A $1 billion deal! The world's largest container leasing company acquires its competitor GCI
Triton International, the world's largest Container lessor, today announced that it has signed an agreement to acquire smaller peer rival Global Container International (GCI) in a deal valued at more than $1 billion including outstanding debt. The transaction is subject to regulatory approval and is expected to close in the first half of 2025.
Founded in 2018, GCI is based in Bermuda and is owned by Wafra Inc. Co-founded with a global presence, with offices or agencies in the United States, Hong Kong, Shanghai, Singapore, Antwerp, Taipei and Seoul. The company focuses on the investment and leasing of dry containers, refrigerated containers and special dry containers, and its customers include many well-known shipping companies around the world. With its extensive industry experience, global network and strong financial strength, GCI currently leases about 500,000 containers to shipping companies worldwide and enjoys a good reputation in the industry. Brian Sondey, CEO of Triton, said in a press release, "The GCI team has built a compelling business with a well-structured long-term lease portfolio. "This acquisition is a good fit with Triton's strategic layout and will support the significant expansion of our container fleet."
Founded in 1980, Triton International is a New York Stock Exchange (NYSE) -listed, global leader in intermodal container leasing, headquartered in Hamilton, Bermuda and ranked among the world's TOP 10 container leasing companies. The remaining TOP 10 Container leasing companies include Textainer, Container Applications International (CAI), Florens, Seaco Global, and SeaCube Container Leasing, Touax Container Solutions, Blue Sky Intermodal (UK) Ltd, CARU Containers and Raffles Lease.
Sunny worldwide logistics have more than 26 years of freight forwarding history,and over half of staffs working in Sunny about 5-13years. Sunny Worldwide Logistics is not a small freight forwarding workshop, owning 1800 square meters A-class office. Highly attention on the shipment more than the owner, site supervising and real-time tracking feedback.
Triton has a vast service network covering the world, including more than 400 offices and independent third-party warehouses, and customers almost cover the world's TOP 10 shipping companies, such as Mediterranean Shipping, Maersk, CMA CGM, COSCO Shipping, Hapalotte, Japan Ocean Network, Evergreen Shipping, Hanshin Shipping, Yang Ming Shipping, etc. With its low cost operations and efficient service, Triton has an important position in the industry.
Currently, the company operates approximately 7 million TEU of containers, and its business scope covers the procurement, sales and leasing of various containers such as dry containers, reefers, open top containers, tank containers, wide pallet boxes and flat rack containers, as well as supporting facilities such as generator sets, chassis and ro-ro trailers.
According to the information disclosed on the official website, as of January to September 2024, Triton achieved a total lease income of $1.141.5 billion, down 2.36% year-on-year; Net profit was $353.6 million, down 2.12 percent from a year earlier. In terms of cash flow, cash flow from operating activities was $868.1 million, cash flow from investing activities was $380.1 million and cash flow from financing activities was $476 million. The acquisition of GCI will further enhance Triton's competitiveness in the global market, enabling it to expand its fleet size and optimize its service capabilities to provide customers with more efficient and diversified container leasing solutions.
