Cronos Ltd., a global container leasing and management company, has received a majority equity investment from funds affiliated with Kelso & Company.
In addition, TCG Fund, previously the company’s largest shareholder, increased its equity investment in Cronos.
As part of the overall transaction, Cronos has purchased additional container assets, which increases the size of its owned assets to $1bn. Concurrently, the company also entered into a new $765 million revolving credit facility.
Commenting on the deals, Peter J. Younger, President & CEO of Cronos, said: “This transaction allows us to significantly increase our commitment to the container leasing industry both as owner and manager.
“We look forward to leveraging our stronger capital position in order to take advantage of attractive market growth opportunities and to strengthen our position as “the partner of choice” in the industry”, he added.
Founded in 1978, Cronos is a container leasing companies, operating a diversified fleet of dry, refrigerated, tank and dry freight special equipment. The company provides equipment leasing, design and sales to its customers in the transportation industry.
Cronos has 91 employees and dedicated agents located in 18 offices in 17 countries.