Zippy Shell Inc. Completes $525 million Capital Raise

PRNewswire 14-May-2024 8:00 AM

SAN FRANCISCO and WAKE FOREST, N.C., May 14, 2024 /PRNewswire/ -- Virgo Investment Group ("Virgo") today announced portfolio company Zippy Shell Incorporated ("Zippy Shell"), one of the largest containerized moving and storage companies in the US, completed a $525 million refinancing. Global investment firm Carlyle (NASDAQ:CG) invested $180 million in the form of preferred equity alongside a new first lien debt facility led by JPMorgan Chase of $345 million. This new investment will provide Zippy Shell with capital to refinance its existing debt and fund strategic growth initiatives, including continued network and fleet expansion, as well as strategic real estate acquisitions.

Zippy Shell provides an alternative to traditional temporary storage and moving options by delivering containers that are dropped off directly at a customer's location, filled with their belongings on their schedule and then stored at a drop-off site and/or at a company location, or moved to the destination for unloading by the consumer. Zippy Shell has seen steady growth in demand for its services, in particular long-distance moves, and local storage, since its combination with 1-800-PACK-RAT in 2018.

Mark Kuhns, Zippy Shell's Chief Executive Officer, said, "Our partnership with Carlyle over the last several years has enabled our company to successfully scale and reach new customers. We're excited to partner with Carlyle once again given their reliability and creativity in helping Zippy Shell achieve its goals. Additionally, we are delighted to be working with JPMorgan Chase to ensure we have the proper debt structure to accomplish our long-term goals. We are thankful to Virgo and its LPs for their continued commitment which has helped lay the groundwork for everything."

Gareth Taylor, Zippy Shell's President, and Chief Strategy Officer, said, "This investment comes at a great time for Zippy Shell. We have experienced steady growth rates over the past ten years as demand for containerized moving and storage services has accelerated. This capital will ensure our continued storage facility network and national moving program expansion while continuing to provide great service that our customers have come to expect from us."

Jesse Watson, Virgo Founder and Zippy Shell Chairman, said, "Since founding Virgo in 2009, we have focused on helping management teams to build and transform their businesses. Zippy Shell continues to outperform, and we are excited about Carlyle's continued interest and support, which will help the company realize its growth goals. I also want to thank the Virgo LPs for their continued partnership as we help to transform Zippy Shell's business model into the industry leader."

About Zippy Shell
Zippy Shell is one of the fastest-growing moving and storage companies in the U.S. With locations across the United States, Zippy Shell provides a complete suite of services from self-pack, and storage, to cross-country moving. In 2018 Zippy Shell acquired 1-800-PACK-RAT, a leader in moving and storage solutions headquartered in Wake Forest, NC. Zippy Shell is made up of a strong team and board members who have established themselves as leaders in the moving and storage industries. For more information, visit www.zippyshell.com or www.1800packrat.com.

About Virgo Investment Group 
Founded in 2009, Virgo is a private investment firm based in the San Francisco Bay Area that has an established track record of building and transforming businesses. Virgo seeks to identify and grow unique business models into differentiated and profitable industry leading companies. Virgo focuses on two distinct strategies - creating, building, and scaling asset-based/credit businesses, and executing transformative growth equity investments in Founder-led or Family-owned companies. The Firm has raised over $2.0 billion and completed 65 investments to date. For more information, please visit www.virgo-llc.com.

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SOURCE Zippy Shell Incorporated