WillScot Mobile Mini Acquires Regional Storage and Modular Services Assets in Northeast United States

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (WSC) has successfully acquired the rental assets of Hecht Trailers in New Jersey. The transaction, financed with cash and credit, adds over 2,000 storage units and 200 modular units to the company’s offerings in the Northeast. CEO Brad Soultz emphasized the strategic importance of this acquisition, enhancing the company's capabilities in the region. WillScot aims to integrate Hecht Trailers' operations and leverage its scalable technology platform to serve new customers effectively.

Positive

• Acquisition of over 2,000 storage units and 200 modular units enhances service offerings in the Northeast.
• Strengthens regional presence and operational capabilities.
• Aligns with M&A strategy to expand market presence.
• Potential for revenue growth through new customer relationships.

Negative

• None.

PHOENIX, Dec. 06, 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 the rental assets of Hecht Trailers in New Jersey. The transaction was funded with cash on hand and borrowings under the Company’s revolving credit agreement. This acquisition adds over 2,000 storage units and over 200 modular units in the Company’s existing markets in the northeast United States.

Brad Soultz, Chief Executive Officer, commented, “I am excited to welcome new employees of Hecht Trailers to our team at WillScot Mobile Mini. Hecht Trailers’ rental operations expand our presence and capabilities in the greater northeast 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 did WillScot Mobile Mini Holdings Corp. announce on December 6, 2021?

WillScot Mobile Mini announced the acquisition of Hecht Trailers' rental assets in New Jersey, adding significant storage and modular units to its portfolio.

How many units did WillScot acquire from Hecht Trailers?

WillScot acquired over 2,000 storage units and over 200 modular units from Hecht Trailers.

What is the strategic importance of the acquisition by WSC?

The acquisition enhances WillScot's presence in the Northeast market and aligns with its M&A strategy to expand operations and customer base.

How was the acquisition of Hecht Trailers funded?

The acquisition was funded using cash on hand and borrowings from WillScot's revolving credit agreement.

What are the expected impacts of the acquisition on WillScot Mobile Mini?

The acquisition is expected to create new revenue opportunities and facilitate operational integration to enhance service delivery in the region.