Big Numbers, Big Future
Big news recently in the storage and moving industry.
Did we say big? Make that monstrous.
PODS, the portable storage pioneer founded in 1998 – a mere 17 years ago – has been sold for a whopping $1 billion. Seriously, this is the kind of number normally reserved for Wall Street and Silicon Valley, for investors with deep pockets and Internet wizards with crazy networks.
But now we see ten figures ascribed to an organization providing a real, physical service – to the same people we are out there helping every day.
A few historical facts make this whole development interesting. Only 9 years after its founding PODS was bought for $430 million by the investment group Arcapita. With their business registered in Delaware, their headquarters located in Atlanta and their operations centered in Bahrain we’re guessing the folks from Arcapita didn’t normally go anywhere near their storage containers. Looking more closely at Arcapita we find out that they filed for bankruptcy in 2012 – enabling them to continue mismanaging their $7 billion worth of assets without having to deal with any more phone calls from their pesky creditors. Now we see them selling PODS at a cool $570 million profit while they tout their pipeline to more investments in the near future.
And the buyer of PODS? The Ontario (Canada) Teachers’ Pension Fund Group. It’s a safe bet they don’t get any closer to any of the 130,000 PODS in service than Arcapita does, but there’s consolation in the evident fact that this addition to the Teachers’ $413 billion fund will help buy a whole lot of chalk.
Put all this aside though, and think for a moment what the numbers mean for our industry. Not only has PODS grown at lightning speed, but their valuation testifies to the rock-solid future of DIY moving.
And here we are right in the thick of it.
And yes, we’re growing too – thanks to all of you!
Photo Credit: Matt Brown