Pac-Van sold again, for $159M

July 29, 2008

By Norm Heikens

Pac-Van Inc., an Indianapolis company that leases mobile offices and storage units, has been sold again, nearly two years after it was acquired from its founders.

General Finance Corp. of Pasadena, Calif., acquired Pac-Van parent Mobile Office Acquisition Corp. in a deal valued at $158.8 million, the companies announced late yesterday.

California-based Mobile Office Acquisition bought Pac-Van from brothers Brent, Scott and Matthew Claymon in August 2006. Their father, William Claymon, also was an owner. Pac-Van had made the Inc. 500 list of fastest-growing companies several times, and ended 2005 with revenue of $51 million and 180 employees.

General Finance bought Mobile Office Acquisition to enter the North American market for the portable units. Late last year it acquired Royal Wolf Trading Australia Pty Ltd. to break into Asian markets.

Pac-Van President and Chief Operating Officer Ted Mourouzis and other senior managers will remain with the company, General Finance said.

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