Bahrain 26 February 2008 - Arcapita Bank B.S.C.(c), a leading international investment firm headquartered in Bahrain, today announced that it and its affiliates have completed the acquisition of PODS, Inc., a leading provider of portable storage and moving solutions for residential and business customers, for a total transaction value of US$451.4 million. The transaction was led out of Arcapitas US office in Atlanta, Georgia.

PODS was founded on a revolutionary concept that has redefined the moving and storage industries, and since its launch in 1998, PODS has grown rapidly to become one of the most recognized brands in these sectors.  The PODS fleet of easily transportable and secure containers can be delivered for loading and unloading right to the customers doorstep.  In this way, the process of moving and storing household and office goods can be done with superior convenience and service levels compared with similarly priced alternatives.  PODS and its subsidiaries operate 16 company-owned locations and have 129 franchise locations operating in the United States, Australia and Canada.  

Arcapitas Chief Executive Officer, Atif A. Abdulmalik, said, With its concept of portable storage containers, PODS has revolutionized the storage and moving industries, and has successfully turned this advantage into fast growth and rising earnings.  We believe that there is a considerable further market opportunity for development of the company, and that given its value proposition, it is positioned to perform well throughout the economic cycle.

With its transformational model, PODS operates across a number of distinct industry sectors, whose combined annual revenue has been estimated at over $40 billion.  To date, PODS has captured less than 1% of this total.  With its strong brand, well developed national footprint and service infrastructure, proprietary and patented products, and attractive economics, the PODS management team are confident that the company can continue to deliver strong growth from its US operations.  It is also excited about the further opportunities for international expansion, developing franchises beyond its existing new markets of Canada and Australia.

PODS joins industrial companies Varel and Profine as Arcapitas third completed private equity transaction since the start of the credit crunch last August, for a total of almost $2 billion. 

Ends  

About Arcapita
Headquartered in Bahrain with offices in Atlanta, London and Singapore, Arcapitas four principal lines of business are corporate investment, real estate investment, asset-based investment and venture capital. To date, the Bank has completed 66 transactions with a total value of almost $23 billion and has an equity capital base of 1.1 billion. Arcapitas mission is to provide innovative and distinctive investment opportunities that generate superior risk-adjusted returns while adhering to Islamic principles.

Full details of Arcapita can be found at www.arcapita.com

For further information, please contact: 
Nabeela Mohammed,
Financial Dynamics
Tel:  +973 17 537 072
Mob: +973 39 655090

Tim Doyne, Arcapita Bank B.S.C.(c)
Tel: +973 17 218 333
Mob: +973 39 929 009

Press Release 2008