$159M Pac-Van acquisition closes

October 2, 2008
General Finance Corp. said yesterday that it has closed its $159 million purchase of Pac-Van Inc., the Indianapolis company that leases mobile offices and storage units.

Pasadena, Calif.-based General Finance announced in July that its GFN North America Corp. arm would acquire Pac-Van parent Mobile Office Acquisition Corp. to enter the North American market for portable units. Pac-Van senior managers were expected to stay with the company.

Mobile Office Acquisition, also based in California, bought Pac-Van in August 2006 from brothers Brent, Scott and Matthew Claymon along with their father, William Claymon. They had grown Pac-Van so quickly that it made the Inc. 500 list of fastest-growing companies several times.

Pac-Van has 26 branches in 17 states. It turned out $22.9 million in earnings before interest, taxes, depreciation and amortization in the year ended June 30.

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