Cronos increases owned assets to US$1 billion

CRONOS LTD, a container leasing and management company, said it has received a majority equity investment from funds affiliated with Kelso & Company, a firm specialising in private equity investments.

In addition TCG Fund, previously Cronos' largest shareholder, increased its equity investment in Cronos.

As part of the overall transaction Cronos has purchased additional container assets, raising the size of its owned assets to US$1 billion. Concurrently, the company also entered into a new $765 million revolving credit facility.

"We are thrilled to welcome Kelso as our new partner and to continue our successful long-term partnership with Transportation Capital Group (TCG). This transaction allows us to significantly increase our commitment to the container leasing industry both as owner and manager," said Peter Younger, president & chief executive officer of Cronos, reports BusinessWire.

Managing director of Kelso Christopher Collins said, "We are excited to partner with Cronos and TCG in the container leasing industry, which we have long viewed as an attractive space due to its strong long-term fundamentals."
(Source:www.schednet.com)