WillScot Mobile Mini Acquires Regional Storage Services Provider

Rhea-AI Summary

WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC) has successfully acquired Storstac Inc., a Canadian storage services provider, expanding its footprint in the greater Toronto area. The transaction, funded by cash reserves and credit borrowings, adds over 1,100 storage units to WillScot's existing operations. CEO Brad Soultz expressed enthusiasm about integrating Storstac's capabilities and enhancing their service offerings to customers. This strategic move aligns with WillScot's merger and acquisition strategy, aiming to leverage synergies across its expanded network.

Positive

• Acquisition of Storstac Inc. enhances market presence in the greater Toronto area.
• Addition of over 1,100 storage units expands operational capacity.
• Strategic alignment with M&A strategy to leverage synergies and best practices.

Negative

• None.

PHOENIX, April 11, 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 closed the acquisition of Canadian storage services provider Storstac Inc. The transaction was funded with cash on hand and borrowings under the Company’s revolving credit agreement. This acquisition adds over 1,100 storage units in the Company’s existing markets in the greater Toronto area.

Brad Soultz, Chief Executive Officer, commented, “I am excited to welcome the new employees of Storstac Inc. to our team at WillScot Mobile Mini. Storstac’s rental operations expand our presence and capabilities in the greater Toronto area. Consistent with our M&A strategy, we look forward to providing our ‘Ready to Work’ value proposition to new customers and leveraging our commercial and organizational best practices across our newly expanded team and fleet, underpinned by 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 was the purpose of WillScot Mobile Mini's acquisition of Storstac Inc.?

The acquisition aimed to enhance WillScot's market presence and operational capacity in Canada, particularly in the greater Toronto area.

How many storage units were added by acquiring Storstac Inc.?

WillScot added over 1,100 storage units through the acquisition of Storstac Inc.

When was the acquisition of Storstac Inc. finalized?

The acquisition was announced and closed on April 11, 2022.

What funding sources did WillScot use for the acquisition?

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

What impact does the acquisition have on WillScot's growth strategy?

The acquisition is consistent with WillScot's M&A strategy, aimed at leveraging synergies and expanding service offerings to new customers.