WillScot Mobile Mini Acquires Leading California Portable Classroom Provider

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) announced the acquisition of Elite Modular Leasing and Sales, Inc., enhancing its operations in California with approximately 900 new modular units. The deal was financed using cash and borrowings under its revolving credit agreement. CEO Brad Soultz stated that this acquisition strengthens the company's position in the public education sector and supports its growth strategy. The integration aims to provide a comprehensive offering to new customers as the company continues to expand its market presence.

Positive

• Acquisition of Elite Modular adds 900 modular units, expanding California operations.
• Strengthens presence in the public education sector, aligning with growth strategy.
• Integrating Elite Modular enhances service offerings to a broader customer base.

Negative

• None.

PHOENIX, May 16, 2022 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” or the “Company”) (Nasdaq: WSC), a North American leader in modular space and portable storage solutions, today announced that it has acquired Elite Modular Leasing and Sales, Inc. The transaction was funded with cash on hand and borrowings under the Company’s revolving credit agreement. This acquisition adds approximately 900 modular units to the Company’s existing operations throughout California.

Brad Soultz, Chief Executive Officer, commented, “The acquisition of Elite Modular expands our presence in California and adds particular expertise serving the public education sector. I have been impressed by the Elite team and their demonstrated success competing in this market. As we continue to execute our growth strategy, I am excited to offer our diverse and fully turnkey offering to these new customers. I welcome the employees of Elite Modular to the WillScot Mobile Mini team and thank them and our current team for their efforts in integrating these two great organizations.”

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words "estimates," "expects," "anticipates," "believes," "forecasts," "plans," "intends," "may," "will," "should," "shall," "outlook" and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements include statements relating value creation, the Company’s share price and the Company’s future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These risks include, without limitation, the risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ended December 31, 2021), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date on which it is made, and WillScot Mobile Mini disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About WillScot Mobile Mini Holdings Corp.

WillScot Mobile Mini Holdings trades on the Nasdaq stock exchange under the ticker symbol “WSC.” Headquartered in Phoenix, Arizona, the Company is a leading business services provider specializing in innovative flexible workspace and portable storage solutions. WillScot Mobile Mini services diverse end markets across all sectors of the economy from a network of over 275 branch locations and additional drop lots throughout the United States, Canada, Mexico and the United Kingdom.

Contact Information

Investor Inquiries:

Nick Girardi

nick.girardi@willscotmobilemini.com

Media Inquiries:

Scott Junk

scott.junk@willscotmobilemini.com

FAQ

What is the purpose of WillScot Mobile Mini's acquisition of Elite Modular (WSC)?

The acquisition aims to expand WillScot Mobile Mini's operations in California and enhance its service offering in the public education sector.

How many modular units were acquired from Elite Modular (WSC)?

WillScot Mobile Mini acquired approximately 900 modular units from Elite Modular.

How was the acquisition of Elite Modular (WSC) financed?

The acquisition was financed using cash on hand and borrowings under the Company's revolving credit agreement.

What impact does the acquisition of Elite Modular have on WillScot Mobile Mini (WSC)?

The acquisition is expected to enhance market presence and service capabilities in California, supporting WillScot's growth strategy.

When was the acquisition of Elite Modular announced by WillScot Mobile Mini (WSC)?

The acquisition was announced on May 16, 2022.