Global investment firm Carlyle (NASDAQ: CG) has invested $180 million in Zippy Shell, providing transitional capital to the US moving and storage company. The investment, in the form of preferred equity, aims to refinance existing debt and fund strategic growth initiatives, including network and fleet expansion and real estate acquisitions. This move is supported by a new first lien debt facility led by JP Morgan.
Zippy Shell differentiates itself by offering containerized moving and storage options directly to customers. Mark Kuhns, Zippy Shell’s CEO, expressed enthusiasm about partnering with Carlyle, emphasizing the company's support in scaling operations and reaching new customers. Matt Settle, Managing Director at Carlyle, commended Zippy Shell's market leadership and growth potential, highlighting the company's ability to capture market share.
Matt Settle will join Zippy Shell’s Board of Directors as part of the transaction. Carlyle’s Global Credit business, managing $186 billion in assets as of March 31, 2024, focuses on private credit solutions across various structures, including senior secured loans and junior debt.
Carlyle, with $425 billion of assets under management as of March 31, 2024, operates across Global Private Equity, Global Credit, and Global Investment Solutions segments. The firm aims to invest wisely and create value for investors, portfolio companies, and communities. Employing over 2,200 individuals across 28 offices globally, Carlyle prioritizes industry expertise and private capital deployment.
Zippy Shell, a rapidly growing moving and storage provider in the US, merged with 1-800-PACK-RAT in 2018, solidifying its position in the industry. Known for its comprehensive services, Zippy Shell operates nationwide, offering solutions from self-packing to cross-country moving.
For further information:
Carlyle
Kristen Ashton
Phone: +1-212-813-4763
kristen.ashton@carlyle.com
Zippy Shell
Sarah Saulnier
+1 919-488-3636 ext. 1012
marketing@zippyshell.com