Stonepeak Completes Acquisition of Textainer

NEW YORK and HAMILTON, Bermuda, March 14, 2024 (GLOBE NEWSWIRE) -- Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced it has completed its acquisition of Textainer Group Holdings Limited (NYSE: TGH; JSE: TXT) (“Textainer” or “the Company”), one of the world’s largest lessors of intermodal containers.

“Today we embark on Textainer’s exciting next chapter with a renewed commitment to delivering high quality equipment and best-in-class service to our customers worldwide,” said Olivier Ghesquiere, President and Chief Executive Officer. “Over the years, we have established Textainer as our customers’ “first call” for containers, and we look forward to continuing to earn our customers’ trust while growing with them. We’re pleased to have found a great partner in Stonepeak, whose industry expertise and resources position us well to achieve our long-term goals. We’d like to thank our employees, whose hard work and dedication will continue to be the foundation of our success as part of Stonepeak.”

“We are excited to close this transaction with Textainer and are optimistic about the opportunities ahead for the Company,” said James Wyper, Senior Managing Director at Stonepeak. “As one of the largest intermodal container leasing companies in the world, Textainer has continued to prove its importance as a critical link in the global supply chain. By leveraging Stonepeak’s experience and focusing on capital discipline, operational improvements, and excellent customer service, we believe Textainer will be well-positioned for the future. Olivier and the talented team at Textainer have done an excellent job of executing on the Company’s strategy to date, and we look forward to partnering closely with the team as the Company continues to grow.”

In a separate press release issued today, Textainer commented on the post-acquisition redemption of all preference shares and related depository shares to occur on April 15, 2024, and noted that its common shares will no longer be listed on the New York Stock Exchange or the Johannesburg Stock Exchange.

Advisors

BofA Securities served as financial advisor to Textainer, and O’Melveny & Myers LLP acted as lead legal counsel. Deutsche Bank acted as financial advisor to Stonepeak, and Simpson Thacher & Bartlett LLP acted as lead legal counsel.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is one of the world’s largest lessors of intermodal containers with more than 4 million TEU in our owned and managed fleet. We lease containers to approximately 200 customers, including all of the world’s leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S. Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition to selling older containers from our fleet, we buy older containers from our shipping line customers for trading and resale and we are one of the largest sellers of used containers. Textainer operates via a network of 14 offices and approximately 400 independent depots worldwide. Visit www.textainer.com for additional information about Textainer.