WillScot Mobile Mini Acquires Regional Storage Services Assets in Los Angeles

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) has successfully completed the acquisition of Portable Storage Corporation's assets in Los Angeles. This strategic move adds approximately 3,000 storage units to WillScot's existing markets in California, funded through cash reserves and credit. CEO Brad Soultz expressed enthusiasm about the integration of the new employees and the expansion of capabilities in the greater Los Angeles area, aligning with the company's M&A strategy and commitment to enhancing customer service.

Positive

• Acquisition adds approximately 3,000 storage units to existing markets.
• Strengthens presence in the greater Los Angeles area.
• Aligns with M&A strategy to enhance customer service and operational capabilities.

Negative

• None.

PHOENIX, Nov. 22, 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 assets of Portable Storage Corporation in Los Angeles. The transaction was funded with cash on hand and borrowings under the Company’s revolving credit agreement. This acquisition adds about 3,000 storage units in the Company’s existing U.S. markets in California.

Brad Soultz, Chief Executive Officer, commented, “I am excited to welcome the employees of Portable Storage Corporation to our team at WillScot Mobile Mini. Portable Storage Corporation’s operations expand our presence and capabilities in the greater Los Angeles area. 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 in southern California.”

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 Mobile Mini's acquisition of Portable Storage Corporation?

The acquisition aims to expand WillScot's presence and capabilities in the greater Los Angeles area by adding approximately 3,000 storage units.

How did WillScot Mobile Mini fund the acquisition?

The acquisition was funded with cash on hand and borrowings under the company’s revolving credit agreement.

What impact will the acquisition have on WillScot Mobile Mini's operations?

The acquisition is expected to enhance WillScot's operational capabilities and allow the company to provide improved service to new customers.

When was the acquisition of Portable Storage Corporation completed?

The acquisition was completed on November 22, 2021.