Pension plan takes 100 percent stake in SeaCube
TORONTO, Ontario—The Ontario Teachers’ Pension Plan (OTPP) has made another foray into the supply chain world.
Last year the pension fund purchased materials handling systems manufacturer Dematic. Now it has purcahsed 100 percent of SeaCube Container Leasing Ltd.
SeaCube, based in Park Ridge, New Jersey, owns, manages and leases dry and reefer shipping containers and generator sets (gensets), usually under long-term leases, to large ocean carriers.
“SeaCube is a good fit with our investment criteria of providing reliable income streams, consistent performance and growth opportunities,” said Lee Sienna, vice-president, long-term equities for the OTPP.
The deal is expected to close in the first half of 2013, subject to regulatory approval and approval from SeaCube shareholders.