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PODS clears step to a possible sale

The FTC says it won't challenge a sale over antitrust concerns.

By MADHUSMITA BORA, Times Staff Writer
Published November 30, 2007

PODS Inc. is one step closer to a sale.

The Federal Trade Commission on Tuesday granted the Clearwater storage container company an early clearance on antitrust concerns.

This means the agency, which ensures fair competition in the marketplace, won't pose a challenge if PODS and its suitor decide to take the plunge. The FTC lists the buyer as PODS Holding Inc.

PODS has repeatedly declined to comment on an impending sale, although spokeswoman Susan Green said there would be an announcement sometime in the future.

In July, the company hired Morgan Stanley to explore alternatives to boost shareholder value. Since then, rumors have been swirling.

"The industry buzz is they are trying to find a buyer," said Stuart Suddath, chief executive of Movex, a moving company in Tampa.

The company's recent moves have further fueled speculations.

On Oct. 10, PODS bowed out of a 40-year lease that would have allowed the company to build a headquarters near the St. Petersburg-Clearwater International Airport. In a letter to the Pinellas County Board of Commissioners, the company said it could not receive a commitment to pay for construction preparations. The plan was to build a $10-million to $13-million headquarters on a 10-acre site south of the airport.

On Wednesday, the company backed away from yet another deal. It notified Suncoast Golf Classic Inc. that it will not extend its sponsorship of its namesake golf tournament beyond the 2008 event.

PODS was started by serial entrepreneur Peter Warhurst in 1998 with the idea that taking storage units to customers' doorsteps was easier than finding locations for mini storage centers. The company allows clients to pack and store at their own pace and uses hydraulic lifts to place the containers on trucks.

"They are well branded," said Movex's Suddarth. "They are more noticeable in our area because we have them sitting all over our streets."

In 2005, the company announced its intentions of going global. PODS offers services in the continental United States, Canada and Australia and in June the company expanded to the island of Oahu in Hawaii.

Staff researcher Angie Drobnic Holan contributed to this story.

Madhusmita Bora can be reached at mbora@sptimes.com or (813) 225-3112.

[Last modified November 29, 2007, 22:59:38]