Ontario pension discussing SeaCube stake sale to Wren House

Ontario Teachers’ Pension Plan is in talks to sell a stake in SeaCube Container Leasing Ltd. to investment firm Wren House Infrastructure, according to people with knowledge of the matter.

The pension fund, which took the cargo-equipment company private in 2013, is discussing selling Wren House a 49 per cent stake that values SeaCube at as much as US$1 billion including debt, said the people, who requested anonymity because the talks are private.

An OTPP spokesperson declined to comment. Wren House, an arm of sovereign wealth fund Kuwait Investment Authority, also declined to comment. 

SeaCube, led by Chief Executive Officer Robert Sappio, leases refrigerated containers to steamship lines, its website shows.