Textainer buys 24,000 TEU from its managed fleet, 5th in five months

TEXTAINER Group Holdings Ltd (TGH), a largest lessor of intermodal containers based on fleet size, has purchased 24,000 TEU of standard dry freight containers from its managed fleet for US$32.6 million.

Last September, Textainer, entered into two separate agreements to acquire 52,000 TEU from its managed fleet for US$66 million, with the transfer of ownership rights effective August 1. The purchase of 4,300 TEU was completed on August 1, and the purchase of 47,800 TEU is expected to close by the end of September.

The latest acquisition raises the percentage of the company's owned fleet to 72 per cent, up from 59 per in January.

"We are pleased to end the year with another purchase 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," says Philip Brewer, president and chief executive officer, in a release posted by Business Wire.

"This is now Textainer's fifth managed container acquisition in the last five months, totalling $275 million and 257,000 TEU, as we continue to effectively deploy the additional equity we raised in the third quarter. We are excited about the full year contribution to earnings these fleets will provide in 2013."