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By Greg Roumeliotis and Soyoung Kim
NEW YORK, Sept 16 (Reuters) - Eagle Merchant Partners, aprivate equity firm, is exploring a sale of PODS Enterprises Incthat could value the U.S. moving and storage company at about $1billion, including debt, according to people familiar with thematter.
Atlanta-based Eagle Merchant, whose team came from bankruptBahrain investment firm Arcapita Bank BSCC, has hired investmentbank Barclays Plc to assist with the PODS Enterprisessale process, one source said.
The sources asked not to be identified because thediscussions were private. Spokespeople for PODS Enterprises,Eagle Merchant and Barclays did not respond to requests forcomment.
Founded in 1998, PODS Enterprises delivers containers tocustomers who use them for moving or storing belongings. Itoperates in 48 U.S. states, Canada, Australia and Britainthrough its company-owned and franchise network.
The Clearwater, Florida-based company said on its website ithas carried out more than 2 million deliveries and nearly142,000 PODS containers, as big as 16 by eight feet, in service.It loads the containers onto its trucks through a patentedhydraulic lift system it calls PODZILLA.
PODS was acquired by Arcapita in 2008 for $451.4 million.Arcapita filed for U.S. Chapter 11 bankruptcy protection in 2012under hedge fund pressure ahead of the repayment of a $1.1billion loan that was compliant under Islamic law.
Arcapita's Chapter 11 bankruptcy process was the first to beundertaken by a Gulf Arab entity. It also was the first time anIslamic legal ruling had been presented to a U.S. bankruptcyjudge.
The process ensured Arcapita's portfolio could be soldwithout going through a fire sale. Eagle Merchant took over themanagement of the U.S. companies in Arcapita's private equityportfolio, including PODS.
Women's retailer J. Jill, another Arcapita company, is alsoexploring a sale, sources said earlier this year.
Arcapita has hired JPMorgan Chase & Co to lead aninitial public offering of Viridian Group
In February, it also agreed to sell U.S.-based VarelInternational Inc, a manufacturer of drill bits forthe oil and gas industry, to Sweden's Sandvik AB for$740 million. (Editing by Jeffrey Benkoe)
