Report: Bermuda Container Firm Deal Near
Bermuda-based Triton Container International Ltd., which is owned by Chicago’s wealthy Pritzker family, is being solds sale to private-equity firms Warburg Pincus LLC and Vestar Capital Partners for about $1 billion, according to the “Wall Street Journal.”.
Details of the sale are still being finalised, the business and financial newspaper said. Including debt and cash, a sale would value Triton at about $3.5 billion.
The sale of Hamilton-based Triton, a shipping-container leasing company, is part of plans by Chicago’s Pritzker family to divest itself of some holdings this year.
The Pritzkers, who took the Hyatt Hotels Corp. hotel chain public in 2009, are among the wealthiest US families, controlling a business empire founded by Nicholas J. Pritzker more than a century ago. Other assets include Royal Caribbean Cruise Lines. At one point the Pritzker family also controlled Bermuda-based Western General Insurance which was sold last July to Catalina Holdings (Bermuda) Ltd., a local firm which acquires and manages non-life insurance and reinsurance companies and portfolios in run-off.
Western General had gone into run-off in January, 2006.
Founded in 1980, Triton operates a global fleet of containers that it claims is one of the youngest fleets in the industry.
The company’s engineers design and supervise the construction of its containers, which are made of steel or aluminum and can be leased for one-way trips or on a longer-term basis.
