Westlake Securities Serves as Exclusive Financial Advisor for Zippy Shell on Transaction Securing $160 Million in Committed Capital

Westlake Securities, a leading middle market investment bank, announced that it secured the previously announced $160 million in committed capital for Wake Forest, N.C.-based portable storage and moving company, Zippy Shell.

Recently ranked again in the Inc. 5000 list of the nation's fastest-growing private companies, Zippy Shell is on the move itself—moving up and growing quickly as the industry's second largest company of its kind. Zippy Shell began in Australia in 2007, launched in the U.S. in 2009 and has been expanding throughout the country ever since. In 2018, it merged with 1-800-PACK-RAT, the well-known containerized moving, storage and logistics company.

Zippy Shell was founded on the belief that there had to be a better solution for moving and storage. With their values rooted in operational excellence and customer service, it's no surprise that they've continued to experience year-over-year growth. Yet, as they continue to grow, they have their eyes ahead. With the help of Westlake Securities investment banking professionals, they secured $160 million of committed senior and junior capital, in aggregate, from PNC Bank, N.A. and The Carlyle Group's Global Credit platform. The total financing package includes the previously announced $65 million first lien ABL from PNC Bank and the previously announced $75 million second lien term loan, plus $20 million preferred equity from Carlyle.

The new financing package will provide capital allowing the company to make strategic acquisitions, open more storage locations, invest in its technology, and expand its fleet of storage containers and trucks.

Mark Kuhns, Zippy Shell's chief executive officer, said, "We are excited to be working with both PNC Bank and Carlyle and look forward to working with our partners as we meet rapidly growing needs for simple, safe, convenient moving and storage solutions across the country."

Gareth Taylor, Zippy Shell's founder and president, added, "For the past 10 years, we have been building and partnering with great financial partners, and we are thrilled to be working with PNC and Carlyle."

Leveraging its extensive network of leading regional, national and global capital relationships, Westlake was able to bring a capital solution to the table that created an excellent outcome for Zippy Shell. Westlake Securities served as the exclusive financial advisor for Zippy Shell on the transaction.  

About Zippy Shell

Zippy Shell, founded by Gareth Taylor, began in Australia in 2007, launched in the United States in 2009, and merged with 1-800-PACK-RAT in 2018. Their services include local and long-distance moving, mobile storage, on-site storage, and loading/unloading and packing referrals. Zippy Shell and 1-800-PACK-RAT's moving and storage solutions combine the benefits of traditional moving services with the security and convenience of containerized solutions while their innovative equipment design and flexible service options are delivering on their commitment to make moving and storage simple for both residential and commercial customers. To learn more about their services, visit https://www.zippyshell.com/  or https://www.1800packrat.com.

About Westlake Securities

Westlake Securities is a middle-market investment bank founded in 2003 and headquartered in Austin, Texas. Westlake delivers superior execution and results to its clients with deep transactional experience, comprehensive technical analysis and hands-on involvement of our senior professionals. For more information, please visit: www.westlakesecurities.com.

About PNC Bank

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

About The Carlyle Group

The Carlyle Group is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.