News Release

Carlyle Provides $180 Million in Transitional Capital to Zippy Shell

NEW YORK and WAKE FOREST, NC. – Global investment firm Carlyle (NASDAQ: CG) today announced that it has invested $180 million in the form of preferred equity in Zippy Shell, one of the largest containerized moving and storage companies in the US. This investment, alongside a new first lien debt facility led by JP Morgan, will provide the company 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.”

Matt Settle, Managing Director at Carlyle, said, “Since the start of our initial partnership with Zippy Shell in 2020, we have been continually impressed with the management team and the company’s demonstrated ability to grow. Zippy Shell is a market leader in the containerized moving and storage space and we’re confident in their ability to continue taking share. We’re excited to continue working with Mark and the entire leadership team to support the Zippy team in their next phase of growth with this investment.”

As part of the transaction, Matt Settle, Managing Director at Carlyle, will join Zippy Shell’s Board of Directors.

Carlyle’s Global Credit business manages $186 billion in assets as of March 31, 2024. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans, and junior debt.

About Carlyle 
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as March 31, 2024, 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. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

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 merged with 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.

Media Contacts

Kristen Ashton
Phone: +1-212-813-4763 

Zippy Shell 
Sarah Saulnier 
+1 919-488-3636 ext. 1012