CAI International completed an agreement to sell substantially all of the assets of its logistics business to NFI on a debt and cash free basis. In connection with the sale, NFI hired substantially all of CAI’s employees of the logistics business. The sale consideration consisted primarily of payment for the estimated net working capital of CAI’s logistics business as of the closing date, subject to adjustment 180 days after closing to reconcile to the actual net working capital as of the closing date.

“The sale of our logistics business is a key step towards our goal of maximizing shareholder returns by focusing all of our resources on our core container leasing business,” Timothy Page, interim president and CEO of CAI, said.

CAI is a transportation finance company. As of June 30, 2020, CAI operated a worldwide fleet of approximately 1.7 million CEUs of containers.

NFI is a North American supply chain solutions provider headquartered in Camden, NJ.