Gneiss Energy has successfully advised Gem Containers (“Gem”) on the sale of their ISO container fleet to Peacock Asset Company Pte. Ltd. (“Peacock”).
The deal follows Arcus Infrastructure Partners’ (“Arcus”) acquisition of Peacock earlier in the year as we continue to see consolidation in the market. In February 2021, Peacock’s owned fleet consisted of over 7,500 tank containers, a well-diversified combination of standard tanks and specialised units. Gem’s complementary, young and diversified fleet consists of circa 9,000 units resulting in a strengthened platform for growth.
Established in 2012, Gem has primarily grown organically, ordering new units against identified leases and firm contracts led by a best in class management team.
The acquired fleet of assets consists of a variety of tank container types with solid long-term leases to reputable clients. The addition of assets will boost the total fleet of Peacock to 16,500 tank containers, resulting in Peacock becoming one of the top six largest tank container lessors globally.
Pat Rocholl, CFO of Gem, commented:
“It has been a pleasure to work with Barry and his team at Gneiss Energy on the sale of the ISO tank container assets. The team were extremely professional and provided a broad range of services throughout the process keeping the deal momentum going through tough trading conditions.”
Gneiss Energy’s Head of Services & Infrastructure, Barry Wingate, added:
“Gem’s shareholders and management team had built a modern fleet of high quality ISO tank containers that will be an excellent addition to Peacock. It has been a pleasure to work with the teams on both sides of this transaction to get this truly international transaction involving teams in UK, Jersey, Holland, Singapore and Australia completed in what have been difficult deal making conditions.”
For the official press release, click here.
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