WillScot Mobile Mini Acquires Leading Regional Modular Space Company

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (WSC) has successfully acquired Sommer’s Mobile Leasing, Inc., enhancing its modular and storage solutions in Ohio and West Virginia. The $ acquisition of approximately 1,200 modular units and 500 storage units consolidates WillScot's presence in these markets, thus positioning the Company for further growth. CEO Brad Soultz emphasized the strategic alignment with the company’s M&A strategy, aiming to leverage technology and operational best practices to benefit shareholders.

Positive

• Acquisition of Sommer’s Mobile Leasing enhances modular and storage solutions.
• Addition of 1,200 modular units and 500 storage units increases market share in Ohio and West Virginia.
• Supports WillScot's M&A strategy and 'Ready to Work' value proposition.

Negative

• None.

PHOENIX, Oct. 25, 2021 (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 closed the acquisition of Sommer’s Mobile Leasing, Inc. The transaction was funded with cash on hand and borrowings under the Company’s revolving credit agreement. This acquisition adds about 1,200 modular units and about 500 storage units in the Company’s existing U.S. markets in Ohio and West Virginia.

Brad Soultz, Chief Executive Officer, commented, “I am excited to welcome the employees of Sommer’s Mobile Leasing to our team at WillScot Mobile Mini. Sommer’s has been a leading provider of modular space solutions in the Ohio and West Virginia markets since 1946. Consistent with our M&A strategy, these operations allow us to extend our ‘Ready to Work’ value proposition to new customers with our industry leading service capabilities while leveraging our technology investments and operational best practices to create value for our shareholders. I look forward to collaborating with our new team members in our new Columbus, Cleveland, and Charleston locations.”

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/A for the year ended December 31, 2020), 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 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's acquisition of Sommer’s Mobile Leasing?

The acquisition aims to enhance modular and storage solutions in Ohio and West Virginia, expanding market presence.

How many units did WillScot acquire from Sommer’s Mobile Leasing?

WillScot acquired approximately 1,200 modular units and 500 storage units.

What impact will the acquisition have on WillScot's business?

The acquisition is expected to support WillScot's M&A strategy and improve their service capabilities in new markets.

When did WillScot complete the acquisition of Sommer’s Mobile Leasing?

WillScot announced the closure of the acquisition on October 25, 2021.