INDIANAPOLIS--Aug. 4, 2006--Pac-Van, Inc. ("Pac-Van" or the "Company") today announced it has been acquired by Mobile Office Acquisition Corp. ("MOAC"). The debt and equity capitalization for the purchase of Pac-Van was provided by Laminar Direct Capital L.P. and certain of its affiliates ("Laminar") and other private investors, with the senior banking facility provided by a group led by LaSalle Bank N.A., for an undisclosed amount.
Pac-Van is a privately held corporation that leases, sells, and services mobile offices, modular buildings, and portable storage equipment. The Company is headquartered in Indianapolis, IN and has established itself as a leader in the mobile space industry providing its services from 20 branch locations in 13 states concentrated in the Midwest, Southeast, and the Rockies.
"Since its inception, Pac-Van has become well-known for its high quality product offerings and industry leading customer service," says Brent Claymon, one of the Company's founders. "Given the Company's top-rate management team, stellar reputation, unique products and growing customer base, Pac-Van will benefit from the opportunity to invest in opening new locations and, over time, continuing industry consolidation."
Mr. Ted Mourouzis, who will continue his leadership role as President along with the existing management team, says he is excited about this opportunity. "Pac-Van has experienced tremendous growth in revenue and profitability in recent years," Mr. Mourouzis shared. "The partnership with Laminar and key investors will help us to better pursue our goals for further expansion. Both Laminar and the investors have proven their ability to grow similar businesses, and their business philosophy is compatible with the existing Pac-Van culture."
John Felix of Laminar added, "we are very excited to partner with the Pac-Van team, they are tremendously experienced in their market and are an excellent operator with unparalleled commitment to quality and customer service."
The Spartan Group LLC acted as financial advisor and Barnes & Thornburg LLP acted as legal advisor to Pac-Van. Jeffer Mangels Butler & Marmaro LLP was the legal advisor to the buyer group.
About Pac-Van, Inc.
Pac-Van, Inc. is a nationwide provider of modular buildings, mobile offices, and portable storage equipment. The company serves a diverse array of customers, including those in the commercial, industrial, construction, medical, special event, government, and education markets. Pac-Van's growth, reputation for excellent quality and unsurpassed service has won the company many accolades, including multiple listings in the "Inc. 500" List of Fastest Growing Companies in the U.S. and the Inc. "Inner City 100" List of Fastest Growing, Privately Owned, Inner City Companies in the U.S. Pac-Van is headquartered in Indianapolis, IN and has offices in 20 cities in 13 states.
www.pacvan.com
About Laminar Direct Capital L.P.
Laminar Direct Capital L.P. is a member of the D. E. Shaw group of companies. It is an investment firm that provides between $5 million to over $150 million in capital to public and private companies for acquisitions, recapitalization, growth opportunities, leveraged buyouts, bridge loans, and distressed situations. The firm seeks to invest in numerous industries throughout North America. It participates in all levels of the capital spectrum, including senior debt, mezzanine debt, and equity capital. Laminar has offices in Houston, Texas, San Francisco, California, and Washington, D.C. www.laminardirect.com
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