PHOENIX - Dec. 13, 2022 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible workspace and portable storage solutions, today announced a definitive agreement, whereby the Company will divest its UK Storage segment to Algeco UK Holdings Limited, a member of the Modulaire group for an enterprise value of approximately £335 million.
Proceeds from the sale will be used to support growth investments in the Company’s North American Modular and Storage operating segments and other capital allocation priorities. Completion of the transaction is subject to regulatory approval in the United Kingdom and is expected to close in the first quarter of 2023. The Company does not anticipate any impact to operating results from the divestiture in its NA Modular or NA Storage segments, and the UK Storage segment will be reported as discontinued operations in its Q4 2022 financial filings.
Brad Soultz, Chief Executive Officer of WillScot Mobile Mini Holdings, commented, “Thank you to the Mobile Mini UK team for their dedication to WillScot Mobile Mini Holdings. This transaction and the previously completed divestiture of the Tank & Pump segment will complete the transition of our portfolio into a pure play provider of modular space and storage solutions in North America, where our industry-leading platform enjoys unparalleled scale benefits and allows us to deliver greater value to our customers and shareholders. Upon close, our capital allocation strategy will remain unchanged, and our leverage will be reduced towards the bottom of our 3.0 to 3.5x target range. We completed three additional highly accretive tuck-in acquisitions in our NA Modular and NA Storage segments during the fourth quarter to date and over 20 acquisitions in 2022 to date. We expect to continue to aggressively reinvest in support of our organic, and largely idiosyncratic, growth levers, opportunistic accretive acquisitions, and in returning value to shareholders through share repurchases given our existing $1B share repurchase authorization. We expect to provide 2023 financial guidance excluding the UK Storage segment during the Q4 2022 earnings call in early 2023.”
Cleary Gottlieb Steen & Hamilton LLP acted as legal adviser to WillScot Mobile Mini Holdings.
About WillScot Mobile Mini Holdings
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 approximately 260 branch locations and additional drop lots throughout the United States, Canada, Mexico, and the United Kingdom.
