Specialty rental services provider Williams Scotsman completed its acquisition of Modular Space Holdings for a total purchase price of approximately $1.2 billion.
With the addition of ModSpace, Williams Scotsman manages more than 160,000 modular space and portable storage units serving an even broader customer base from over 120 locations across the U.S., Canada and 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 CEO 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.”
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. According to a related 8-K filing, Bank of America served as administrative agent for the transaction.
