volume-weighted average price.

SeaCube’s board of directors has approved the deal, which is expected to close in the first half of this year pending approval from the company’s shareholders.

The deal was led by OTPP’s Long-Term Equities (LTE) group, which focuses on direct investments with steady cash flow, long-term growth potential and low to moderate risk.

OTPP plans to retain SeaCube’s current management team and operate the company as a standalone business, it said.

LTE group president Lee Sienna said, “SeaCube is a good fit with our investment criteria of providing reliable income streams, consistent performance and growth opportunities.”

Bank of America Merrill Lynch and Deutsche Bank Securities acted as financial advisors to SeaCube, while Skadden, Arps, Slate, Meagher & Flom provided legal counsel.

In November last year OTPP also agreed to buy Plano Molding Company, a US-based supplier of outdoor sports storage systems.

The firm made the acquisition through its private equity investment division, Teachers’ Private Capital.

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