PHOENIX, Ariz.–(BUSINESS WIRE)–Mobile Mini, Inc. (NasdaqGS: MINI) today announced it has agreed to acquire the portable storage rental assets of MODS of New York, located in Long Island, New York. MODS has a container rental fleet of over 1,100 units. Financial terms of the transaction were not disclosed. Closing is expected to occur in early November.
“This acquisition of highly utilized rental assets on very favorable terms reflects a commitment to strategic acquisition opportunities in our Storage Solutions business,” said Kelly Williams, Mobile Mini President & Chief Executive Officer. “As with our recent acquisition in Oklahoma, this acquisition will add highly utilized containers and ground level offices to our existing footprint without adding any additional fixed costs, which we believe will continue to add long term value for our shareholders.”
Mr. Williams continued: “As we continue to execute on our Evergreen model of driving revenue and EBITDA growth while producing significant returns for our shareholders, we believe strategic acquisitions in our Storage Solutions business can further fuel profitable growth.”
About Mobile Mini, Inc.
Mobile Mini, Inc. is the world’s leading provider of portable storage solutions, and a leading provider of tank and pump solutions in the U.S. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index. For more information visit www.mobilemini.com.
Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current information and expectations, which involve a number of risks and uncertainties that could cause actual results to differ materially. The forward-looking statements herein include statements regarding the company’s ability to grow and make acquisitions, future results, business strategy, and objectives of management for future operations. In particular, these risks and uncertainties include difficulties in integrating the acquired operations; the possibility that expected growth and value will not be realized; that costs will not be added; and the uncertainty of business/economic conditions and the related growth trends. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “will,” “expand,” “establish,” “expect,” “intend,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology and expressions to identify forward-looking statements. Therefore the company cautions you to not unduly rely on these forward-looking statements and encourages you to understand the risks and uncertainties described herein and as stated in the “Risk Factors” and elsewhere in the company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission.
Van A Welch, Executive VP & CFO
Mobile Mini, Inc.
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Fred Buonocore, CFA (212) 836-9607
Michael Gaudreau (212) 836-9620