Kelso Fund VIII Completes Sale of Cronos
January 20, 2015
Kelso is pleased to announce that on January 20, 2015, we completed the sale of Cronos Ltd. (“Cronos”) to entities affiliated with Bohai Leasing Co., Ltd. (“Bohai Leasing”), a Chinese leasing conglomerate. Cronos is one of the world’s leading lessors of intermodal shipping containers with one of the youngest and most diversified fleets in the container leasing sector.
During Kelso's ownership, Cronos’s accomplishments included:
- More than doubling EBIT and the net book value of revenue-generating assets through investment in the continued diversification of Cronos’s asset base
- Augmenting organizational talent across all levels to create a more scalable platform
- Developing a more sophisticated and competitive funding model than that which existed previously