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WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) is a prominent business services provider headquartered in Phoenix, Arizona. Specializing in innovative and flexible temporary space solutions, WillScot Mobile Mini combines over 50 years of experience with a diverse range of products to meet the needs of various industries.
The company operates primarily in two segments: Modular Solutions and Storage Solutions. The Modular Solutions segment, which generates the majority of the company's revenue, includes modular office complexes, mobile offices, classrooms, temporary restrooms, clearspan structures, and blast protective and climate-controlled units. In addition, their Storage Solutions segment offers portable storage containers, climate-controlled storage units, and a thoughtfully curated selection of furnishings, appliances, and other turnkey services.
WillScot Mobile Mini serves a wide array of markets, including construction, education, energy, industrial, commercial/retail, healthcare, and government sectors. The company boasts a robust network of approximately 240 branch locations and additional drop lots across the United States, Canada, and Mexico, allowing them to ensure timely and efficient service.
Recent achievements highlight the company's strong financial performance and strategic growth initiatives. In Q3 2023, WillScot Mobile Mini reported record Free Cash Flow of $148 million, driven by robust pricing and Value-Added Products (VAPS) penetration. The company also successfully reinvested $494 million in tuck-in acquisitions, enhancing its portfolio with North America's leading cold storage leasing platform and a premium large clearspan structures platform, positioning it for continued growth.
Moreover, WillScot Mobile Mini recently announced a definitive agreement to acquire McGrath RentCorp, a transaction expected to close in the second quarter of 2024. This acquisition aims to expand the company's geographic footprint and diversify its platform, thus providing enhanced value to more than 85,000 customers.
For further information, visit the company’s website at www.willscotmobilemini.com.
WillScot Mobile Mini Holdings has announced the pricing of a $500 million senior secured notes offering through its subsidiary, Williams Scotsman. The notes, carrying a 6.625% interest rate, are due in 2029 and were priced at 100% of their face value. The offering is expected to close around June 28, 2024, subject to customary conditions. The proceeds will be used to repay $493.5 million of the company's existing ABL credit facility and cover related fees and expenses. The notes are offered to qualified institutional buyers and international investors, in compliance with Rule 144A and Regulation S under the Securities Act of 1933.
WillScot Mobile Mini Holdings, a leader in temporary flexible space solutions, announced a $500 million senior secured notes offering by its subsidiary, Williams Scotsman. The notes, due 2029, will be guaranteed by WSI's domestic subsidiaries and intended to repay outstanding borrowings of approximately $493.5 million under its current ABL credit facility. The offering is aimed at institutional buyers under Rule 144A and non-U.S. persons per Regulation S. The notes won't be registered under the Securities Act and can't be sold in the U.S. without registration or an applicable exemption.
McGrath RentCorp (Nasdaq: MGRC) has scheduled a special shareholder meeting on July 11, 2024, to vote on its proposed acquisition by WillScot Mobile Mini (Nasdaq: WSC).
The virtual meeting will occur at 2:00 PM Pacific Time via webcast. Shareholders of record as of May 31, 2024, are eligible to participate. For more information on the meeting and proposals, refer to the definitive proxy statement.
WillScot Mobile Mini Holdings Corp. reported solid first quarter 2024 results, with a 4% revenue increase to $587 million and $56 million income from continuing operations. Adjusted EBITDA remained flat at $248 million, with a 40% rise in net cash provided by operating activities and free cash flow. The company maintained its FY 2024 Adjusted EBITDA outlook of $1,125 million to $1,200 million, representing 6% to 13% growth. WillScot Mobile Mini returned $595 million to shareholders through share repurchases and expects to close the McGrath RentCorp acquisition in 2024.
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