Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”, “we”, and “our”), the world’s largest lessor of intermodal containers based on fleet size, today announced that it acquired approximately 30,000 TEU (twenty-foot equivalent units) of standard dry freight containers from its managed fleet for approximately $35 million. The acquisition consists of standard dry freight containers and increases the percentage of Textainer’s owned fleet to 77%.
“We are pleased to once again purchase containers from our managed fleet as we continue to execute on Textainer’s long standing strategy to grow our overall fleet and increase the ownership percentage,” stated Philip K. Brewer, Textainer President and Chief Executive Officer. “This transaction increases the owned portion of our fleet to 77% up from 59% owned at the start of 2012. The acquired containers are seasoned income producing assets which we expect will be immediately accretive to earnings and contribute to long-term growth in shareholder value.”
About Textainer Group Holdings Limited
Textainer Group Holdings Limited has operated since 1979 and is the world's largest lessor of intermodal containers based on fleet size. Textainer has more than 2 million containers, representing more than 3 million TEU, in its owned and managed fleet. Textainer leases dry freight, dry freight specialized, and refrigerated containers. Textainer is one of the largest purchasers of new containers as well as one of the largest sellers of used containers. Textainer leases containers to approximately 400 shipping lines and other lessees and sells containers to more than 1,100 customers worldwide and provides services worldwide via a network of regional and area offices, as well as independent depots. More information is available on the Company’s website at http://investor.textainer.com.Important Cautionary Information Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts and include, without limitation, statements regarding: (i) the successful implementation of our strategy to increase our fleet and the owned portion of our fleet, and (ii) our belief that we entered into immediately accretive transactions that grow shareholder value and will contribute to 2014 earnings. For a discussion of some of these risks and uncertainties, see Item 3 "Key Information -- Risk Factors" in Textainer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 15, 2013.
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