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WillScot to acquire Modular Space in deal with enterprise value of about $1.1 billion

WillScot Corp. said Friday it has reached an agreement to acquire Modular Space Holdings Inc. in a deal with an enterprise value of about $1.1 billion. Baltimore-based WillScot rents modular space and portable storage units across North America, while ModSpace is a privately-owned provider of office trailers, portable storage units and modular buildings with about $1.1 billion in assets as of March 31. ModSpace generated $453 million of revenue and $18 million of net income for the year through March 31. Under the terms of the deal, WillScot will pay $1.06 billion in cash, and the rest in stock and warrants with the deal expected to close in the third quarter. The combined entity will have more than 160,000 modular space and portable storage units at about 120 locations across the U.S., Canada and Mexico. The company is expecting to generate about $60 million in annual synergies once the deal has been integrated and expects the deal to boost 2019 earnings. WillScot has committed financing to fund the deal. Shares resumed trading after a halt to gain 16% premarket, but have fallen 4.3% in 2018, while the S&P 500 has gained 2.9%.

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