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WillScot Acquires Modular Space Holdings
WillScot Corporation(Nasdaq: WSC) (“Williams Scotsman”), the leading specialty rental services provider of innovative modular space and portable storage solutions across North America, recently announced that it has completed its acquisition of Modular Space Holdings, Inc. (“ModSpace”) for a total purchase price of approximately $1.2 billion.
With the addition of ModSpace, Williams Scotsman now manages over 160,000 modular space and portable storage units serving an even broader customer base from over 120 locations across the United States, Canadaand Mexico. The acquisition also expands the breadth and depth of its Ready to Work solutions to existing and incremental customers and markets.
Brad Soultz , President and Chief Executive Officer of Williams Scotsman, commented, “We are pleased to confirm the completion of this transformational acquisition and would like to thank our collective customers, employees, and stakeholders for their support. The combination of these two complementary companies creates the undisputed leader of specialty rental services in North America.”
Soultz continued, “We are excited to welcome the talented and experienced ModSpace employees to our fast growing company. Together we become an even stronger company and partner for our customers. In sum, we believe the value created through the inherent synergies, coupled with the multi-year revenue opportunity associated with the expansion of our Ready to Work solutions, will benefit our shareholders for years to come.”
The company financed the acquisition through a combination of net proceeds from the company’s recent equity and debt offerings and borrowings under its revolving credit facility. Effective upon closing, the company amended and upsized its revolving credit facility to $1.425 billion with an accordion feature allowing up to $1.8 billion of capacity.