Pritzker family close to selling Triton Container for around $1 billion
24 Feb 2011
Chicago's wealthy Pritzker family is close to finalising a deal to sell container leasing company Triton Container International to two private equity firms Warburg Pincus and Vestar Capital Partners for around $1 billion.
Citing people familiar with the matter, The Wall Street Journal yesterday said that details of the deal are being finalised and the transaction is likely be announced tomorrow.
The deal would value Triton at around $4 billion including about $3 billion debt.
Founded in 1980, Bermuda-based Triton is a full-service global leasing company that operates one of the largest marine intermodal cargo container fleets in the world. Triton's fleet comprises of dry van, refrigerated, flat rack and open top equipment.
The Pritzkers had had initially hired Goldman Sachs in 2006 to sell the company and was expecting around $2.5 billion including debt.
This time around, the Pritzkers hired Bank of America to sell Triton in a closed auction and the sale is reported to have attracted interest from Asian suitors and a few private equity firms.