Under Tim Page’s exceptional leadership, CAI has achieved remarkable growth and success, including the successful merger of CAI and Beacon Intermodal Leasing, LLC. (“Beacon”). His dedication, vision, and strategic acumen have been instrumental in shaping the company’s trajectory. Mr. Page’s contributions have been invaluable, and we are delighted to share that he will continue to serve the company in a new capacity. As a Corporate Strategy Advisor, Tim Page will offer ongoing strategic guidance and expertise, ensuring a seamless transition and the continued advancement of our organization.

Katie McCabe, the former President and CEO of Beacon (2016-2022), has served as President of CAI since January 2023. She brings a wealth of experience and a deep understanding of our industry. Her commitment to innovation, customer-centric approach, and collaborative leadership style have been key drivers of our company’s success. As she assumes the role of CEO, we are confident in her ability to lead CAI into a new era of growth, innovation, and excellence.

Commenting on this transition, Hisashi Ishimaki, Chairman of the Board of CAI, stated, “We are immensely grateful for Tim Page’s outstanding leadership, and we look forward to his continued involvement as our strategy advisor. Katie McCabe has consistently demonstrated her capacity to lead and innovate, and we have full confidence that she will drive CAI to new heights in her role as CEO.”

As we embark on this exciting journey, CAI expresses its gratitude to all stakeholders for their continued support. We remain committed to delivering exceptional service to our customers and maintaining our position as a leader in container leasing. Together, under the guidance of Katie McCabe and the ongoing counsel of Tim Page, we are poised for a bright and prosperous future.

About CAI International, Inc.

CAI is a group company of Mitsubishi HC Capital Inc. (TSE: 8593), one of the world’s largest and most diversified financial groups. CAI is one of the top container lessors in the world with a fleet of over 3.4 million Twenty-Foot-Equivalent units, representing nearly $6 billion in assets. With offices in 11 countries around the world and a vast network of agents and depots, CAI serves hundreds of the world’s leading shipping lines, container operators, and logistic providers. On January 1, 2023, CAI merged with Beacon Intermodal Leasing, that was also a group company of Mitsubishi HC Capital.

About Mitsubishi HC Capital Group

Mitsubishi HC Capital Inc., the parent of Mitsubishi HC Capital Group, is the second largest leasing company (by assets) in Japan and operates globally in core sectors of aviation, container shipping, rail, mobility, real estate, and renewable energy. Mitsubishi HC Capital Group is committed to its 10-year Vision, “Together we innovate, challenge and explore the frontiers of the future.” To achieve this vision, the Group focuses on the evolution and layering of business models, by developing services and promoting investments while effectively maximizing tangible and intangible assets. In addition, Mitsubishi HC Capital Group continues to advance and support a bright, sustainable future by offering unique and progressive solutions to meet the ever-changing needs of society and customers with consideration of the global environment.

Contacts

David Morris, Chief Financial Officer
(415) 788-0100
[email protected]

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Mr. Page commented, “We are excited to make this announcement today. We are one team, with a long-term vision of providing consistent, exceptional service to our customers.” Ms. McCabe added, “With the financial strength of Mitsubishi HC Capital, along with marketing and technical expertise of the CAI and Beacon organizations, we look forward to expanding the relationships we have with our customers and other business partners.” 

Mitsubishi HC Capital, which is listed on the Tokyo Stock Exchange and Nagoya Stock Exchange, is the second largest leasing company on a total assets basis in Japan, with total assets of 10,734 billion yen (approximately US$78 billion as of the end of June 2022). Mitsubishi HC Capital operates globally in multiple sectors, including container leasing, rail car leasing, aircraft leasing, aircraft engine leasing and automotive leasing. Mitsubishi HC Capital first entered the container leasing business in 2014 with the acquisition of Beacon. In November 2021, Mitsubishi HC Capital expanded its container leasing business with the acquisition of CAI. Together, the combination of CAI and Beacon represents the world’s third largest container leasing company on a CEU basis with a fleet of 3.5 million TEU of containers, representing approximately US$6 billion in revenue earning assets. 

Contact:

David Morris
Chief Financial Officer
Tel: +1-415-624-8104

The post Mitsubishi HC Capital Inc. Announces the Integration of Group Companies CAI International and Beacon Intermodal Leasing Creating the World’s Third Largest Container Leasing Company appeared first on CAI.

Upon completion of the acquisition, CAI will become privately held as a wholly-owned subsidiary of MHC.

According to the final voting results, approximately 75% of the Company’s outstanding shares of common stock were cast, as of the close of business on August 2, 2021, the record date for the Special Meeting, with approximately 99% of the votes cast voting in favor of the merger agreement.

The consummation of the merger remains subject to the satisfaction or waiver of certain other closing conditions set forth in the merger agreement (including completion of the Migration (as defined in the merger agreement)) and discussed in detail in the definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission (“SEC”) by the Company on August 4, 2021 (as supplemented, the “Definitive Proxy Statement”).

About CAI International, Inc.

CAI is one of the world’s leading transportation finance companies. As of June 30, 2021, CAI operated a worldwide fleet of approximately 1.9 million CEUs of containers. CAI operates through 13 offices located in 12 countries including the United States.

Forward-Looking Statements

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. All statements included in this communication, other than statements of historical fact, are forward-looking statements. Statements about the expected timing, completion and effects of the proposed merger and related transactions and all other statements in this communication, other than historical facts, constitute forward-looking statements. When used in this communication, the words “expect,” “believe,” “anticipate,” “goal,” “plan,” “intend,” “estimate,” “may,” “will” or similar words are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. The Company may not be able to complete the proposed merger on the terms described herein or other acceptable terms or at all because of a number of factors, including, but not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (2) the failure to satisfy the closing conditions in the merger agreement (including the Migration (as defined in the Definitive Proxy Statement)), (3) the potential for regulatory authorities to require divestitures, behavioral remedies or other concessions in order to obtain their approval of the proposed merger, (4) risks related to disruption of management’s attention from the Company’s ongoing business operations due to the proposed merger, (5) the effect of the announcement of the proposed merger on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers, operating results and business generally, (6) the proposed merger may involve unexpected costs, liabilities or delays, (7) the Company’s business may suffer as a result of the uncertainty surrounding the proposed merger, including the timing of the consummation of the proposed merger, (8) the outcome of any legal proceeding relating to the proposed merger, (9) the Company may be adversely affected by other economic, business and/or competitive factors, including, but not limited to, those related to COVID-19, and (10) other risks to consummation of the proposed merger, including the risk that the proposed merger will not be consummated within the expected time period or at all, which may adversely affect the Company’s business and the price of the common stock.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent the Company’s views as of the date on which such statements were made. The Company anticipates that subsequent events and developments may cause its views to change. However, although the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. Additional factors that may affect the business or financial results of the Company are described in the risk factors included in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021, as updated by the Company’s subsequent filings with the SEC. The Company expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences, except as required by applicable law.

CAI International, Inc.
David Morris
Vice President, Chief Accounting Officer 
Tel: +1-415-788-8104

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