An independent fund managed by Arcus Infrastructure Partners, Arcus European Infrastructure Fund 2 (AEIF2) has acquired a majority stake of the tank container leasing group Peacock Container Holding Pte. Limited.
[s2If is_user_logged_in()]The two parties have agreed not to disclose the price of the Peacock purchase, which is the fifth investment for Arcus’ newest fund, AEIF2, as well as the exact percentage of the acquired stake. “The deal was closed yesterday, 22 February,” a spokesman told Container News.
Arcus, which targets mid-market, value-added infrastructure investments, with a particular focus on the transportation, energy and telecommunications sectors, has been evaluating the ISO tank container leasing market and actively considering targets in this space for a number of years, according to Nicola Palmer, Arcus partner and transaction lead.
Palmer commented, “We view the sector’s resilience, growth prospects and strong infrastructure-like characteristics to be highly favourable.”
Peacock believes that this investment will assist the company to proceed with its development. “We welcome the experience and strength that it [the acquisition] will bring to us for the next stage in Peacock’s development,” the tank container leasing firm said in its announcement.
At the same time, Peacock CEO Jesse Vermeijden stated, “Arcus’ experience with managing transportation assets and its appreciation for the heritage of our business makes it a strong fit for Peacock. Just as importantly we are fully aligned with Arcus’ forward-thinking, quality focused strategy, sustainability principles, and ambition for growth in the market.”
Palmer noted that Peacock has a young and diversified fleet, which consists of over 7,500 tank containers, a combination of standard tanks and more specialised units. Standard tanks can hold various product categories such as chemicals, foodstuffs and liquid pharmaceuticals, while specialised tanks hold products such as bitumen and liquefied gases. The Company operates primarily out of Singapore and Rotterdam and via agents in the US and the Middle East.
Arcus was financially advised by ABN AMRO Bank and KPMG and legally by Simmons & Simmons and Stephenson Harwood, while Peacock was advised by EY Strategy and Transactions for financial purposes and BOLT Advocaten for the legal side.
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