WillScot Mobile Mini Acquires Regional Modular And Storage Services Provider In Midwest United States

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) has successfully completed the acquisition of McDonald Modular Solutions, enhancing its modular and storage offerings in Michigan and Ohio. This deal adds approximately 1,300 modular units and over 300 storage units to the company's portfolio. Funded through cash and revolving credit, this acquisition aligns with WillScot's M&A strategy, aimed at expanding its market presence and operational capabilities in the Midwest region, ultimately benefiting its customer base.

Positive

• Acquisition of McDonald Modular Solutions adds approximately 1,300 modular and 300 storage units.
• Enhances market presence and capabilities in Michigan and Ohio.
• Supports M&A strategy for market expansion and operational improvement.

Negative

• None.

PHOENIX, Dec. 14, 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 McDonald Modular Solutions. The transaction was funded with cash on hand and borrowings under the Company’s revolving credit agreement. This acquisition adds approximately 1,300 modular units and over 300 storage units in the Company’s existing markets in Michigan and Ohio.

Brad Soultz, Chief Executive Officer, commented, “I am excited to welcome the employees of McDonald Modular Solutions to our team at WillScot Mobile Mini. This transaction expands our presence and capabilities in the greater Midwest region. Consistent with our M&A strategy, we look forward to providing our ‘Ready to Work’ value proposition to new customers and applying our commercial and organizational best practices, while leveraging our scalable technology platform. Thank you to both our new and existing team members who are now working together to integrate our operations.”

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 significance of WillScot's acquisition of McDonald Modular Solutions?

The acquisition expands WillScot's modular and storage capabilities, adding 1,300 modular units and 300 storage units in Michigan and Ohio.

How was the acquisition of McDonald Modular Solutions financed?

The acquisition was financed through cash on hand and borrowings from the Company’s revolving credit agreement.

What are the expected benefits of the acquisition for WSC?

The acquisition is expected to enhance operational capabilities and market presence in the greater Midwest region, benefiting new and existing customers.

When was the acquisition of McDonald Modular Solutions completed?

The acquisition was completed on December 14, 2021.