Thu, 15 Dec 2022 | BUSINESS SALE
Mobile Mini, a leading hirer of storage containers and portable accommodation, has been sold by US parent company WillScot Mobile Mini Holdings in a deal valued at £335 million. The company has been sold to services and infrastructure firm Modulaire Group, after the previous owner decided to focus on its domestic North American market.
The deal represents slightly over a 12x multiple of Mobile Mini’s £27.7 million profits for 2021, generated on revenue of £79.5 million. Last year, the company saw its profits increase from £15.1 million in 2020, while turnover increased from £63.2 million. The business’ strong performance came in spite of the uncertainty caused by COVID-19 and Brexit.
Writing in the company’s 2021 reports, Finance Director Steve Dickinson said: "Despite some uncertainties created by Brexit and the continuing COVID-19 pandemic the company continued to grow market share, rental rates, and managed services. The operating leverage inherent in our business model has meant that we were able to maintain a strong operating margin.”
"The company continues to invest capital into infrastructure, such as transportation equipment and yard and workshop facilities, to enable us to better serve our customers. In addition, the continued high utilisation of many of our rental products has required continued capital expenditure on our lease fleet, all of which has been funded through operating cash flows."
Mobile Mini provides steel storage and accommodation units across a wide range of sectors, including retail, healthcare, manufacturing, construction and education. The Stockton-based company has around 42,000 units and employs 375 staff at 16 branches.
The company has been acquired by European infrastructure giant Modulaire through its UK arm Algeco – formerly known as Elliott Group. The acquisition means that Algeco becomes the UK’s largest temporary accommodation solutions firm, with approximately 82,000 units and 38 branches.
Modulaire Group CEO Mark Higson said: “Mobile Mini is a strong, strategic fit for Algeco and the combination of the two companies will drive significant value for customers. It will help us further deliver the Algeco Vision to be the clear market leader in modular and temporary accommodation, operating as a trusted solutions adviser to customers.”
WillScot Mobile Mini Holdings CEO Brad Soultz commented: “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."
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