McGrath Acquires Colorado-Based Container Rental Company

Rhea-AI Summary

McGrath RentCorp announces acquisition of Inland Leasing and Storage, adding 600 assets to its portable storage operations in Colorado.

Positive

• The acquisition adds approximately 600 assets to McGrath's portable storage operations in Colorado.
• The acquisition provides accelerated regional density and a high-quality fleet to serve the Colorado market.
• McGrath expects to expand its market share with a new set of customers.

Negative

• None.

LIVERMORE, Calif.--(BUSINESS WIRE)-- McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced it has acquired the assets of Inland Leasing and Storage, a regional provider of portable storage solutions in the Colorado market. The transaction was funded with borrowings from McGrath’s revolving credit facility. The acquisition adds approximately 600 assets to McGrath’s portable storage operations in Colorado.

“Our acquisition of Inland Leasing and Storage is highly complementary to our portable storage rental business,” said Joe Hanna, President and CEO of McGrath. “Consistent with our ongoing capital deployment and geographic expansion strategies, this opportunity provides us with accelerated regional density and a high-quality fleet to serve the Colorado market. We look forward to expanding our market share with a new set of customers.”

ABOUT MCGRATH:

McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.

Headquartered in Livermore, California. Additional information about McGrath and its businesses is available at mgrc.com and investors.mgrc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230706737115/en/

Keith E. Pratt

EVP & Chief Financial Officer

925-606-9200

Source: McGrath RentCorp

FAQ

What did McGrath RentCorp acquire?

McGrath RentCorp acquired the assets of Inland Leasing and Storage.

How many assets were added to McGrath's portable storage operations in Colorado?

Approximately 600 assets were added to McGrath's portable storage operations in Colorado.

What are McGrath's expansion strategies?

McGrath's expansion strategies include ongoing capital deployment and geographic expansion.