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.
Mary Smith entered the equipment finance space at GE Capital in the early 1980s. “What started as a job turned into a career when I realized that no day is the same and this industry provides an opportunity to learn... read more
Ken Walters found his industry niche at CIT, where he worked for 18 years across many disciplines, including internal audit, equipment finance, capital markets and equity investment. He then led Emigrant Bank’s private equity investment group, Emigrant Capital, for seven... read more